心智观察所：中资芯片的绝境反击之路

Core Viewpoint - The global semiconductor industry is facing unprecedented fractures, particularly affecting Chinese investments abroad, as geopolitical tensions escalate and national security concerns are weaponized against foreign acquisitions [1][6]. Group 1: Investment and Acquisition - In December 2021, a Chinese investment firm, Jian Guang Asset, acquired 80.2% of FTDI for $414 million, marking a significant step for China's semiconductor industry to fill its technology gaps [3][4]. - FTDI, a leader in USB bridge chips with nearly 20% global market share, was expected to integrate into a Chinese A-share listed company, enhancing the domestic semiconductor ecosystem [3][4]. Group 2: Regulatory Challenges - In November 2024, the UK government initiated a retrospective investigation under the National Security and Investment Act, citing vague national security risks despite FTDI's civilian focus [4][5]. - The UK government set a deadline of December 2025 for the forced sale of FTDI shares, risking significant financial losses for Jian Guang Asset due to a lack of competitive bidding [5][6]. Group 3: Legal and Political Implications - The legal framework has been weaponized, allowing governments to retroactively challenge completed transactions, undermining the predictability of international investments [8][13]. - The case of FTDI reflects a broader trend where Chinese acquisitions are scrutinized under the guise of national security, impacting the global semiconductor supply chain [6][9]. Group 4: Responses and Strategies - Chinese companies are exploring international arbitration and local partnerships to mitigate risks associated with foreign investments, while also accelerating domestic supply chain development [11][12]. - The strategy of "dual-track" development—engaging in global supply chains while fostering local capabilities—has become essential for Chinese firms to navigate geopolitical challenges [11][15]. Group 5: Industry Outlook - The ongoing geopolitical tensions and regulatory hurdles are pushing the semiconductor industry towards fragmentation, threatening the collaborative nature that has historically characterized it [8][14]. - The situation underscores the need for transparent and predictable international rules to prevent the semiconductor sector from becoming a casualty of great power competition [15].