How do they manage IP if they have no control over them? I see a pretty big issue

According to the filing they have extremely limited ability to influence them and yeah it is a big issue.

Which is terrifying - ARM's biggest risk in that regard is that ARM China can effectively shoot itself in the foot in the name of Chinese strategic/geopolitical/technological interests, and all their Chinese employees will have absolutely nothing to worry about.

I wonder if it would have been better for Nvidia to have bought ARM. Nvidia's cards might have been sufficient influence.

They don’t. They’re proper rogue and being China there isn’t much you can do about it

The "ARM China going rogue" story is so weird. Although supposedly Softbank restored control last year? [1] So I don't know where things stand at the moment.

https://asia.nikkei.com/Spotlight/Caixin/In-Depth-How-SoftBa...

the article says that Wu is effectively still on the job, and Wu's own LinkedIn page claims he's still the boss there.

Having myself been part of a joint venture with the Chinese (in the education space), and having a Chinese employee go rogue, I only advise against western firms (even large ones with clout) from engaging in such ventures. The Chinese will take control by any means necessary and bleed you dry from the inside.

>Although supposedly Softbank restored control last year?

Nope, the F-1 addresses this: "Neither we [Arm] nor SoftBank Group control the operations of Arm China, which operates independently of us. "

ARM learning the hard way what “49% ownership in a joint venture” really means.