US issues first outbound investment fine over Chinese robotics AI deal

AI Summary

The US Treasury imposed its first penalty under rules requiring notification of certain US investments in sensitive Chinese technologies. Amidi, the parent of Plug and Play Tech Centre, was fined $200,000 for failing to report a roughly $92,478 investment in Shanghai robotics AI company Qiongche Intelligent Technology.

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...