US President Donald Trump has ordered the cancellation of a $2.9 billion deal for HieFo to acquire Emcore’s chip and wafer manufacturing assets, citing national security risks.
Under the deal announced in May 2024, HieFo would acquire Emcore’s related manufacturing operations. The president’s order requires HieFo to divest the technology within 180 days. The order states that there is “credible evidence” that the company’s current owner is a citizen of the People’s Republic of China.
HieFo was founded by Dr. Genzao Zhang, Emcore’s former vice president of engineering, and Harry Moore. After the deal, the company announced that the team in Alhambra, California, would continue to operate.
Emcore was a public company at the time of the sale, but was taken private by Charlesbank Capital Partners in 2025. HieFo has not yet made an official statement on the matter.
