Beijing has trained its sights on initial public offerings as it widens its clampdown on business. Regulators have halted some listings in Shanghai and Shenzhen. BYD Semiconductor, a microprocessor manufacturer, is one telling victim.
Political survival in China, as elsewhere, involves supporting mutually exclusive propositions with equal conviction. But contradictions are glaring when officials bang the drum for chip self-sufficiency while impeding a financing by the country’s largest automotive chipmaker.
Watchdogs aim t