"The U.S. Commerce Department placed SMIC on the Entity List in December 2020, blocking access to advanced manufacturing equipment above the 10nm threshold — most critically ASML's EUV lithography systems, the single non-substitutable tool for sub-7nm production."

"SMIC achieved a de facto 7nm-equivalent process (N+2) through aggressive multi-patterning on DUV equipment — a feat that powered Huawei's Kirin 9000S in 2023."

"China's National Integrated Circuit Industry Investment Fund raised approximately 344 billion RMB ($47.5 billion) in its third phase in 2024, with SMIC a primary beneficiary for capacity expansion rather than technology leapfrogging."

"Chinese automakers — BYD shipped over 1.76 million EVs in 2024 alone — consume mature-node chips in massive volumes for ADAS systems and power management."

"optimising existing stock and digging for new increments."