China’s SMIC vows to avoid chip price war, beats estimates on earnings

BEIJING: China’s Semiconductor Manufacturing International Corp said on Friday it will steer clear of a price war in the industry, and forecast current quarter sequential revenue growth of up to 15%.

Co-CEO Zhao Haijun, who had warned about the price war in May, said: “We have indeed encountered a situation where some of our peers with excess capacity are using low prices to attract customers.

“SMIC will not take the initiative to cut prices,” Zhao added in an earnings conference call on Friday.