U.S. chipmaker Micron denies receiving Chinese injunction on chip sales

Memory chip parts of U.S. memory chip maker Micron Technology are

U.S. chipmaker Micron denies receiving Chinese injunction on chip sales

Micron, naturally, disagrees with UMC's claims, and in an interesting twist has issued a statement of its own claiming to have not yet been served with any such injunction.

The Fuzhou City Court of China issued a preliminary injunction order of ban on the sale of Micron products in China.

Micron has been in a legal battle with Taiwan-based, United Microelectronics since December, when Micron sued United, alleging theft of secrets, following which UMC sued Micron for patent infringement.

Shares of Micron and other US chipmakers fell on Tuesday after UMC said a court in China ruled in its favor.

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A Chinese court has temporarily halted a US memory chip maker from selling its semiconductor products in China, a move that could further intensify the ongoing trade dispute between Beijing and Washington. Micron's own engineers at its own subsidiary companies in Taiwan were poached as well, leading Micron to file lawsuits in 2017 against former employees for stealing trade secrets and bringing them to their new employers.

Micron reiterated its fiscal fourth quarter revenue forecast of $8 billion to $8.4 billion.

Micron and UMC have been at loggerheads over the issue of stealing trade secrets in the Chinese court since previous year.

Analysts believe the ban is largely symbolic as hurting the USA chipmaker would end up creating more pain for local Chinese firms who would have to rely on Korean firms Samsung Electronics and SK Hynix, pushing up memory chip prices. The shares rose as much as 3.6 percent, rebounding from a fall of more than 5 percent on Tuesday when UMC claimed victory in the law suit. 'UMC is pleased with today's decision, ' crows Jason Wang, co-president of UMC.

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Last December, Micron filed a lawsuit against UMC in the Northern District Court of California of the U.S., claiming that UMC violated intellectual property rights by copying its memory patents and trade secrets.

US analysts who have been recommending Micron's stock as it racks up record profits amid one of the strongest periods of demand in the memory chip industry's 50-year history, expressed relief at Micron's analysis.

Semiconductor stocks tumbled on Tuesday, pressured after Micron Technology was temporarily blocked from selling some of its memory chips in China.

It also resells flash memory products purchased from other suppliers.

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The judgment issued on July 3rd not only banned the sales of some Micron-branded and Crucial-branded products in China, but also ordered Micron's IC assembly/testing plant in Xi'an to halt operation; Micron Technology (Shanghai) Co., Ltd. has also been ordered to cease sales.

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