Re: they sold a license to the Chinese state
>As I understand it Arm Technology China is the Qualcomm of the Chinese world
I think that hits the nail on the head. Given the problems the US administration has invented with Qualcomm it must be attractive to Chinese investors to have a licensee for ARM which is not directly involved in the US. Particularly as ARM is now controlled from Japan so subject to a more rational eastern approach to deal making; not without the ubiquitous and lugubrious US influence but at least inclined to give it less significance than the Europeans.
Cutting the US and Europe out of the equation makes sense. I can't see that the price is low; it's just a licensee isn't it?