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Sanctioned China stocks win sudden boost from patriotic buyers

May 26, 2023
Source: reuters.com reuters.com
News Snapshot:
SHANGHAI/SINGAPORE, May 26 (Reuters) - The trademark Chinese patriotism is back at play in markets. As Japan and the United States place fresh curbs on Chinese technology firms, local investors are scooping up shares of those firms and state companies, and reaping handsome rewards. China has for years been guiding money into its innovative companies, but investors sensed an urgency for technology independence this week after the United States threatened to sanction chip maker Changxin Memory Technologies (CXMT), and Japan published rules to restrict semiconductor exports to China. "We must choose to stand with our country ... and make long-term...
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