Arm faces a months-long wait to regain control over its China business, as the chip design company grapples with the ancient “chop” system that has prevented the UK group from firing the chief executive of its joint venture in Shenzhen.
Chops, or traditional company seals, are the sole means of authorising official documents in China. Inked signatures used in western countries hold little weight.
The system, used for thousands of years in China, grants whoever holds the chop the power to pay the company’s employees, fire executives, open bank accounts and make acquisitions — essentially conduct any official business.
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