Imagination Technologies is licensing its semiconductor chip design which is the basic unit that powers everything from smartphones to computer game consoles. They are also used in Artificial Intelligence and data transfer.
Owners of Chinese-backed companies – private equity firm Canyon Bridge – have tried to wrest control of the group by trying to appoint board members who will support them, Davis said.
The council meeting, which will take place on Tuesday, was postponed after the British government intervened, the government said. Ron Black resigned as CEO, the company said.
A spokesman for Imagination Technologies declined to comment.
“What we think is happening is that the Chinese are trying to export the technology base from here to China and that is inappropriate,” Davis, MP from the Prime Minister Boris JohnsonThe Conservative Party, told Reuters.
Davis said Imagination Technologies, a supplier of semiconductor intellectual property to groups such as Apple, is a strategic asset and that the government must make it very clear that they do not see Britain’s important technology exports with equanimity.
“Maybe you should try to make a purchase by someone else in a Western country,” Davis said. “The government must look for every mechanism available to them to prevent the elimination of our technology – a total stop.”
Imagination Technologies, founded in 1985, was bought by Canyon Bridge in 2017. The agreement was approved by the then Prime Minister’s government Theresa May on the basis that the Canyon Bridge will be subject to U.S. law.
Canyon Bridge was originally established in the United States but has since moved to the Cayman Islands, a spokeswoman said.
Canyon Bridge’s main investor is state-supported China Reform Holdings.
Imagination Technologies, which has 550 staff at great Britain, said on April 10, its chief executive Ron Black resigned and would be replaced by Ray Bingham, chief executive and partner at Canyon Bridge.
“Since acquiring Imagination Technologies in 2017, we have made great progress in transforming the company and we remain fully committed to the UK and to support our customers throughout the world,” Bingham said in an April 10 statement.