The regional divergence of Asian semiconductors is particularly pronounced this time. $Franklin FTSE South Korea(FLKR.US) fell -12% in a single day, $ISHRS MSCI Taiwan Capped(EWT.US) dropped five or six points, and $Direxion CSI 300 China(CHAU.US) also fell six points; however, $EFUND A SEMICON ETF(03486.HK) actually rose slightly. They all have Asian chip exposure, so why are Korea and Taiwan crashing while Chinese semiconductors are rising? Korea is the epicenter of this round of crash, Taiwan's heavyweight stocks are following the external sell-off, while the heavily weighted Chinese semiconductor stocks are being supported by domestic substitution and risk-off sentiment, turning red against the trend. How long this 'intra-regional divergence' can last depends on whether the panic in the Korean market will spill over to the entire Asia-Pacific.