U.S. forces divestment by Chinese-owned chip manufacturer of assets of U.S. chip company following CFIUS review of non-notified transaction

On January 2, 2026, President Trump issued an executive order (the “Order”) under Section 721 of the Defense Production Act of 1950 (50 U.S.C. § 4565) forcing divestiture by HieFo Corporation (“HieFo”), a California-based manufacturer and designer of indium phosphide (“InP”) optical chips, of certain chip-related assets of EMCORE Corporation (“EMCORE”), a New Jersey corporation….
By: Hogan Lovells