Huawei's Low-Key Mate 60 Pro Launch Sparks China Chip Stock Rally

Chinese chip stocks rallied after Huawei's low-key launch of its new Mate 60 Pro phone, with speculation that it may be using a domestically procured 5G capable chip, which would be a win for China's local semiconductor sector. Since 2019, Huawei has been restricted from buying advanced chips and software from U.S. companies, but research firms believe the company is plotting a return to the 5G smartphone industry by procuring chips domestically. The phone's launch generated excitement among netizens, who saw it as overcoming U.S. restrictions. China's semiconductor sector jumped more than 2.5% following the launch, with weekly gains of roughly 8%.