“安世困境”再上演！中资半导体收购，频陷海外干预漩涡

Core Viewpoint - The article discusses the forced divestment of Chinese investment firm Jian Guang Asset's stake in FTDI, a leading global USB bridge chip company, by the UK government under the pretext of national security, highlighting geopolitical challenges faced by Chinese semiconductor investments abroad [1][5]. Group 1: Investment Context - Jian Guang Asset acquired 80.2% of FTDI for $414 million in December 2021, targeting FTDI's unique value in the global semiconductor industry [3]. - FTDI, established in 1992 and headquartered in Glasgow, is a hidden champion in the USB bridge chip sector, holding nearly 20% market share and competing with major players like Texas Instruments and Infineon [3][4]. Group 2: Strategic Importance - FTDI's integrated "chip + software + standards" advantage is crucial for addressing China's shortcomings in high-end analog and mixed-signal chips, making the acquisition a key part of China's semiconductor "supply chain strengthening" strategy [4]. - The acquisition aimed to enhance China's integrated circuit industry by introducing advanced technology and industry ecosystems from FTDI, supporting national industrial upgrades [4]. Group 3: Geopolitical Implications - The UK government's intervention is seen as a violation of legal principles, as the acquisition occurred before the enforcement of the UK's National Security and Investment Act, raising concerns about selective enforcement driven by geopolitical motives [5]. - The forced sale not only risks a significant financial loss for Jian Guang Asset but also represents a missed opportunity for China to acquire critical technology and improve its semiconductor supply chain [5]. - This incident, alongside the previous case of Nexperia, illustrates a systemic geopolitical blockade faced by Chinese firms in acquiring core semiconductor assets overseas [5].