On August 9, 2023, the Biden Administration released a long-awaited Executive Order (“EO”) establishing an outbound investment review program (the “Program”) for investments by U.S. companies and investors in China-based entities that are engaged in certain activities involving a defined set of sensitive technologies and products. As described more fully below, the program is designed to prohibit certain outbound equity investments altogether and to require notification of certain other outbound equity investments, in each case with a focus on advanced semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems.
