ORDER
In accordance with the authority granted to me as President under the Constitution and the laws of the United States, particularly section 721 of the Defense Production Act of 1950, as amended (50 U.S.C. 4565), I hereby issue the following order:
Section 1. Findings
(a) I have credible information suggesting that HieFo Corporation, a Delaware-based entity controlled by a citizen of the People’s Republic of China, poses a potential threat to U.S. national security through its acquisition of the digital chips and related assets of EMCORE Corporation, completed on April 30, 2024. This transaction, referred to as “the Transaction,” raises significant concerns.
(b) I believe that existing legal frameworks, excluding section 721 and the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), do not adequately equip me to safeguard national security in this instance.
Section 2. Actions Ordered and Authorized
Based on the findings in Section 1, and leveraging my authority under applicable law, I hereby order the following:
(a) The Transaction is hereby prohibited. Any ownership or rights in the EMCORE assets by HieFo, directly or indirectly through its affiliates, subsidiaries, or foreign shareholders (collectively referred to as “Affiliates”), is also prohibited. Notably, U.S. nationals serving on HieFo’s Board of Directors as of November 26, 2025, will not be classified as Affiliates for this purpose.
(b) To implement this order, HieFo and its Affiliates must divest all interests and rights in the EMCORE assets within 180 days unless an extension is granted by the Committee on Foreign Investment in the United States (CFIUS). This includes any contracts, inventory, tangible property, fixed assets, accounts receivable, permits, and intellectual property tied to EMCORE Corporation, with compliance subject to any conditions or extensions deemed necessary by CFIUS to protect national security.
(c) From the date of this order until the divestment is verified as complete by CFIUS, HieFo must not allow access to the EMCORE assets or any confidential technical information to anyone outside its personnel without CFIUS’s written approval. Within 7 days of this order, HieFo must implement controls to prevent such access.
(d) Until divestment is fully completed and verified, HieFo must not dissolve, reorganize, or transfer any rights in the EMCORE assets or make any changes that could hinder compliance with this order, unless approved in writing by CFIUS.
(e) CFIUS is authorized to require audits of HieFo, at no cost to CFIUS, to ensure compliance with this order.
(f) Upon successful divestment:
- (i) HieFo must provide a written certification to CFIUS confirming that all required steps for compliance have been completed.
- (ii) HieFo must also certify that all intellectual property related to the EMCORE assets has been destroyed or transferred as required, with CFIUS entitled to audit compliance at no expense.
(g) HieFo cannot complete any sale or transfer to a third party without notifying CFIUS about the intended buyer and waiting for 30 days for any objections from CFIUS. The review will consider the buyer’s relationship with HieFo and potential impacts on national security.
(h) Until HieFo certifies the divestment to CFIUS, it must provide weekly updates confirming compliance with this order, including timelines for remaining actions.
(i) Any attempts to circumvent this order through transactions or other means are strictly prohibited.
(j) CFIUS retains the authority to implement necessary measures to verify and enforce compliance, including access to HieFo’s facilities and records for inspections, audits, and interviews with personnel.
(k) CFIUS will conclude its verification process within 90 days after receiving the divestment certification and will notify HieFo in writing once it is satisfied with the completion of the divestment.
(l) CFIUS is authorized to impose further conditions or measures as necessary to mitigate risks to U.S. national security until the divestment is complete and verified.
(m) Should any provision of this order be deemed invalid by a court, the remaining provisions will remain effective.
(n) The Attorney General is authorized to take necessary actions to enforce this order.
(o) Any deadlines imposed on CFIUS shall be paused during funding lapses.
Section 3. Reservation
I reserve the right to issue further orders regarding the Transaction as deemed necessary to protect U.S. national security.
Section 4. Publication and Transmittal
(a) This order will be published in the Federal Register.
(b) The Secretary of the Treasury is directed to transmit copies of this order to the relevant parties outlined in Section 1.
(c) The costs of publication will be covered by the Department of the Treasury.
Donald J. Trump
THE WHITE HOUSE,
January 2, 2026.
