China blocks purchase of ABB's robotics division by Japanese group SoftBank

China has blocked SoftBank's acquisition of ABB's robotics division, valued at $5.4 billion, impacting SoftBank's AI expansion plans. The National Development and Reform Commission informed SoftBank that the deal would not be authorized, surprising both parties who expected approval. ABB's robotics division is crucial in China, producing over 90% of its robots locally. Concerns over technology transfer to Japan and data security were cited as reasons for the decision. SoftBank is now assessing the situation and considering a new authorization request. This setback affects SoftBank's strategy to enhance its robotics presence and integrate AI technologies.