China

UK to Probe Chinese Takeover of Chip Company – FT

Kwasi Kwarteng, Britain's business secretary, is said to be pushing to end the use of state-owned companies in critical infrastructure. File photo: Reuters

The British government is to undertake a national security review of a takeover of a semiconductor factory in Wales by the Dutch arm of a Chinese company, the Financial Times reported, putting in doubt the future of the UK’s biggest microchip company that employs about 450 people.

Business secretary Kwasi Kwarteng said the acquisition of Newport Wafer Fab by Nexperia, a subsidiary of China’s Wingtech, would face an investigation under the new National Security and Investment Act. “We welcome overseas investment, but it must not threaten Britain’s national security,” Kwarteng said.

Read the full report: Financial Times.

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.