For years, the structuring reflex was simple: to invest in Europe, a Chinese group could acquire through a European subsidiary or holding and stay outside national foreign-investment screening. That route is now closing. On 8 June 2026, the Council of the EU gave final approval to a revised FDI Screening Regulation (overhauling Regulation (EU) 2019/452). It makes screening mandatory in all 27 Member States and, most importantly for Chinese investors, extends it to indirect control: an EU acquirer ultimately controlled by a non-EU parent is now caught. The lesson from our previous note still holds, and goes further. In Europe, “not notifiable” does not mean “no risk”, and a European holding no longer makes the problem disappear.