From banning American social media apps to blocking regulatory approval of acquisitions, China has shown it’s suspicious of U.S. motivations in tech.
plan to reduce dependence on American tech and become a global leader in technological innovation.
“China is not afraid to throw its weight around in terms of trying to bring some of these corporations closer into line with its regulations,” Greg Austin, a senior fellow for cyber, space and future conflict at the International Institute for Strategic Studies, tellsHere are some recent tech deals that were either jilted altogether or significantly delayed because Chinese regulators stalled on approval, effectively blocking the deals from going through.
after its initial public offering in the U.S . Beijing cracked down on other Chinese tech companies enlisted in the U.S. including Alibaba Holding Group, which was fined $2.8 billion, and Tencent Holdings. Cisco System’s 2019 plans to merge with Massachusetts-based Acacia Communications for $2.6 billion were
due to lack of approval by Chinese regulators, costing Cisco $1.9 billion. China cleared the deal last year and Acacia was able to renegotiate for a higher purchase price of $4.5 billion. In March 2021, American chip making equipment supplier Applied Materials from a $3.5 billion deal to buy Japanese Kokusai Electric after two years waiting for approval from China. As a result of the letdown, Applied Materials paid a termination fee of $154 million.
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