The Chinese market supervision agency said on Monday (15th) that according to preliminary investigations, NVIDIA violated China's anti-corruption law and said that Beijing will continue to investigate the American chip giant. As soon as the news...
The Chinese market supervision agency said on Monday (15th) that according to preliminary investigations, NVIDIA violated China's anti-corruption law and said that Beijing will continue to investigate the American chip giant. As soon as the news came out, NVIDIA shares traded down about 2% before trading.
The China National Market Supervision Administration (SAMR) conducted an investigation last year on NVIDIA's acquisition of ethernet switches, server chips and storage equipment, and some of the agreements signed during the purchase process. According to reports from CNBC and Bloomberg, NVIDIA completed its acquisition of the company in 2020, and at that time, the Chinese side had approved the transaction with certain conditions.
The official website of the China National Market Supervision Administration stated that "NVIDIA (NVIDIA, Taiwan called "NVIDIA") has decided to implement further investigation in accordance with the law."
However, according to preliminary investigation, the China National Market Supervision Administration ruled that NVIDIA violated the Chinese anti-corruption law in terms of the purchase and related conditions of the book. This movement also increased the pressure on the Huafu during the sensitive trade judgment period.
According to the statement of the Chinese institution, it was found that NVIDIA violated the counter-immunity regulations, but did not further explain the details. NVIDIA shares fell 2.6% at one point in pre-trading trading.
NVIDIA previously stated that it is undergoing a review by China. At that time, the supervisory authority required NVIDIA to continue supplying local businesses before agreeing to its acquisition of Mellanox. In response, NVIDIA has also stated that the case may be punished.
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