UK Orders Chinese Owner to Sell Scottish Chip Company

The UK government has ordered a China-linked entity to undo its acquisition of a Scottish chip company, the Cabinet Office said on Wednesday. The FTDI Holding Limited, which was set up by owners with ties to China in 2021 to buy 80.2 percent shares of Future Technology Devices International Limited (FTDI), was told to sell the shares “within a specified period and by following a specified process.” The Chancellor of the Duchy of Lancaster Pat McFadden, the cabinet member responsible for national security and resilience, made the decision based on national security reasons, the Cabinet Office said. The order took effect on Tuesday....