US issues first outbound investment fine over Chinese robotics AI deal

The US Treasury announced its first penalty under rules governing American investment in sensitive Chinese technologies, fining Amidi, LLC US$200,000 for failing to report a roughly US$92,478 investment by its Chinese fund subsidiary in Shanghai Qiongche Intelligent Technology Company Limited, a Shanghai robotics AI company. Amidi, LLC is the parent of Plug and Play Tech Centre, and the Treasury said the company failed to submit a required notification for the deal.

The US Treasury on Wednesday announced its first penalty under rules governing American investment in sensitive Chinese technologies, revealing a US$200,000 fine against the parent of Plug and Play Tech Centre for failing to report an investment in a Shanghai robotics AI company. The Treasury said on Wednesday that Amidi, LLC failed to submit a required notification after its Chinese fund subsidiary invested around US$92,478 in Shanghai Qiongche Intelligent Technology Company Limited, known as...