Flusso: Shanghai Sierchi Enterprise Management Partnership

Department for Business, Energy and Industrial Strategy written question – answered on 19th January 2023.

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Photo of Alicia Kearns Alicia Kearns Chair, Foreign Affairs Committee, Chair, Foreign Affairs Committee

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he plans to take steps to review the takeover of semiconductor start-up Flusso by Shanghai Sierchi Enterprise Management Partnership.

Photo of Nusrat Ghani Nusrat Ghani The Minister of State, Department for Business, Energy and Industrial Strategy

The acquisition of Flusso was screened and issued with a Final Notification in June 2022 by the then Secretary of State Kwasi Kwarteng.

As with any transaction, should the company be sold on, that, or any subsequent acquisition, could be called in if the thresholds under the NSI Act are met. For reasons of commercial confidentiality, acquisitions called in for screening that are subsequently cleared by the National Security and Investment Act are not routinely publicised. The Government will not comment further on the detail of the transaction, or any national security assessment made.

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