Tech Giants: Starting from Bankrupt Companies

369: The Dark War of the Third VestaEarly spring in Brussels carried the damp cold of the North Sea. Outside the European Union headquarters, the elm trees were just sprouting new buds, their branches and leaves trembling in the wind. Inside the building, the crystal chandeliers in the press conference hall were already lit, their three thousand crystals refracting a cold light that spilled over every deep blue seat. Reporters entered one after another, the sounds of footsteps, chairs moving, and the electrical hum of equipment testing intertwining. The air was thick with the oppression that precedes a storm.

Margrethe Vestager stood before the mirror in the side hall, scrutinizing herself. Her deep blue suit was ironed without a single wrinkle, and her blonde hair was pulled into a rigorous bun, not a stray hair in sight. She reached out to adjust the EU emblem on her chest, pausing slightly when her fingertips touched the cold metal. At fifty-five, she had sat in the position of EU Antitrust Commissioner for six years, having brought down Google, Apple, and Amazon, each time with the patience and precision of a hunter. But today, her target was a tech company from China—Xingchen.

”Commissioner, it’s time,” an assistant whispered from behind.

Vesta nodded, took a deep breath, and pushed open the door leading to the hall.

In an instant, flashlights surged like a tide, and the clicking of shutters rose and fell. She walked toward the podium, her high heels clacking on the marble floor with a steady, powerful rhythm. Behind her, twelve EU flags with their gold stars on a blue background filled the entire backdrop. She stood still, hands braced on either side of the podium, her gaze sweeping across the audience—the front row featured familiar faces from Reuters, AFP, and the BBC; the middle was a mix of senior reporters from Le Monde and the Financial Times; and the back row even held members of the Chinese media. Some adjusted their lenses excitedly, some folded their arms with a cold sneer, and others shook their heads slightly.

”Today,” Vesta’s voice echoed through the hall, as crisp as the early spring air of Brussels, ”the European Commission is launching three formal investigations into Xingchen Technology.”

The giant screen behind her lit up, with white text on a blue background displaying eye-catching titles:

European Union Investigation Matters Regarding Xingchen Technology

1. Abuse of Market Dominance (chips + Batteries): Suspected of using technological advantages to squeeze out competitors, violating Article 102 of the Treaty on the Functioning of the European Union.

2. Receipt of Illegal Government Subsidies: Suspected of violating EU state aid rules and distorting single market competition.

3. Violation of the General Data Protection Regulation: Suspected of illegally transferring European user data into China.

The shutter sounds below suddenly intensified, like heavy rain hitting a tin roof. Vesta slightly raised her chin and continued, ”If confirmed, Xingchen will face a fine of 10% of its global turnover—equivalent to tens of billions of euros. During the investigation, the EU has the right to take interim measures, including freezing assets and suspending operations.”

As soon as she finished, a reporter in the back row raised a hand: ”Ms. Vesta, do the German and French governments have any objections to this?”

The corners of Vesta’s mouth curled up slightly into an inscrutable smile: ”The European Commission exercises its powers independently and is not subject to interference from member states.”

Another reporter stood up: ”Xingchen has massive investment plans in Germany and France. Will the investigation affect these projects?”

”Before the law, investment cannot serve as a shield,” Vesta’s answer was crisp and decisive, like a falling guillotine.

When the press conference ended, Vesta turned and left the podium. As she entered the side hall, her assistant handed her a phone. On the screen was a newly received text message from an ”old friend” at the Office of the United States Trade Representative: ”Congratulations, Margaret. It’s time to let the Chinese know who sets the rules.”

Vesta stared at the screen for a moment, did not reply, and handed the phone back to her assistant. Outside the window, Brussels was overcast, and a drizzle began to fall.

In the hall, reporters packed up their equipment and talked in small groups. A reporter from Le Monde leaned toward a colleague from the Financial Times and lowered his voice: ”She’s crazy. Will Germany and France let her do this?”

The Financial Times reporter shook his head and closed his notebook: ”She has people behind her. Just watch, this play has only just begun. Xingchen is not Google; the Germans won’t just stand by and watch their automobile industry be messed with.”

”But the investigation was launched by the EU. What can Germany and France do?”

”What can they do? Just wait and see.” He picked up his bag and walked out. ”Berlin will have some movement by this afternoon.”

Berlin’s reaction came faster than anyone had anticipated.

At three o’clock that afternoon, the square outside the German Ministry of Economics was already filled with television broadcast vans. This neoclassical building looked exceptionally solemn under the cloudy sky, its tall stone pillars and bronze doors having witnessed the birth of countless economic decisions. The press conference was set in the Parliamentary Hall on the second floor, with murals of the German Industrial Renaissance painted on the dome. Under a massive crystal chandelier, the German Minister of Economic Affairs, Peter Altmaier, stood before the podium.

He was sixty years old, with gray hair and a square face—the typical image of a German politician: rigorous, steady, and imposing without being angry. But at this moment, his face was ashen, his brow furrowed, and his hands gripped the edge of the podium so tightly that his knuckles were white.

Below, all the mainstream German media were present, along with reporters from over a dozen international media outlets. As the red lights on the cameras lit up, Altmaier cleared his throat, his voice low and powerful:

”Regarding the EU investigation into Xingchen Technology, the German Ministry of Economics has a few points to clarify.”

He paused, his gaze sweeping the room as if confirming that everyone was listening intently.

”First, Xingchen is investing twelve billion euros in Dresden, Germany, to build chip and battery factories. This is one of the largest high-tech foreign investment projects in German history, which will create five thousand direct jobs and at least twenty thousand indirect jobs. Because of this, the Saxony Union in Dresden will become the core of the European semiconductor industry.”

He held up a second finger: ”Second, Xingchen’s chips and batteries are allowing the European automobile industry to regain its competitiveness. As you all know, our auto industry faces a life-or-death challenge in the electrification transition. Xingchen’s battery technology has reduced the cost of European electric vehicles by thirty percent and increased their range by forty percent. Without them, the German automobile industry might become second-rate within ten years.”

With a third finger, his voice suddenly rose: ”Third—”

He looked directly into the camera, his gaze seemingly piercing through the screen to reach Brussels:

”Ms. Vesta, please focus your energy on the American tech giants—they are the ones truly monopolizing the market, stealing data, and exploiting European companies. Google’s search monopoly, Apple’s App Store commissions, and Amazon’s abuse of third-party data are the objects the EU should be investigating. Not a company that is creating jobs and bringing technology to Europe.”

Below, the German reporters nodded one after another, and some even began to applaud. A reporter raised a hand: ”Mr. Minister, the EU emphasizes independent law enforcement. What specific actions will Germany take?”

Altmaier nodded slightly: ”Germany will utilize all legal and political means to protect its own economic interests. If the investigation harms German companies, we do not rule out raising objections in the Council of the European Union, or even resorting to the European Court of Justice.”

He paused, his tone softening slightly: ”Of course, we believe the EU will ultimately make the right decision. But the prerequisite is that this decision cannot be detached from reality—and the reality is that Europe needs Xingchen, not the other way around.”

The next morning, Paris followed up even faster.

The French Ministry of Economics is located in the Bercy district, a modern building with a glass curtain wall that forms a stark contrast to Berlin’s neoclassicism. Sunlight spilled through the massive floor-to-ceiling windows into the hall. French Finance Minister Bruno Le Maire stood before a French flag and an EU flag, smiling but with sharp eyes.

He was fifty-five, elegant, and gestured richly while speaking, a typical French politician’s style. Reporters packed the hall, cameras aimed at him.

”France supports the EU in maintaining market order and cracking down on true monopolistic behavior,” Le Maire began, first giving the EU a bit of praise. ”But regarding the investigation into Xingchen, the timing is wrong and the reasons are insufficient.”

He took a step forward, closer to the reporters: ”Xingchen is establishing a 7nm R&D center in Grenoble, France, hiring two thousand French engineers—and these are top-tier talents graduated from École Polytechnique, CentraleSupélec, and Grenoble Institute of Technology. This is the hope for the revival of the French semiconductor industry and a key link in our ’France 2030’ plan.”

He held out a hand, raising one finger: ”The EU should ask itself one question: Is investigating Xingchen protecting Europe’s interests, or is it protecting America’s?”

The reporters below recorded quickly. A French reporter asked: ”Mr. Finance Minister, Germany has already stated its position against the investigation. Will France coordinate its actions with Germany?”

Le Maire smiled, a smile that held a certain tacit understanding: ”France and Germany have a consensus on many issues. This issue is no exception.”

Two days later, Shenzhen’s reaction was like a pebble dropped into a pond; the ripples were small, but the depths were unfathomable.

On the morning of March 22nd, at the Xingchen Technology R&D Department. This building, located in Nanshan District, consists of two twisted towers with a deep blue glass curtain wall facade that looks like two giant crystals in the sunlight. Su Chen’s office is on the 38th floor, with full-length windows facing Shenzhen Bay, where cargo ships move slowly across the sea, and the Hong Kong skyline is faintly visible in the distance.

The office furnishings were simple—a dark wooden desk, a few chairs, and a Chinese ink painting of the sea of clouds at Mount Huang on the wall. Su Chen sat on the sofa, teacup in hand, watching the screen on the opposite wall, which was broadcasting European news. Press conferences from the German Ministry of Economics and statements from the French Finance Minister flashed by one after another.

Lin Wan stood to the side, holding a tablet with a slight frown: ’President Su, the European Union’s investigation notice has been officially delivered, requiring us to submit the first batch of materials within thirty days. The legal team’s opinion is that we can partially refuse to provide them on the grounds of ”involving trade secrets”.’

Su Chen put down his teacup and smiled. That smile was calm and composed, as tranquil as the sea outside the window.

’Cooperate,’ he said.

Lin Wan was stunned: ’Cooperate? Fully cooperate?’

Su Chen nodded: ’Fully cooperate. Give them whatever data they want, whatever documents they want. If they want people to cooperate with the investigation, let the European team go. The attitude should be good, the posture low, and the speed slow.’

Lin Wan was puzzled: ’But thirty thousand pages of material... just organizing it will take several months...’

’Then organize it for several months.’ Su Chen stood up, walked to the window, and turned his back to her. ’Let the investigation drag on for a year or two. By then, our factories will be built, jobs will be created, and Germany and France will be on our side. When that time comes, Vestager will lose her momentum on her own.’

He turned around and looked at Lin Wan, a hint of cunning in his eyes: ’This is called waiting for things to change through delay. The tactic of stalling is the best weapon for latecomers like us. Time is on our side, not hers.’

Lin Wan was thoughtful, then smiled: ’Understood. I’ll arrange it right away.’

Su Chen nodded and looked out the window again. On the waters of Shenzhen Bay, a cargo ship was slowly passing by, with the word ”COSCO” printed on its containers. In the distance, the mountains of Hong Kong were shrouded in mist.

’Vestager is a good person,’ he said softly, ’but she chose the wrong opponent and the wrong timing.’

In mid-April, spring finally truly arrived in Brussels. The elms outside the European Union headquarters were already lush with green leaves, but the atmosphere in Vestager’s office was becoming increasingly gloomy.

The desk was piled high with documents—thirty thousand pages of materials submitted by Xingchen, bound into hundreds of folders, stacked higher than a person. Vestager sat behind the desk, a technical document spread out before her; the dense circuit diagrams and German annotations gave her a headache. She rubbed her temples and pressed the intercom.

An assistant pushed the door open and entered: ’Commissioner?’

Vestager pointed at the pile of documents: ’Can our people get through all this?’

The assistant hesitated: ’Reporting to the Commissioner, our technical team only has twelve people. We need to review chip designs, battery formulas, data flows, financial records... we are severely understaffed. Moreover, Xingchen’s materials are too specialized; we need external experts.’

Vestager frowned: ’Then hire external experts.’

The assistant hesitated to speak: ’We tried, but the experts from Germany and France either refused or kept delaying after taking the task. Several German professors said they have cooperation agreements with Xingchen’s Dresden factory and cannot participate in the investigation. The French experts said they don’t want to ”damage French national interests”.’

Vestager fell silent. The sunlight from outside shone in, but it couldn’t penetrate the gloom in her heart.

The assistant added: ’Also, the German Ministry of Economics sent an official letter yesterday requesting us to ”re-evaluate the necessity of the investigation,” attached with a forty-two-page report detailing Xingchen’s contribution to the German automotive industry. The French Finance Minister also said publicly today that the investigation ”might harm European interests and termination should be considered”.’

Vestager looked up, a hint of fatigue flashing in her eyes, but it was quickly replaced by stubbornness: ’Tell them the investigation is proceeding according to law and is not subject to political interference.’

The assistant nodded and left the office. The moment the door closed, Vestager leaned back in her chair and closed her eyes. She remembered six years ago, when she first stood in this office, full of vigor, vowing to make monopolists pay the price. Google, Apple, Amazon—one after another, they fell. But now...

She opened her eyes and looked out the window. The Brussels sky was azure, but her world was turning dark.

May 20th, European Parliament hearing.

The parliamentary hall was semi-circular, with seats for members of parliament stacked in tiers like an ancient Roman theater. Through the massive glass skylight in the dome, natural light poured down onto the witness stand in the center. Vestager stood behind the witness stand, facing dozens of MEPs, with translation booths and the press gallery behind her.

The hearing had been going on for an hour. MEPs took turns asking questions, ranging from anti-monopoly to data protection, from subsidies to investment. Vestager answered them one by one, but the questions were becoming increasingly sharp.

It was the turn of the German MEP, Gunther Krichbaum, to speak. He was sixty years old, with thinning hair and gold-rimmed glasses, looking like a university professor but questioning like a prosecutor.

He stood up, holding a document, his gaze fixed on Vestager through his lenses: ’Madam Commissioner, the investigation has been launched for two months. Has there been any substantial progress?’

Vestager straightened her back slightly: ’We are currently reviewing the materials submitted by Xingchen, and a preliminary analysis has been completed.’

Krichbaum waved the document in his hand: ’I have a report from the German Association of the Automotive Industry here. The report shows that Xingchen’s batteries have reduced the cost of European electric vehicles by thirty percent, and their chips have improved the performance of European industrial automation equipment by twenty percent. May I ask, Commissioner, are you investigating them for the sake of Europe, or for the United States?’

Vestager’s expression changed slightly: ’I am enforcing the law independently, unaffected by any country.’

Krichbaum smiled, a touch of mockery in his grin: ’Enforcing the law independently, or independently damaging European interests?’

A commotion broke out in the hall, and reporters recorded frantically. Vestager took a deep breath, trying to remain calm: ’The European Union’s investigative power is granted by the Treaty. Any enterprise must abide by the rules, regardless of where they come from.’

Krichbaum took off his glasses, wiped them, and put them back on: ’Rules? Madam Commissioner, rules are meant to protect European citizens, not to drive away companies that can bring benefits to Europe. Xingchen has created jobs, reduced costs, and enhanced competitiveness. What you are doing is exactly the opposite.’

He paused and looked around: ’Colleagues, I propose that the Parliament should launch an independent investigation into this matter, to examine the decision-making process of the European Commission in this case and see if there has been any external pressure.’

Vestager’s hands trembled slightly, but her face remained calm. She knew that after this hearing, the tide had completely turned.

June 30th, Brussels.

Vestager sat in her office, a newly released European Commission statement lying on her desk. The statement was only two short paragraphs:

’After a comprehensive assessment, the three investigations into Xingchen Technology are terminated due to insufficient evidence. The special task force is disbanded effective immediately. The European Commission will continue to monitor fair competition in the Single Market to ensure all companies abide by the rules.’

She stared at the statement for a long time.

Outside, the Brussels sky was grey, and a fine drizzle was falling. The leaves of the elms rustled in the rain. The office door was pushed open, and an assistant stood at the doorway with a complex expression.

’Commissioner... your office needs to be adjusted. They said the area needs to be reduced, and you are to move to the third floor.’

Vestager did not turn around. She looked out the window and murmured, ’Did I do something wrong?’

No one answered.

The assistant silently withdrew and closed the door. She was left alone in the office with only the sound of the rain outside.

July 1st, Berlin.

At the German Ministry of Economics building, Altmaier stood in the same parliamentary hall, facing reporters with a beaming smile.

’I am very pleased that the European Union has made the right decision,’ he said, his voice resonant. ’Now, let us focus our energy on the real issues—such as the monopolistic behavior of American tech giants. Germany will propose a new motion in the Council of the European Union to strengthen regulation of digital platforms and ensure fair competition.’

The reporters below laughed, and some even began to applaud.

The next day, Su Chen sat in his office, looking at the news coming from Europe. Lin Wan stood to the side with a smile on her face.

’President Su, Vestager has been reassigned to oversee consumer policy, and her office has shrunk by two-thirds.’

Su Chen nodded and looked out the window. The waters of Shenzhen Bay were shimmering, and a cargo ship in the distance was slowly passing by. He picked up his teacup and took a light sip.

’Vestager is a good person,’ he said, ’but she chose the wrong opponent and the wrong timing.’

Lin Wan asked, ’Did we win?’

Su Chen shook his head, his gaze distant: ’It’s not about winning. It’s that time is on our side.’

Outside the window, the sea and sky were of the same hue, and the sun was just right.