Broadcom (AVGO) Sheds 3.8% on China Probe

We recently published 10 Big Names Investors Are Dumping. Broadcom Inc. (NASDAQ:AVGO) is one of the worst performers on Wednesday.

Shares of Broadcom Inc. declined for a second day on Wednesday, shedding 3.84 percent to end at $346.17 apiece as investor concerns lingered after China launched two investigations into the US chip sector.

Last weekend, China’s Ministry of Commerce announced that it launched an anti-dumping probe into certain US-made analog IC chips following a complaint made by Jiangsu Semiconductor Industry Association over alleged dumping practices by US manufacturers.

Broadcom Inc. (NASDAQ:AVGO) was among the named semiconductor companies involved, alongside Texas Instruments, Analog Devices Inc., and ON Semiconductor.

“Preliminary data reveals that during the investigation period, the prices of the products under investigation originating in the United States have continued to decline significantly, with dumping margins on exports to China exceeding 300 percent,” the complaint said.

Jiangsu Semiconductor also said that the products under investigation have held an annual market share of 41 percent in China over the past few years.

Broadcom Inc. (NASDAQ:AVGO) has yet to issue a statement in relation to the allegations.

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Disclosure: None. This article is originally published at Insider Monkey.