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China has initiated a cybersecurity investigation into Micron Technology, a major American memory chip manufacturer, in what seems to be a response to new restrictions imposed by US allies in Asia and Europe on the sale of crucial technology to Beijing.
The Cyberspace Administration of China (CAC) has announced a review of Micron products sold in the country. This move aims to safeguard the security of key information infrastructure supply chains, mitigate cybersecurity risks arising from potential product issues, and uphold national security.
Japan, a US ally, also declared on the same day that it would limit the export of advanced chip manufacturing equipment to several countries, including China, following steps taken by the United States and the Netherlands.
The United States and its allies have imposed restrictions on China’s semiconductor industry, impacting Beijing’s ambition to become a technology dominance.
Micron confirmed awareness of the review initiated by the CAC and assured full cooperation, emphasizing the security of its products. Despite this review, Micron’s operations remain normal, including product shipments, engineering, manufacturing, and sales.
Following the news, Micron’s shares plunged 4.4% on Wall Street, marking the most significant decline in over three months. The stock continued to drop by 1.2% on Monday. Notably, Micron generates more than 10% of its revenue from China.
In a prior disclosure, the Idaho-based company had cautioned about such potential risks. Micron highlighted concerns that the Chinese government might hinder its participation in the Chinese market or impede effective competition with local companies.
China has strongly objected to restrictions on tech exports, emphasizing its opposition to such measures. Despite economic challenges, Beijing aims to attract foreign investments to boost growth and job opportunities. Chinese officials have been engaging with global CEOs to offer a conducive environment and services for foreign investments.
However, Beijing has also intensified pressure on foreign companies to align with its policies. In recent actions, authorities shut down the Beijing office of Mintz Group, a US corporate intelligence firm, and detained local staff. Additionally, Deloitte’s Beijing operations were suspended and fined $31 million due to alleged audit deficiencies in a state-owned distressed debt manager.
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