Posted on 07/07/2021 12:12:46 PM PDT by gattaca
A state-backed Communist Chinese firm has conducted a hostile takeover of the UK’s largest microchip factory, raising concerns about Beijing’s growing control of the market during a global chip shortage.
On Monday, Dutch semiconductor manufacturer Nexperia, which is controlled by the China-owned electronics firm Wingtech, took 100 per cent control of the Newport Wafer Fab’s factory in South Wales after using a contractural clause to seize the company.
In 2019, Nexperia signed a contract to support the factory in exchange for Newport Wafer Fab putting up its factory as collateral. After the British company was unable to fulfil the manufacturing quota obligations in the deal, the Chinese owned enterprise was able to take full control of the factory, The Telegraph reported.
The Welsh firm, which produces silicon chips for the automotive industry and has been developing next-generation “compound semiconductors”, has been hard hit over the past year as the Chinese coronavirus crisis resulted in a global chip shortage. Nexperia has agreed to pay out £65 million to pay off Newport Wafer Fab’s debts in exchange for taking ownership.
Prior to the Chinese takeover, Newport Wafer Fab had called on the British government to step in and prevent the sale and to help find alternative funding sources. Yet, despite the concerns over national security, the Tory government did not intervene.
The move is reminiscent of China’s Belt and Road ‘debt-trap diplomacy’, in which the Communist nation offers predatory loans to developing nations throughout Asia, Africa, South America, and Eastern Europe for infrastructure projects — often built with Chinese labour and materials — and when the countries fail to repay the loans, the CCP seizes the assets.
(Excerpt) Read more at breitbart.com ...
When China rules the whole world,will there be enough manpower and money to keep the world spinning like they want it to go?????
There will be enough manpower. The problem is motiviation.
I ain’t workin’ on Comrade Xi’s farm.
Seeing as the plan is in the UK, the ChiComs should put Meghan Markle in charge of it. She’d love the attention. And let’s be honest. She could probably use the money.
Oops! I just committed a social blunder there. I shouldn’t have said “Meghan Markle”. I should have said “the Duchess of Sussex”. Sorry.
When China rules the whole world,will there be enough manpower and money to keep the world spinning like they want it to go?????
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Correction it isn’t China per se, its the CCP, hated by ordinary Chinese.
Wow. It’s well-known that China has been seizing valuable infrastructure when Third World dictators fail to repay their foolish loans, but now it’s happening in the (so-called) First World! In a way, you have to admire the insectlike Chinese for doggedly pursuing their greedy aims . . . while the West carries on like a bunch of whiny, short-attention-span toddlers.
China realized that they peaked. Their domestic demand would not keep their economic growth high enough to fund their military needs.
So, China went out and started buying up the world and its natural resources.
China also went out and started buying up politicians so no nation would oppose them until it was too late.
All Americans need to defund China by not buying their crap
“Oops! I just committed a social blunder there. I shouldn’t have said “Meghan Markle”
Actually, she’s now known as “Harry’s wife.”
It’s a real thing!
If the Brits had any guts or intellect they would stop the acquisition.
It's pretty obvious from the continued actions of the rapefugees in the UK that the Brits no longer have guts nor intellect.
CHINA & AMERICA’S CIVILIZATIONAL SUICIDE!
8 MINUTE VIDEO
https://www.brighteon.com/b224b34c-c347-446c-b64d-8079ecf05196
That was my thoughts too. Just tell them nope not happening. I wonder that about all of the debt, land, buildings and such that the Chicoms have taken over here. Just tell them too bad so sad. Might be interesting to see what happens. I’m sure it would not be good.
China has been weaponizing space. Chinese warships have increased in numbers and power. China now controls many South American ports. Chinese troops will mass up in Canada and South America, then Mexico.
America will become China’s new farmland, mineral resource and their elites’ playground. Americans will be forced to urban (work) zones, constantly monitored, socially scored, and quickly disciplined by pulled privileges.
Patriots waited too long, and now the commie cancer has metastasized (via our progressives). Last minute treatment, now, will be harshly invasive and damaging.
It was inevitable. It will happen to ALL foreign owned businesses eventually.
“It’s pretty obvious from the continued actions of the rapefugees in the UK that the Brits no longer have guts nor intellect.”
I spent some time in the UK in the nearly to mid 60’s and the change in the country’s direction and citizens demeanor is amazing. These are definitely NOT the same people who prevailed against the Germans in the Battle of Britain.
Dave Ramsey would state this as an example of if you play with snakes, you are going to get bit.
Dang. My old tired eyes read that as Suxess.
It is located in the UK!
“factory in South Wales”
This could be really serious since access to the immensely complicated ASML chip making machines, described in the following NYT article, has been a serious roadblock for the Chicoms.
https://www.nytimes.com/2021/07/04/technology/tech-cold-war-chips.html
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