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Tiremaker Pirelli & C. SpA, where China’s state-owned Sinochem International Corp. owns 37%, is a prominent example. U.S. authorities have warned that Pirelli’s tires equipped with cyber sensors could face restrictions, citing data security risks. Rome has already used its “golden power” rules to limit Sinochem’s influence, and in April, Pirelli’s board downgraded the investor’s governance role. Officials are now weighing steps that could pressure Sinochem to sell, the people said.
Other potential targets include CDP Reti SpA, which controls Italy’s power grids and is 35% owned by a unit of State Grid Corporation of China, and Ansaldo Energia SpA, where Shanghai Electric cut its stake from 40% to 0.5% but whose Chinese ties still block participation in some U.S. tenders.
About 700 Italian firms have Chinese investors, but the government’s focus is on large entities in energy, transport, technology, and finance. Rome’s moves reflect a broader European effort to “de-risk” from China while maintaining selective engagement, particularly in green industries.
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