The Spy Hunter #95
The US indicts two Chinese nationals for state-backed, cyber economic espionage.
March 11, 2025
Welcome to The Spy Hunter newsletter!
In this week’s edition:
A U.S. court indicts two Chinese nationals for their involvement in a years-long hacking campaign that targeted U.S. companies, government agencies, and other organizations.
🔎Economic Espionage Case of the Week
What happened?
A U.S. federal judge unsealed indictments against two Chinese nationals, Yin Kecheng and Zhou Shuai, for their involvement in a years-long hacking campaign that targeted U.S. companies, government agencies, and other organizations, resulting in millions of dollars in damages. The U.S. Department of Justice asserts that the Chinese Ministry of Public Security and Ministry of State Security directed and funded these cyberattacks, using private contractors to obscure official involvement. Both Yin and Zhou remain fugitives with active arrest warrants.
Why does it matter?
This case exposes the breadth of state-sponsored hacking in China’s economic and geopolitical strategy. It reinforces U.S. concerns about China’s use of cyber operations to not just steal intellectual property but also monitor and pressure political dissidents globally. It also illustrates the difficulty faced by authorities to bring criminals to justice - one of the accused has been on the DOJ’s radar since at least 2018. With law enforcement options limited, companies and other targeted agencies need to maintain vigorous cyber defenses and employee awareness of espionage threats.
🌏Around the region
Taiwan
Taiwanese President Lai Ching-te sought to reassure citizens that TSMC’s $100 billion expansion in the U.S. would benefit Taiwan, despite concerns that it could weaken the island’s semiconductor sector.
While opposition voices in Taiwan questioned the benefits of the investment, Lai argued that the expansion helps TSMC avoid U.S. tariffs and strengthens ties with key American customers like Apple and Nvidia.
The move also comes amid U.S. pressure for Taiwan to boost its defense spending and trade balance, as tensions with China and the U.S. remain a critical factor in Taiwan’s economic and security strategy.
📣Upcoming Events
11 March. Public Hearing Regarding Section 301 Investigation on China’s Acts, Policies, and Practices Related to Targeting of the Semiconductor Industry for Dominance - Office of the United States Trade Representative. 10:00 AM ET [in person and online]
The Office of the United States Trade Representative will hold a public hearing on March 11, 2025, regarding the Section 301 investigation on China’s acts, policies, and practices related to targeting of the semiconductor industry for dominance.
12 March. A Tech Power Playbook for the United States featuring Sen. Todd Young – Betting on America - CSIS. 10:00 AM ET [online]
Senator Todd Young (R-IN) will join Navin Girishankar to discuss a ‘tech power playbook’ for the United States including investments in chipmaking and biotech, tech diplomacy abroad, and the importance of investing in basic research.
13 March. 2025 Pacific Technology Policy Conference - The National Bureau of Asian Research. 9:00 AM PT [in person]
NBR’s second annual Pacific Technology Policy Conference will bring together key policy, academic, and private sector stakeholders for a full day of discussions on critical issues in the digital and technology domains.
🗣️Job Opportunities
Senior Intelligence Analyst - The Global Strategy Network (London, UK)
Manager, Geopolitics - McKinsey & Company (London, UK)
Associate Vice President / Vice President, Korea Practice - The Asia Group (Washington, DC)
📰In Other News
Economic Espionage
US Indictment of Chinese Firm Puts New Spin on Corporate Espionage - Bloomberg
Berlin warns Chinese wind turbines planned in the North Sea pose risk of espionage and political influence - Fortune
Geopolitical risk
Sanctions and the geopolitics of trade - GIS
How investors should think about geopolitical risk - J.P. Morgan Private Bank
Economic Security
How Ukraine minerals could help end US economic reliance on China - Euronews
The Geopolitics of Critical Minerals - The Diplomat
Setting a North American economic security agenda - Brookings Institution
Technology
Tech war: China leads US in quantity, quality of semiconductor research, report finds - SCMP
The Geopolitics of Semiconductor Supply Chains - Modern Diplomacy
US-China relations
Private sector, cutting-edge tech in focus as China prepares to take on the US - The Straits Times
How US Companies in China Can Survive - The Diplomat
🛜Around the Web
Thank you for reading!
If you would like to leave a comment, ask a question, or make a suggestion, please post a reply below, email me at benforney@thespyhunter.org, or DM me on Twitter/X @ben_forney.
The Spy Hunter is the personal opinion of the author and is not legal advice. Any individual or organization mentioned is presumed innocent until proven guilty. Articles or other media featured on The Spy Hunter should not be taken as an endorsement by the author.
Cover image by DALL-E