In 2020, Arm, which holds a 47.33% stake in its China joint venture (JV), announced that the JV's board voted 7-1 to oust Wu as its CEO due to alleged "conflicts of interest." Wu has refused to step down and maintains control of the company. In late 2020, Arm and its parent company Japan's Softbank Group Corp announced they had reached an agreement to sell Arm to U.S.-based chipmaker Nvidia Corp. Those plans fell apart earlier this month due to opposition from numerous goverments. Arm subsequently announced it plans to go public, which will place pressure on the company to resolve its dispute with its China joint venture. Wu also told the SCMP that he clashed with Arm's top management over U.S.-sanctions against Chinese smartphone maker Huawei. In 2019, Washington ordered companies with U.S.-origin technology to cease doing business with Huawei Technologies.