<p>中国领先的 LED 芯片制造商及其马来西亚合作伙伴已放弃以 2.39 亿美元现金收购荷兰科技公司 Lumileds Holding 的提议，此举是由于美国当局的反对，标志着中国科技企业在海外投资面临的又一次挫折，紧随高调的 Nexperia 事件之后。上市于上海的三安光电在周五的公告中表示，尽管进行了多轮讨论，但美国外国投资委员会（CFIUS）认定该交易将构成 “无法解决的美国国家安全风险”，并要求公司撤回申请，放弃交易。声明中提到：“因此，双方于 2026 年 4 月 17 日向 CFIUS 提交了一封撤回申请的信函，并自愿放弃该交易。” 根据股权购买协议，获得所有相关国内外监管机构的批准是交易完成的条件。由于 CFIUS 有效地阻碍了该交易，该条件无法再满足。此次交易的失败是 Lumileds 出售给中国买家的第二次崩溃，突显了中国科技公司通过收购寻求全球客户所面临的复杂局面。三安表示：“公司将继续坚定不移地推进国际化战略，并在中高端 LED 领域及全球市场上增强竞争力。” 该公司补充道，交易的失败不会对其财务或日常运营产生实质性影响。2025 年，三安与马来西亚合作伙伴 Inari Amertron Berhad 宣布了共同收购 Lumileds 及其欧洲和亚洲子公司的计划，旨在获得荷兰公司在新加坡和马来西亚的生产设施，从而 “快速确保海外生产基地，确保对国际客户的可靠供应”。三安当时表示：“这对推进公司的全球化战略和扩大海外收入规模具有重要意义。” 华盛顿一直在收紧对中国科技进入其市场的限制。上周，美国联邦通信委员会表示正在考虑禁止中国电信运营商在美国运营数据中心，同时限制其对美国网络和基础设施的访问。这并不是 CFIUS 首次阻止中国收购 Lumileds 的尝试。2015 年，飞利浦宣布计划将该公司 80.1% 的股份出售给由中国私募股权公司 Go Scale Capital 牵头的财团，交易金额为 30 亿美元。2016 年 1 月，该交易被 CFIUS 阻止，报道称是由于对中国控制涉及 LED 制造的双用途半导体技术的担忧。尽管两家公司 “持续尝试” 为该交易辩护，但 Go Scale Capital 当时表示：“所有这些努力都未能解决未解释的政府担忧。” 该公司最终被美国的 Apollo Global Management 以杠杆收购的方式收购，这使 Lumileds 背负了沉重的债务。该所有权时期 culminated in Lumileds 于 2022 年申请第 11 章破产。根据当时首席执行官 Matt Roney 的说法，该公司利用预先包装的重组流程消除了约 13 亿美元的债务，原因是 “全球供应限制、与 Covid-19 相关的问题以及乌克兰危机带来的持续挑战”。此次被放弃的收购案正值北京与海牙之间的商业关系因持续的 Nexperia 事件而紧张。Nexperia 与其中国母公司 Wingtech 之间的关系紧张，荷兰企业法庭正在调查该公司前首席执行官张学政的管理情况。消息人士告诉《南华早报》，Wingtech 与新荷兰政府举行了首次会议，但未取得突破。荷兰政府也与中国高级官员进行了会谈，但尚未出现解决方案。</p>

三安光电

<p>中国领先的 LED 芯片制造商三安光电及其马来西亚合作伙伴已放弃以 2.39 亿美元收购荷兰公司 Lumileds Holding 的计划，原因是美国当局的反对，特别是美国外国投资委员会（CFIUS）。CFIUS 指出 “无法解决的美国国家安全风险” 是阻止交易的原因。这标志着中国科技公司在海外投资的又一次挫折，此前曾有多次收购 Lumileds 的失败尝试。三安表示，交易的失败不会对其财务或运营产生重大影响，并将继续推进其国际战略</p>

<p>China’s leading LED chipmaker and its Malaysian partner have abandoned their US$239 million cash offer to purchase Dutch technology company Lumileds Holding after opposition from US authorities, marking the latest setback for Chinese tech investment overseas following the high-profile Nexperia saga. Sanan Optoelectronics, listed in Shanghai, said in a disclosure announcement on Friday that despite multiple rounds of discussions, the Committee on Foreign Investment in the United States (CFIUS) determined the transaction would pose “irresolvable US national security risks” and asked the firms to withdraw their filing and abandon the transaction. “Accordingly, on April 17, 2026, the parties submitted a letter to CFIUS withdrawing the filing and voluntarily abandoned the transaction,” the statement said. Under the share purchase agreement, regulatory clearance from all relevant domestic and overseas authorities was a closing condition. With CFIUS effectively derailing the deal, that condition could no longer be met, according to the firm. This is the second time a Lumileds sale to a Chinese buyer has collapsed following CFIUS opposition, highlighting the complex situation facing Chinese tech firms seeking global customers through acquisitions. “The company will continue to pursue its internationalisation strategy with resolve, and will press ahead in strengthening its competitiveness in the mid-to-high-end LED sector and in global markets,” Sanan said. The collapsed deal would not materially affect its finances or day-to-day operations, the firm added. In 2025, Sanan and Malaysian partner Inari Amertron Berhad announced their joint plan to purchase 100 per cent of Lumileds and its European and Asian subsidiaries, giving them access to the Dutch firm’s production facilities in Singapore and Malaysia and enabling them to “quickly secure overseas production bases, ensuring reliable supply” to international customers. “This is of significant importance for advancing the company’s globalisation strategy and expanding its overseas revenue scale,” Sanan said at the time. Washington has been tightening restrictions on Chinese technology entering its market. Last week, the US Federal Communications Commission said it was considering prohibiting Chinese telecoms operators from running data centres in the country, while also restricting their access to US networks and infrastructure. This is not the first time CFIUS has blocked a Chinese attempt to acquire Lumileds. In 2015, Philips announced plans to sell 80.1 per cent of the company to a consortium led by Chinese private equity firm Go Scale Capital for US$3 billion. In January 2016, the deal was blocked by CFIUS, reportedly citing concerns about Chinese control over dual-use semiconductor technology involved in making LEDs. Despite “persistent attempts” from both companies to make the case for the deal, “all such efforts fell short of addressing unexplained government concerns”, Go Scale Capital said at the time. The company was eventually acquired by US-based Apollo Global Management in a leveraged buyout, which left Lumileds with heavy debt. That ownership period culminated in Lumileds filing for Chapter 11 bankruptcy in 2022. The company used a pre-packaged restructuring process to eliminate around US$1.3 billion in debt across its US and Dutch entities, citing “ongoing challenges presented by global supply constraints, Covid-19-related issues, and the crisis in Ukraine”, according to then-CEO Matt Roney. The newly abandoned takeover comes as business ties between Beijing and The Hague remain strained from the ongoing Nexperia saga. Relations between Nexperia and its Chinese owner Wingtech are tense as the Dutch Enterprise Chamber investigates the firm’s management under former CEO Zhang Xuezheng. Wingtech held a first meeting with the new Dutch government but no breakthrough was achieved, sources told the South China Morning Post. The Dutch government has also held talks with senior Chinese officials, but no solution has emerged.</p>
<div class="lb-trans"><p>中国领先的 LED 芯片制造商及其马来西亚合作伙伴已放弃以 2.39 亿美元现金收购荷兰科技公司 Lumileds Holding 的提议，此举是由于美国当局的反对，标志着中国科技企业在海外投资面临的又一次挫折，紧随高调的 Nexperia 事件之后。上市于上海的三安光电在周五的公告中表示，尽管进行了多轮讨论，但美国外国投资委员会（CFIUS）认定该交易将构成 “无法解决的美国国家安全风险”，并要求公司撤回申请，放弃交易。声明中提到：“因此，双方于 2026 年 4 月 17 日向 CFIUS 提交了一封撤回申请的信函，并自愿放弃该交易。” 根据股权购买协议，获得所有相关国内外监管机构的批准是交易完成的条件。由于 CFIUS 有效地阻碍了该交易，该条件无法再满足。此次交易的失败是 Lumileds 出售给中国买家的第二次崩溃，突显了中国科技公司通过收购寻求全球客户所面临的复杂局面。三安表示：“公司将继续坚定不移地推进国际化战略，并在中高端 LED 领域及全球市场上增强竞争力。” 该公司补充道，交易的失败不会对其财务或日常运营产生实质性影响。2025 年，三安与马来西亚合作伙伴 Inari Amertron Berhad 宣布了共同收购 Lumileds 及其欧洲和亚洲子公司的计划，旨在获得荷兰公司在新加坡和马来西亚的生产设施，从而 “快速确保海外生产基地，确保对国际客户的可靠供应”。三安当时表示：“这对推进公司的全球化战略和扩大海外收入规模具有重要意义。” 华盛顿一直在收紧对中国科技进入其市场的限制。上周，美国联邦通信委员会表示正在考虑禁止中国电信运营商在美国运营数据中心，同时限制其对美国网络和基础设施的访问。这并不是 CFIUS 首次阻止中国收购 Lumileds 的尝试。2015 年，飞利浦宣布计划将该公司 80.1% 的股份出售给由中国私募股权公司 Go Scale Capital 牵头的财团，交易金额为 30 亿美元。2016 年 1 月，该交易被 CFIUS 阻止，报道称是由于对中国控制涉及 LED 制造的双用途半导体技术的担忧。尽管两家公司 “持续尝试” 为该交易辩护，但 Go Scale Capital 当时表示：“所有这些努力都未能解决未解释的政府担忧。” 该公司最终被美国的 Apollo Global Management 以杠杆收购的方式收购，这使 Lumileds 背负了沉重的债务。该所有权时期 culminated in Lumileds 于 2022 年申请第 11 章破产。根据当时首席执行官 Matt Roney 的说法，该公司利用预先包装的重组流程消除了约 13 亿美元的债务，原因是 “全球供应限制、与 Covid-19 相关的问题以及乌克兰危机带来的持续挑战”。此次被放弃的收购案正值北京与海牙之间的商业关系因持续的 Nexperia 事件而紧张。Nexperia 与其中国母公司 Wingtech 之间的关系紧张，荷兰企业法庭正在调查该公司前首席执行官张学政的管理情况。消息人士告诉《南华早报》，Wingtech 与新荷兰政府举行了首次会议，但未取得突破。荷兰政府也与中国高级官员进行了会谈，但尚未出现解决方案。</p>
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Chinese LED chipmaker’s purchase of Dutch firm collapses after US opposition

南华早报

中国 LED 芯片制造商收购荷兰公司的交易因美国的反对而失败