Micron Bounces Back From Chinese Lawsuit

07 July, 2018, 10:58 | Author: Brooke Harris
  • Micron shares plummet after China bans chip sales

"The central government of China has often stated that the rights of foreign companies are fairly and equally protected in China", the company said, adding that it believed the ruling to be "inconsistent with this proclaimed policy". Further information regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its registration statements and reports on Forms F-1, F-3, F-6 and 20-F and 6-K, in each case as amended.

In 2017, Taiwan exported $92.3 billion worth of products from its semiconductor industry, 55.5 percent (worth $51.2 billion) of which went to China and Hong Kong. "I think there is room for the stock to continue to go higher".

The move comes after UMC took Micron to the Chinese courts over patent infringement claims.

During the patent infringement trial, the remedies UMC sought were to stop Micron from making, importing or selling the allegedly infringing products, and also that Micron destroy all inventories and pay compensation.

Micron Technology is rebounding after saying its temporary ban in China will have a limited impact on revenue. Taiwanese rival United Microelectronic Corporation (UMC) released a statement yesterday revealing the news, which saw shares in the American firm fall by as much as 8 percent.

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Other chipmakers also gained.

Under the Chinese yuan-denominated A share listing plan announced last week, wafer foundry Hejian will merge with two of its own units - contract chipmaker United Semiconductor (Xiamen) Co. and integrated circuit designer UnitedDS Semiconductor (Shandong) Co. - to issue 400 million new shares.

China's aim may not be to bar shipments of Micron's chips, instead the ruling may be part of a strategy to push it into a partnership with Chinese semiconductor makers, which could speed up the country's internal chip industry development, according to Stifel Nicolaus analyst Kevin Cassidy. The order applied to 26 products, including Micron's DRAM and NAND flash products. "The Fuzhou Court issued this preliminary ruling before allowing Micron an opportunity to present its defense", said Joel Poppen, senior vice president, legal affairs, general counsel and corporate secretary at Micron Technology.

The world DRAM market is led by Samsung Electronics with a market share of 45%, followed by SK Hynix (28%) and Micron (14%).

The Chinese ban on Micron targeted its products sold through retail outlets and represented only a small portion of the chipmaker's revenue.

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