The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start

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November 27, 2023 11:00 PM ET

Broadcom CEO Hock Tan He spent $40,000 to sit. Xi JinpingIn San Francisco, the Chinese leader recently tabled dinner with American business leaders. Tan had much more at stake—a $69 billion deal he was waiting to be approved by China.

For months, Chinese regulators have not cleared the U.S. chipmaker’s bid to buy enterprise software developer VMware, prompting Broadcom to delay the deal’s completion date — originally announced as May 2022 — three times. Beijing has previously blocked mergers involving US companies. Intel plans to buy an Israeli company Tower SemiconductorMore than 5 billion dollars, it was destroyed in August Chinese regulators could not approve.

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