ExecutiveOrdersEO
OtherOtherTrump 47 · R Quiet signal

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Regarding the Acquisition of Certain Assets of EMCORE Corporation by HieFo Corporation

This presidential order, issued under section 721 of the Defense Production Act of 1950, prohibits and unwinds the April 30, 2024 acquisition of EMCORE Corporation's digital chip and wafer design, fabrication, and processing assets by HieFo Corporation, a Delaware-registered company controlled by a Chinese citizen. HieFo must divest all interests in these assets within 180 days, with immediate restrictions on access, transfers, and operations until CFIUS verifies completion.

Federal Register Open PDF 91 FR 895

Impact dates

  1. 30-day CFIUS review period after notification of intended buyer

  2. 90-day CFIUS verification procedure after divestment certification

  3. 50d ago

    HieFo must complete divestment of all Emcore Assets interests

  4. HieFo must implement CFIUS-mandated access controls

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

SemiconductorsCritical mineralsTechnology & softwareDefense primes

Mechanisms

Ban / prohibitionLicensing

Role pressure

  • ProtectiveDomestic producer — Forced divestiture creates acquisition opportunity for U.S.-owned semiconductor fabricators; CFIUS preference for U.S. citizen buyers
  • AdverseImporter — Chinese-controlled entities face prohibited ownership and heightened scrutiny of semiconductor asset acquisitions
  • MixedDownstream manufacturer — Potential supply disruption from forced divestiture of EMCORE's digital chip and wafer processing capabilities; eventual restoration under U.S. ownership may improve supply security
  • UncertainProject developer — Uncertainty about timeline and buyer qualification may delay projects dependent on EMCORE components

Geographies

USCN

Exposure dates

  • — HieFo must implement CFIUS-mandated access controls
  • — HieFo must complete divestment of all Emcore Assets interests

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

ALBAlbemarleGOOGLAlphabetAAPLAppleBABoeingAVGOBroadcomDQDaqo New EnergyFCXFreeport-McMoRanGDGeneral DynamicsINTCIntelQQQInvesco QQQ TrustLMTLockheed MartinMETAMeta PlatformsMUMicron TechnologyMSFTMicrosoftMPMP MaterialsNOCNorthrop GrummanNVDANVIDIAORCLOracleRTXRTXSPYSPDR S&P 500 ETFSQMSQMTSMTSMC

Confidence: high · Policy alerts

Key directives

  • Prohibit the Transaction and all HieFo ownership interests in Emcore Assets
  • Divest all interests and rights in Emcore Assets within 180 days of January 2, 2026
  • Implement CFIUS-mandated access controls within 7 days
  • Maintain weekly compliance certifications until divestment completion
  • Certify destruction or transfer of all intellectual property upon divestment
  • Notify CFIUS of intended buyer and wait 30 days without objection before sale
  • Permit U.S. government access to premises, records, systems, and personnel for verification
  • Authorize CFIUS to impose additional conditions and enforcement measures
  • Authorize Attorney General to enforce under section 721(d)(3)

Who is ordered

Timeline

Immediate

  • Transaction prohibited; HieFo ownership of Emcore Assets barred
  • Access restrictions to Emcore Assets and non-public technical information take effect
  • Weekly compliance certifications to CFIUS begin
  • 7-day deadline for CFIUS-mandated access controls

Near term (90d)

  • 180-day divestment deadline (by July 1, 2026, unless extended by CFIUS)
  • CFIUS review of proposed buyers during 30-day notification period
  • Potential CFIUS-imposed conditions and measures under section 2(l)

Long term

  • Completion of divestment and CFIUS verification
  • 90-day CFIUS verification procedure after divestment certification
  • Potential further presidential orders under reserved authority
  • Precedent for CFIUS enforcement against completed Chinese acquisitions in semiconductors

Risks & tensions

  • Potential challenge to presidential authority given transaction completed April 2024, 20 months before order
  • Uncertainty about viable U.S. buyers for specialized semiconductor fabrication assets
  • Risk of asset value destruction during forced divestment period
  • Tension between rapid divestment timeline and need for qualified domestic purchasers
  • Possible retaliation against U.S. business interests in China
  • CFIUS tolling provision during appropriations lapses introduces uncertainty
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