How US security fears killed a major Chinese bid for Dutch tech firm Lumileds

China’s leading LED chipmaker Sanan Optoelectronics and its Malaysian partner have abandoned their US$239 million cash offer to purchase Dutch technology company Lumileds Holding. The collapse of the deal came after opposition from US authorities, which cited national security concerns.

SCMP Political Economy reporter Xiaofei Xu explains that this is not the first time Lumileds has been off-limits to Chinese buyers, amid continuing “dual-use” technology fears that continue to shape the US-China tech war in 2026.