United States chipmaker Micron denies receiving Chinese injunction on chip sales
United States chipmaker Micron denies receiving Chinese injunction on chip sales
U.S. Stock Market
07 July, 2018, 03:59
UMC filed patent infringement lawsuits against Micron with the mainland China courts in January, 2018, covering three areas, including specific memory applications related to DDR4, SSD and memory used in graphics cards.
Memory chip parts of US memory chip maker MicronTechnology are pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015.
The products impacted by the ban are the ones that Micron sells through retail outlets and represents a small portion of the chipmaker's revenue, Morgan Stanley analysts said in a client note. The United States is set to impose tariffs on $34 billion worth of goods from China on July 6.
The ruling by the Fuzhou Court comes amid trade tensions between Washington and China over wide ranging issues including intellectual property.
Micron reiterated its fiscal fourth quarter revenue forecast of $8 billion to $8.4 billion. Washington says the measures are a response to intellectual property theft by China. The US and China have chose to impose an additional 25 percent tariff on their respective imported products whose total amount hits US$50 billion each per year starting on June 6.
Micron has been one of the firms caught in the middle.
The court drama started in December when Micron filed a lawsuit in California under the Defend Trade Secrets Act. Jinhua has denied the allegations. The case is still being heard.
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The U.S.'s largest maker of computer memory confirmed it received a court order telling it to stop selling certain products in China as part of a ruling in a patent infringement case brought by United Microelectronics Corp. Investors found comfort in the affirmation, pushing shares higher.
However, sources close to the company say it is now drafting a response to the ruling by the Fuzhou Intermediate People's Court of the People's Republic of China.
UMC declined to provide a copy of the court's decision.
And if Chinese chipmakers advance to the technological capabilities of South Korean chipmakers in the future, "there could be a stronger pressure or sanction on Korean companies", akin to the Micron ban, the insider said. If the ban is enacted, Micron's competitors, including Samsung, SK Hynix, WDC, Intel, Toshiba and the new entrant YMTC would be benefited. "So they have to import anyway", Greg Roh, an analyst at Hyundai Motor Securities, told Reuters in an interview. He added the news could boost sluggish DRAM prices.
Nevertheless, MU share are trading down -5.34% (down -$2.91).
UMC shares rose as much as 3.9 percent on Wednesday, before erasing a chunk of the gains to be up 1 percent.
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