Overview
- The White House cited "credible evidence" that HieFo is controlled by a citizen of the People's Republic of China as the rationale for the action.
- The directive prohibits HieFo from retaining any ownership or rights in the assets acquired from Emcore.
- The transaction, completed on April 30, 2024, was valued at about $2.92 million and covered chips and wafer fabrication operations.
- Emcore said the transferred portfolio included equipment, contracts, intellectual property, and inventory tied to Indium Phosphide wafer fabrication in Alhambra, California.
- HieFo was founded by Dr. Genzao Zhang and Harry Moore, and Emcore has since been taken private by Charlesbank Capital Partners.