U.S. Ban on Fujian Jinhua Threatens China's Semiconductor Industry

A U.S. ban on American companies doing business with a Chinese chip maker accused of stealing technology secrets threatens to upend a company backed by $5.7 billion in state funds, damaging China’s ambitions to build a world-class semiconductor industry. Fujian Jinhua Integrated Circuit Co., founded in 2016, built a factory aimed at ending China’s reliance on foreign semiconductors and was anointed by Beijing as a key player in the latest phase of its three-decade program to build globally competitive chip makers.