On 9 August 2023, U.S. President Joe Biden signed the Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (the "Executive Order"), to regulate U.S. persons engaged in transactions or investment activities in China (including mainland China, Hong Kong and Macau) that involve certain technologies and products.

The U.S. Department of the Treasury (the "Department of Treasury") issued on the same day an Advance Notice of Proposed Rulemaking (the "ANPRM") to seek public comments in formulating the regulations to implement the Executive Order and to clarify its scope.