Vietnam has temporarily suspended operations of Chinese online retailer Temu after the company failed to meet a business registration deadline set for the end of November. The trade ministry announced the move as part of broader efforts to regulate foreign e-commerce platforms, citing concerns over heavy discounting and potential counterfeit sales.
Temu, owned by China’s PDD Holdings, began serving Vietnamese shoppers in October but must now complete its registration process to resume operations. The platform’s Vietnamese-language options were removed, and Temu confirmed it is working with authorities to comply but gave no timeline for its return.
Shein, another Chinese retailer affected by the deadline, also had its Vietnamese site disabled, though it remains unclear if its operations were officially suspended. The crackdown comes amid Vietnam’s push for stricter tax regulations, including ending value-added tax exemptions for low-cost imported goods, a change expected to impact foreign e-commerce platforms significantly.
Dutch semiconductor equipment maker ASM International (ASMI) said that the new US export controls align with its earlier 2025 revenue outlook. The updated restrictions, which include limits on semiconductor equipment exports to China, are not expected to significantly affect the company’s financial targets. ASM’s larger peer, ASML, has also indicated that the new regulations will not disrupt its financial guidance.
While the export controls include new limits on chip-manufacturing tools and equipment production in countries like Singapore and Malaysia, ASM believes that these changes will have only an indirect impact on its business. The company reaffirmed its 2025 revenue goal of between 3.2 billion and 3.6 billion euros ($3.4 billion to $3.8 billion) and expects a moderate sales decline in China in the first half of 2025, with year-on-year declines in its full-year sales in China.
ASM maintained its fourth-quarter sales guidance for 2024, expecting between 770-810 million euros, with a rise of more than 15% in sales from July to December compared to the first half of the year. Following the announcement, ASM’s shares rose by 1.5%.
Chinese AI company SenseTime Group, which has struggled to keep up with rivals in the generative AI sector, announced a major organisational restructuring on Tuesday to shift its focus toward generative AI technologies. The Hong Kong-listed firm, which was once a leader in computer vision and surveillance, has faced a 61% drop in its share price since its IPO three years ago.
As part of its transformation, SenseTime is pivoting to make generative AI its core business, aiming to drive future growth and profitability. This comes as its traditional AI business, especially in computer vision, has seen a significant decline, with revenues from its ‘traditional AI’ segment dropping by more than 50% in the first half of the year.
SenseTime launched its own large language model, SenseNova, in early 2023, positioning it as a competitor to OpenAI’s GPT models. The company’s restructuring involves the creation of several new business units, each with its own CEO, focusing on sectors like smart healthcare, robotics, and smart retail. Despite its challenges, SenseTime continues to push for a shift toward more profitable, cutting-edge AI technologies.
New US export rules targeting China’s semiconductor sector are not expected to affect ASML’s financial outlook. The Dutch chip equipment maker reaffirmed its guidance for 2025 group sales of €30-35 billion, with China’s share declining to 20%, down from around 50% in 2023.
The updated US restrictions, Washington’s third crackdown in as many years, limit exports to 140 Chinese companies, including key industry players. ASML acknowledged potential impacts on its deep ultraviolet lithography system exports if enforced by Dutch authorities. However, the company emphasised its long-term demand projections remain intact, driven by global needs.
The Dutch government aligned with US security concerns but stressed independent threat assessments guide its export controls. New rules also impose tighter regulations on computational lithography software, vital for chip yield and quality, a field where ASML holds a leading position.
ASML shares rose modestly in Amsterdam trading, closing 0.9% higher at €664.10. Despite geopolitical headwinds, the firm reiterated confidence in the semiconductor industry’s overall growth trajectory.
Dutch semiconductor company Nexperia confirmed its commitment to comply with US restrictions following the addition of its Chinese parent company, Wingtech, to the US Department of Commerce’s entity list. Wingtech now faces licensing requirements for accessing US technology, a move targeting companies seeking sensitive chip manufacturing technologies.
A Nexperia spokesperson clarified that the restrictions imposed on Wingtech do not directly impact Nexperia or its subsidiaries. However, Nexperia will ensure compliance where its interactions with Wingtech are concerned, reflecting its commitment to adhere to international trade regulations.
As one of the largest manufacturers of basic computer chips, including diodes and transistors, Nexperia has been expanding its global footprint. Earlier this year, the company increased its operations in Hamburg, Germany, signalling continued growth despite challenges linked to its parent company.
The US Commerce Department added Wingtech to the list, citing concerns over its efforts to acquire technologies crucial to the defence industries of the US and its allies.
China has imposed a ban on exports of key minerals, including gallium, germanium, and antimony, to the US, citing national security concerns. The new restrictions, which take immediate effect, are part of Beijing’s broader effort to control dual-use materials that have both civilian and military applications. These minerals are critical in semiconductor production and military technology, such as infrared systems and night vision goggles. The export ban also includes graphite items, which will face stricter end-use reviews.
This move follows the US’s recent crackdown on China’s semiconductor industry, which included new export curbs targeting 140 Chinese companies. The escalation is part of the ongoing trade tensions between the two economic giants. While the US has not been a major market for these minerals this year, China’s dominance in their production, accounting for over 90% of gallium and germanium, makes the move significant for global supply chains.
Experts warn that the restrictions could further tighten access to these essential materials, particularly as prices for antimony have surged by over 200% this year. With the US also imposing its own tariffs and export controls, the situation is expected to intensify as both countries brace for continued economic rivalry, especially with President-elect Donald Trump’s stance on China.
The UK faces an escalating cyber threat from hostile states and criminal gangs, according to Richard Horne, head of the National Cyber Security Centre (NCSC). In his first major speech, Horne warned that the severity of these risks is being underestimated, citing a significant rise in cyber incidents, particularly from Russia and China. He described Russia’s cyber activity as ‘aggressive and reckless’ while noting that China’s operations are highly sophisticated with growing global ambitions.
Over the past year, the NCSC responded to 430 cyber incidents, a marked increase from the previous year. Among them, 12 were deemed especially severe, a threefold rise from 2023. The agency highlighted the growing threats to critical infrastructure and supply chains, urging both public and private sectors to strengthen their cyber defences. The UK also faces a growing number of ransomware attacks, often originating from Russia, which target key organisations like the British Library and healthcare services.
Horne emphasised the human costs of cyber-attacks, citing how these incidents disrupt vital services like healthcare and education. The rise in ransomware, often linked to Russian criminal gangs, is a major concern, and the NCSC is working to address these challenges. The agency’s review also pointed to increasing cyber activity from China, Iran, and North Korea, with these states targeting the UK’s infrastructure and private sector.
Experts like Professor Alan Woodward of Surrey University echoed Horne’s concerns, urging the UK to step up its cybersecurity efforts to keep pace with evolving threats. With adversaries growing more sophisticated, the government and businesses must act swiftly to protect the country’s digital infrastructure.
Washington’s latest restrictions on semiconductor exports to China have heightened trade tensions between the world’s two largest economies, fueling concerns about potential Chinese countermeasures. Beijing, which has vowed to protect its interests, possesses several tools to retaliate against US firms, including tightened security reviews and trade restrictions.
China has already wielded security reviews against US companies, such as barring government purchases of Micron products in 2022. Analysts warn Intel, a significant player in China’s chip market, could face similar scrutiny. Additionally, US firms have historically reported bureaucratic hurdles like customs delays and intensified inspections during strained relations, underscoring the broader risks of doing business in China.
Beijing also maintains its ‘unreliable entities list,’ targeting foreign companies that are seen as violating Chinese interests. Actions under this framework include probes into firms like PVH Corp for compliance with US restrictions on Xinjiang cotton. Meanwhile, export controls on critical minerals, such as gallium and graphite—key to chipmaking and electric vehicles—are emerging as another leverage point in the escalating trade conflict.
China’s expanded oversight of dual-use technologies, effective December 1, adds another layer of control. By regulating items with civilian and military applications, Beijing aims to monitor US reliance on its supply chains. As tensions rise, both sides face economic and technological repercussions that could redefine global trade dynamics.
Chinese semiconductor firms targeted by new US export controls are doubling down on localising their supply chains and leveraging stockpiled resources to maintain production. The restrictions, the third major US crackdown in three years, impact 140 companies and focus on chipmaking equipment, software, and high-bandwidth memory. Despite the curbs, Chinese chip stocks saw slight gains as analysts noted the measures were less severe than expected.
Key companies like Naura Technology and Empyrean have vowed to accelerate domestic technology development. Some, such as Beijing Huafeng Test & Control Technology, reported fully localised supply chains. While the measures hit China’s reliance on foreign manufacturing equipment, imports of semiconductor machinery surged by a third this year, showing resilience in the face of external pressures.
The exclusion of ChangXin Memory Technologies (CXMT), a major AI chip component maker, surprised analysts. The move eased concerns for South Korean suppliers reliant on Chinese revenue, with shares of key partners like Jusung Engineering and Mirae Corp rebounding. The latest curbs reflect ongoing efforts to balance US security goals with the global semiconductor market’s interdependencies.
The United States has imposed its third major round of export controls on China’s semiconductor industry in three years, targeting 140 companies with restrictions on chipmaking equipment, software, and advanced memory chips. Among those affected are prominent firms like Naura Technology, ACM Research, and SiCarrier Technology, as well as entities linked to Huawei, a key player in China’s chip advancements.
The measures, aimed at stalling China’s progress in AI and military technologies, also introduce new licensing requirements for US and foreign companies shipping equipment with US components to China. Commerce Secretary Gina Raimondo stated the restrictions are intended to block China’s military modernisation. Despite the sanctions, Chinese officials condemned the move as “economic coercion” and vowed countermeasures.
The rules also impact allies, with restrictions extending to chipmaking equipment from countries like Singapore and South Korea, while Japan and the Netherlands are exempt. Some global players, including Dutch firm ASML, downplayed the immediate impact but acknowledged potential long-term effects. These actions come as China accelerates efforts toward self-sufficiency in semiconductor production, though it remains years behind industry leaders like Nvidia and ASML.
This latest crackdown follows the sweeping 2022 curbs on high-end chips and manufacturing tools under the Biden administration, reflecting a sustained US effort to curtail China’s access to critical technologies.
