Following Huawei Technologies Co.’s surprising announcement of a 6,999 yuan ($960) smartphone, which gave investors hope for domestic chip and mobile technology development despite US sanctions, shares of Chinese technology companies increased on Wednesday.

Chinese users are buzzing over Huawei’s new device, the Mate 60 Pro, which went on sale online this week without any notice. They perceive it as a revival of the high-end market.

Numerous reviews of its great wireless performance have been left by consumers, leading to the assumption that Huawei was able to develop 5G capabilities despite being prohibited from making cutting-edge semiconductors and technologies.

Huawei, the target of penalties for allegedly providing US software and circuits to the Chinese military, is one of several Chinese firms at the center of tensions between Washington and Beijing.

Shares of Huawei’s suppliers from China, such as Lontium Semiconductor Corp., Cambricon Technologies Corp., and Anker Innovations Technology Co., increased by 8–11%. Both Guangdong Leadyo IC Testing Co. and Biwin Storage Technology Co. increased their daily limitations by 20%.

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