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In a recent development, China has initiated a cybersecurity investigation into Micron Technology, a major memory chip manufacturer in the United States. This move seems to be in response to new restrictions imposed by US allies in Asia and Europe on the sale of critical technology to China.
The Cyberspace Administration of China (CAC) has announced that it will be reviewing the products offered by Micron in the country. This examination aims to safeguard the security of crucial information infrastructure supply chains and prevent cybersecurity risks arising from potential product issues.
The action by CAC coincided with Japan’s decision to limit the export of sophisticated chip manufacturing equipment to several countries, including China, following similar steps taken by the US and the Netherlands. The restrictions imposed by Washington and its partners are targeted at China’s semiconductor industry, impacting its ambition to emerge as a prominent tech powerhouse.
The Netherlands had also imposed new limitations on the international sales of semiconductor technology recently, citing national security concerns. In October, the US imposed restrictions on Chinese firms from acquiring advanced chips and chipmaking equipment without proper authorization.
Micron has acknowledged the review initiated by CAC and assured full cooperation. The company has affirmed the security of its products and confirmed that its operations, including product shipments, engineering, manufacturing, and sales, are running as usual. However, share prices of Micron experienced a significant decline on Wall Street post the news, with a 4.4% drop on Friday and an additional 1.2% decrease on Monday. Notably, Micron generates more than 10% of its revenue from the Chinese market.
In a previous disclosure, Micron had highlighted the potential risks associated with such actions. The company had expressed concerns over potential restrictions in the Chinese market or challenges in competing with local companies.
China has strongly criticized tech export restrictions, opposing such measures in an earlier statement. As Beijing strives to address economic challenges and foster growth, it is actively seeking foreign investments. The Chinese government, under the leadership of Premier Li Qiang and other economic officials, is extending invitations to global CEOs, promising a favorable business environment and services.
Despite the efforts to attract foreign investments, Beijing has also increased pressure on foreign enterprises to align with its objectives. Recent instances include the closure of the Beijing office of Mintz Group, a US corporate intelligence firm, and the temporary suspension of Deloitte’s operations in Beijing, coupled with a significant fine over alleged auditing lapses related to a state-owned distressed debt manager.
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