According to Sina Technology, people familiar with the matter said today (April 27) that SoftBank Group and its subsidiary ARM are about to reach an agreement to regain control of the ARM China (Amou Technology) business and remove the company’s CEO Wu Xiongang. The source also stressed that the solution has not been finalized and could still change. Negotiations between SoftBank and ARM with Wu Xiongang have repeatedly made progress over the past two years, but eventually the talks stalled, the person added. According to the data, in June 2020, the board of directors of Arm China ousted Chairman and CEO Wu Xiongang by a vote of 7 to 1. Although ARM holds 47.33% of the shares of Arm China and is the largest shareholder, it holds Wu Xiongang, the company’s official seal and registration documents, refused to give up his power, and the two sides were at odds for a while. After the NVIDIA and ARM mergers and acquisitions failed, SoftBank planned to list ARM in the United States, but the difficulty of ARM in auditing the financial situation of Anmou China has become the main obstacle to its listing in the United States. Earlier this month, it was reported that ARM had transferred its entire stake in Chinese joint venture ARM China to SPV, a special purpose vehicle owned by its parent company SoftBank Group, to .
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