Hong Kong semiconductor stocks rallied during the trading session, with INNOSCIENCE and Shuntai Holdings both gaining over 5%. SMIC rose more than 3%, while Shanghai Fudan, Solomon Systech, and Hua Hong Semiconductor each advanced over 2%.

According to a research report, on September 2 local time, Bloomberg reported that the U.S. Commerce Department's Bureau of Industry and Security (BIS) has revoked the "Verified End User" (VEU) authorization for TSMC's Nanjing facility. Previously, on August 29 local time, BIS issued a final rule announcing the revocation of VEU authorization for three semiconductor companies operating in China, with the changes taking effect 120 days after the announcement. The three companies are Intel Semiconductor (Dalian), Samsung China Semiconductor, and SK Hynix Semiconductor (China). Previously, these companies could ship U.S.-manufactured chip equipment to their mainland China facilities without applying for case-by-case licenses.

Under the new rules, once the VEU revocation takes effect, suppliers to TSMC, Samsung, and SK Hynix facilities in China must proactively apply for export licenses from the U.S. The previous blanket licenses will be replaced with case-by-case approvals, covering advanced manufacturing equipment, spare parts, and even chemicals consumed during production processes, introducing uncertainties in approval cycles and processing queues. If this exemption revocation is implemented, SK Hynix, which has a relatively high proportion of mainland China capacity, may face the greatest impact, followed by Samsung, while TSMC would be relatively less affected.

The analysis suggests that after TSMC, Samsung, and SK Hynix face U.S. restrictions on purchasing high-end equipment and materials, their capacity expansion difficulty will increase significantly, and domestic memory chip suppliers and foundries are expected to gain further market share. Currently, domestic advanced memory and logic wafer fabs continue to maintain expansion demand, with expectations for rapid recovery in expansion plans for the second half of the year and next year, significantly driving demand for domestic equipment. Additionally, as purchasing overseas equipment becomes more difficult, TSMC, Samsung, and SK Hynix may begin seeking domestic alternative suppliers for further expansion, which continues to benefit domestic semiconductor equipment, materials, and other supply chain companies. For 2025, domestic wafer fab expansion demand is expected to maintain growth, combined with domestic substitution demand, which should drive accelerated growth in domestic semiconductor manufacturing, equipment, components, and materials sectors.