Economically Strategic?
There is currently a shortage of semi-conductors so companies are going to be competing with each other to buy them.
The article mentions that a US company's order was cancelled. Will this order now go to a Chinese company instead?
If so, that US company will struggle to build its products and grow or even survive, whilst the Chinese company will be able to continue operations and take the US company's market share.
So the West overall will get weaker and China will get stronger, even if the UK does not directly suffer as the fab continues operation and the shareholders profit from the takeover.
I believe that the First Cold War was won more on the relative strength of the West's economies compared to the Soviet union rather than actual military effectiveness or military technology.
Neither side was able to use their militaries in a decisive way (Korea was a draw, Vietnam was a Western defeat, Afghanistan a Soviet defeat) however the Soviets could not both maintain a competative military and keep its people comfortable.
China has abandoned the Soviet (Marxist?) economic system which failed the Soviet Union, and have adopted a much more market-based economy which won us the First Cold War.
China is now competing with us on our own terms, in ways we are not used to seeing as a threat.