🔒🇮🇹🔐 Kapu Law Blocks China from Pirelli in Worry ova Chip Tech 🇨🇳💻

Da Italy government stay puttin’ da brakes on Sinochem, da big kine Pirelli shareholder from China. Dem stay scared China govt goin’ get access to da importan’ chip technology. 🛑😱

Pirelli wen say dat Italy wen decide fo use dea “Golden Power” rules fo protect da country’s strategic assets. Italy stay tinkin’ dis ordah goin’ cause mo’ tension between Europe an’ Beijing. Dis come afta Germany an’ United Kingdom wen do sometin’ similar fo protect dea semiconductor technology. 🇮🇹💪🇨🇳

Europe wen join up wit da US-led group fo stop China from gettin’ da most advanced chipmakin’ technology. Da Netherlands wen say dey goin’ control exports from ASML Holding, one importan’ supplier fo da global semiconductor industry. 🌍🤝🇪🇺🇺🇸🇨🇳

Dis time, Italy stay makin’ dis move while Antony Blinken, US Secretary of State, stay wrap up one important visit to China fo try an’ fix da strained relations between da biggest economies in da world. 🇮🇹🤝🇨🇳💼💔

Sinochem, da company owned by China’s govt, stay Pirelli’s bigges’ single shareholder wit 37% ownership. Dey stay control 60% of da seats on da Italian tire company’s board. CNN wen try contact Sinochem, but no response yet. 🏢🇨🇳🔌💼

Italy’s government wen say Pirelli’s Cyber Tyre, one tire dat use chip technology fo collect vehicle data, stay “one critical technology of national strategic importance.” Dey wen mention dat if dis technology stay used wrong, can cause major risks fo da privacy of user data, an’ even security-related information. 🚗💻📊🕵️‍♀️🛡️

Dis ordah from da government stay set plenty limits on Sinochem’s involvement in Pirelli. Dey no can make da company’s strategy an’ financial plans, an’ no can appoint one CEO. ❌🤐🤝📉💼🧑‍💼

Da government say dis restrictions goin’ protect Pirelli’s “autonomy” an’ management, an’ keep safe any information dat stay strategic fo da country. 🇮🇹🔒🛡️💼🗂️

Europe stay real dependent on China fo trade an’ investments, but lately, dey stay havin’ some beef ova ideological differences, like Russia’s war in Ukraine. European Union regulators an’ governments stay makin’ moves fo limit China’s access to sensitive technology. 🌍🇪🇺🤝🇨🇳📉🚫💼🔒

Dis ordah from Italy stay takin’ ideas from dis playbook. Pirelli gotta say “no” to any request from Sinochem’s owner, China’s State-owned Assets Supervision an’ Administration Commission of da State Council. Dey no can share any info, especially “know-how” related to proprietary technologies. 📜❌📥🇮🇹🔒🇨🇳🤫💼💡

Da government say fo make any strategic decisions, least 80% of da board directors gotta approve. Dey stay makin’ sure Sinochem no get too much say. 🙅‍♂️🤝👥🔒💼

Separately, Rome stay tinkin’ if dey goin’ renew dea partnership wit Beijing fo da Belt an’ Road Initiative. Italy stay da on’y country in da Group of Seven dat wen join dis big project. 🇮🇹🌍🤝🇨🇳🛤️

Plenny big companies stay tryin’ fo protect dea operations from all dis tension. Da drugmaker AstraZeneca stay makin’ plans fo spin off dea China business an’ list ’em in Hong Kong. An’ Sequoia Capital, one big venture capital group from Silicon Valley, stay separat’ dea China investments. 💊💼🇨🇳🏢💸💼

On Tuesday, da European Commission stay goin’ unveil some measures fo keep important EU technology from countries like China. Dey tinkin’ ’bout screenin’ outbound investments an’ export controls. 🇪🇺🛡️💻🌍🇨🇳💼

Dis look like one big showdown between Europe an’ China ova technology an’ strategic assets. Da tensions stay risin’. ⚔️🌍🤝🇪🇺🇨🇳💻💼💥

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NOW IN ENGLISH

🔒🇮🇹🔐 Kapu Law Blocks China from Pirelli in Worry over Chip Tech 🇨🇳💻

The Italian government is putting the brakes on Sinochem, the major shareholder of Pirelli from China. They are concerned that the Chinese government may gain access to crucial chip technology. 🛑😱

Pirelli has stated that Italy has decided to utilize its “Golden Power” regulations to safeguard the country’s strategic assets. Italy believes that this order could escalate tensions between Europe and Beijing. This action follows similar steps taken by Germany and the United Kingdom to protect their semiconductor technology. 🇮🇹💪🇨🇳

Europe has joined a US-led coalition aiming to prevent China from obtaining the most advanced chip manufacturing technology. The Netherlands has announced plans to control exports from ASML Holding, a vital supplier to the global semiconductor industry. 🌍🤝🇪🇺🇺🇸🇨🇳

Italy’s move comes as US Secretary of State Antony Blinken concludes an important visit to China, seeking to mend strained relations between the two largest economies in the world. 🇮🇹🤝🇨🇳💼💔

Sinochem, a company owned by the Chinese government, holds the largest single stake in Pirelli with 37% ownership. They control 60% of the seats on the board of the Italian tire company. CNN has attempted to contact Sinochem, but there has been no response yet. 🏢🇨🇳🔌💼

The Italian government has stated that Pirelli’s Cyber Tyre, a tire that utilizes chip technology to collect vehicle data, is “a critical technology of national strategic importance.” They have emphasized that improper use of this technology could pose significant risks to user data privacy and even security-related information. 🚗💻📊🕵️‍♀️🛡️

The government order imposes several limitations on Sinochem’s involvement in Pirelli. They are barred from formulating the company’s strategy and financial plans, as well as appointing a CEO. ❌🤐🤝📉💼🧑‍💼

According to the government, these restrictions will protect Pirelli’s “autonomy” and management, as well as safeguard information that holds strategic importance for the country. 🇮🇹🔒🛡️💼🗂️

Europe heavily relies on China for trade and investments, but recently, there have been ideological differences causing tension, such as Russia’s war in Ukraine. European Union regulators and governments have taken measures to limit China’s access to sensitive technology. 🌍🇪🇺🤝🇨🇳📉🚫💼🔒

This order from Italy follows a similar approach. Pirelli is required to decline any requests from Sinochem’s owner, China’s State-owned Assets Supervision and Administration Commission of the State Council, including requests for information sharing related to proprietary technologies. 📜❌📥🇮🇹🔒🇨🇳🤫💼💡

The government has specified that certain strategic decisions will require approval from at least 80% of the board directors, further limiting Sinochem’s influence. 🙅‍♂️🤝👥🔒💼

In addition, Rome is considering whether to renew its partnership with Beijing for the Belt and Road Initiative, China’s global infrastructure and investment megaproject. Italy is the only country in the Group of Seven that has joined this significant undertaking. 🇮🇹🌍🤝🇨🇳🛤️

Many large companies are taking steps to protect their operations amidst growing geopolitical friction. Drugmaker AstraZeneca is planning to spin off its China business and list it separately in Hong Kong. Similarly, Sequoia Capital, a major venture capital group from Silicon Valley, is separating its China investments into an independent unit. 💊💼🇨🇳🏢💸💼

On Tuesday, the European Commission will announce measures to safeguard important EU technology from countries like China. There are considerations for screening outbound investments and implementing export controls. 🇪🇺🛡️💻🌍🇨🇳💼

This situation appears to be a major showdown between Europe and China over technology and strategic assets. Tensions are escalating. ⚔️🌍🤝🇪🇺🇨🇳💻💼💥