Washington has sought to cut Chinese companies off from supply chains that give access to advanced US technology, tightening export restrictions on chips. Semiconductor Manufacturing International Corporation (SMIC), China's leading chipmaker, was targeted by US sanctions in 2020 over concerns about its military ties. SMIC, listed in Hong Kong and its home city Shanghai, reported profits of $902 million for 2023, down 50.1 percent from the previous year. Revenue for the year was $6.3 billion, down 13.1 percent. The latest figures compare to a profit of $1.7 billion in 2022 and revenue of $7.2 billion.