Core Viewpoint - The ongoing control dispute over Nexperia, a semiconductor company, involves its temporary European management and its sole shareholder, Wingtech Technology from China, with significant implications for the company's operations and governance [1][4]. Group 1: Control Dispute Background - The dispute traces back to late September to early October 2025, when the Dutch Ministry of Economic Affairs issued a ministerial order that temporarily "froze" Nexperia's operations, leading to a court ruling that suspended CEO Zhang Xuezheng's position and limited Wingtech's control [1]. - Despite the Dutch government's withdrawal of the ministerial order, the court's ruling remains effective, resulting in a deadlock over the company's control [1]. Group 2: Allegations Against Wingtech - The allegations against Wingtech primarily focus on two core issues: "asset stripping" and "knowledge, technology, and capacity transfer" [2][3]. - Wingtech's rebuttal to the "asset stripping" claims highlighted that Nexperia held approximately $396 million in its accounts at the time of the alleged intervention, contradicting the accusations [2]. - The company argued that internal discussions regarding projects aimed at addressing supply chain risks were misrepresented as evidence of asset stripping, emphasizing that these plans were never implemented due to feasibility concerns [2]. Group 3: Knowledge and Technology Transfer Allegations - Wingtech refuted claims of "intellectual property theft" and "capacity transfer," asserting that Nexperia's success does not rely on exclusive technology and that many core technologies are widely available in the industry [3]. - The establishment of WSS was explained as a response to Nexperia's capacity bottlenecks and supply chain pressures, with WSS investing approximately 12 billion RMB (over $1.7 billion) in factory construction, indicating independent commercial logic rather than asset transfer [3]. Group 4: Financial and Strategic Transformation - Since Wingtech's acquisition in late 2019, Nexperia has undergone significant strategic transformation, improving financial performance with revenue rising from approximately $1.43 billion in 2020 to $2.06 billion in 2024, and net profit increasing from $103 million to $331 million during the same period [5]. - The company's annual R&D expenditure grew from about $63 million in 2019 to $156 million in 2024, with a substantial increase in patent applications, indicating a shift towards systematic and scalable innovation [5]. Group 5: Impact of Governance Disruption - The governance disruption has negatively affected Nexperia's supply chain, with key customers facing delays or interruptions in product delivery, potentially forcing them to diversify their supply chains [6]. - Internal order has been severely impacted, with reports of halted salary payments to thousands of employees in China, creating uncertainty and anxiety within the workforce [6]. - The control deadlock has persisted for over three months, with no resolution in sight, prompting Wingtech to express a strong sense of crisis regarding the company's future [6][7]. Group 6: Broader Implications - The situation has escalated to government-level concerns, with the Chinese Ministry of Commerce attributing the root cause of the issue to improper administrative intervention by the Dutch government, calling for the withdrawal of administrative orders to facilitate negotiations [8].

Core Viewpoint - The global semiconductor industry is facing unprecedented fractures, particularly affecting Chinese investments in overseas semiconductor companies due to geopolitical tensions and national security concerns [1]. Group 1: Investment and Acquisition - In December 2021, a Chinese investment firm, Jian Guang Asset, acquired 80.2% of FTDI for $414 million, marking a significant step for China's semiconductor industry to fill its technology gaps [3]. - FTDI, a leader in USB bridge chips, holds nearly 20% of the global market share and serves various sectors including automotive electronics and medical devices [3]. - The UK government initiated a retrospective investigation into this acquisition under the National Security and Investment Act, citing vague national security risks despite FTDI's civilian focus [4][5]. Group 2: Legal and Regulatory Challenges - The UK government set a deadline of December 2025 for the forced sale of FTDI shares, which could lead to significant financial losses for Jian Guang Asset due to a lack of competitive bidding [5]. - Jian Guang Asset attempted to challenge the UK government's order in court, but the court upheld the government's decision, emphasizing the importance of national security [5][6]. - The situation reflects a broader trend of using legal frameworks as tools for geopolitical maneuvering, particularly against Chinese investments in advanced technologies [6][8]. Group 3: Broader Implications for the Semiconductor Industry - The ongoing geopolitical tensions are leading to a fragmentation of the semiconductor supply chain, which could increase costs and hinder innovation across the industry [8][9]. - The case of Nexperia in the Netherlands illustrates the unintended consequences of government interventions, which can disrupt entire supply chains and affect numerous downstream customers [9][10]. - China's response to these challenges includes accelerating domestic production capabilities and seeking alternative supply chains to mitigate geopolitical risks [11][12]. Group 4: Future Outlook and Strategies - Chinese companies are exploring international arbitration to challenge governmental interventions, aiming to set precedents for future cases [11]. - The trend of "decoupling" from international supply chains is becoming more pronounced, as companies seek to ensure production continuity amid geopolitical uncertainties [10][11]. - The semiconductor industry is at a crossroads, with the need for transparent and predictable international rules becoming increasingly critical to avoid further fragmentation and to foster cooperation [15].

来源：边解感 1月14日，荷兰阿姆斯特丹商业法庭迎来一场全球聚焦的听证会。坐在法庭两侧的，是熟悉的控辩阵营 ——一边是安世半导体荷兰原总部及前董事会成员；另一边，则由律师代表出席的闻泰科技创始人张学 政。 这起官司早已突破商业争议范畴。对控方而言，这是对"外国资本夺权"的反击；对闻泰而言，则是一次 关于全球芯片治理话语权的正面抗辩。法庭上，控方律师杰伦·范德施里克指控闻泰集团"实施焦土战 术"，称其有意掏空安世在欧洲的战略资产。而辩方则以一记冷峻事实回应："所谓'控制权争夺'，不过 是围绕一个早已无法独立运转的壳公司。" 张学政未出庭，但他旗下在上海的半导体主业早已在行动层面做出回应。一个看似程序性的听证会背 后，是闻泰已完成的"无声撤退"与"产业断链"，留给欧洲的，只剩一纸胜诉与一栋空楼。 产业链早已转场：欧洲总部成了空壳 荷兰政府当初冻结张学政对安世的控制权时，恐怕还未意识到，真正的主战场早已换了地理坐标。 2025年第四季度，安世（上海）已正式通知全球客户：自2026年起，IGBT功率芯片将全面转向本土晶 圆厂供货，并不再依赖海外链路。这并非权宜之计，而是一次彻底且不可逆的战略更迭。通知指 出："已完成 ...

Group 1 - Wentech Technology's subsidiary in India is involved in a dispute with Luxshare's subsidiary over an asset transaction, with approximately 160 million yuan remaining unpaid [2] - Luxshare Precision announced that the asset transfer is hindered due to asset seizures and freezes, preventing ownership transfer procedures [2] - Wentech is divesting its product integration business, which has faced years of losses, and has been placed on the U.S. Entity List, affecting its ability to secure new orders [2] Group 2 - Midea Group's chairman emphasized the need to eliminate redundant businesses and low-efficiency assets, aiming for a streamlined organization and a focus on core markets and businesses by 2026 [3] - The company plans to enhance its core white goods and HVAC businesses while targeting growth in robotics, new energy, and medical sectors [3] Group 3 - Qianwen App has integrated with Alibaba's ecosystem, allowing users to order food, book hotels, and purchase tickets directly through the app, enhancing AI shopping experiences [4] - This move signifies Alibaba's strategy to leverage its ecosystem in the AI ToC market, emphasizing collaboration and payment integration with Alipay [4] Group 4 - Xunlei has filed a civil lawsuit against former CEO Chen Lei, seeking 200 million yuan for damages related to a shadow company allegedly controlled by him [5][6] - This lawsuit marks a new phase in a long-standing dispute that began in 2020, highlighting internal conflicts and power struggles within the company [6] Group 5 - Perfect World announced the detention of three art department heads for corruption, focusing on issues related to outsourcing and procurement management [7] - The company is part of a broader trend in the gaming industry, where marketing and procurement roles have been identified as high-risk areas for corruption [7] Group 6 - The World Economic Forum has recognized several Chinese companies, including Hisense, Haier, and Midea, as "lighthouse factories" for their digital transformation efforts [8] - This recognition reflects the increasing global acknowledgment of China's advancements in smart manufacturing [8] Group 7 - Aishi Technology launched PixVerse R1, a real-time world model capable of 1080P resolution, marking a significant advancement in video generation technology [9] - This model reduces video generation latency from seconds to instant response, representing a shift towards real-time interactive experiences in the AIGC field [9]

Group 1 - Wentai Technology announced a dispute regarding the transaction of its Indian assets with Luxshare's subsidiary, with a remaining payment of approximately 160 million yuan yet to be received [1] - Luxshare stated that the delivery of the assets is restricted due to issues such as asset seizure and freezing, preventing the transfer of ownership [1] - Wentai is divesting its product integration business, which has faced years of losses, and is listed on the U.S. Commerce Department's entity list, affecting its ability to secure new orders [1] Group 2 - Midea Group's chairman, Fang Hongbo, emphasized the need to streamline redundant businesses and low-efficiency assets, aiming for a focus on core markets and businesses by 2026 [2][3] - The company plans to enhance its core white goods and HVAC businesses while also targeting growth in robotics, new energy, and medical sectors [3] Group 3 - Qianwen App announced full integration with Alibaba's ecosystem, allowing users to order food, book hotels, and purchase tickets directly through the app, enhancing AI shopping experiences [4] - This move signifies Alibaba's strategy to leverage its ecosystem in the AI ToC market, emphasizing collaboration and payment integration with Alipay [4] Group 4 - Xunlei has filed a civil lawsuit against former CEO Chen Lei, seeking 200 million yuan for damages related to alleged misconduct and a hidden interest transfer scheme involving a company controlled by Chen [5][6] - This lawsuit marks a new phase in a long-standing internal conflict that began over five years ago, highlighting ongoing governance issues within the company [6] Group 5 - Perfect World reported that three art-related executives were detained for corruption, focusing on issues in art outsourcing and procurement management [7] - The gaming industry has seen similar corruption issues, with other companies like Tencent and NetEase also addressing such problems [7] Group 6 - The "Dead or Alive" app was removed from the Apple App Store just six days after reaching the top of the paid app charts, with the founder yet to comment on the reasons for removal [8] - Investors noted that while the app resonated with social sentiments, its current form may not support long-term viability unless it evolves into deeper applications [8] Group 7 - The World Economic Forum announced a new batch of "Lighthouse Factories," with Hisense, Haier, and Midea recognized for their digital transformation efforts [9] - This recognition reflects the increasing global acknowledgment of China's advancements in smart manufacturing [9] Group 8 - Aishi Technology launched PixVerse R1, a real-time world model capable of 1080P resolution, marking a significant advancement in video generation technology [10] - This model reduces video generation latency from seconds to instant response, representing a shift towards real-time interactive experiences in the AIGC field [10]

去年10月以来，全球汽车和消费电子行业的重要供应商——安世半导体的控制权之争，一直是中国和荷 兰政府、企业间的关注焦点。期间历经中美经贸会谈、荷兰派员来华磋商、美国延期"50%股权穿透规 则"、荷兰暂停"冻结"行政令等关键节点，至今这一事件仍悬而未决，不仅导致安世半导体中荷业务"脱 钩"，也严重冲击了全球汽车供应链。 （文/观察者网 吕栋 编辑/张广凯） "安世半导体股权遭荷兰冻结"、"飞特半导体被英国强制出售"、"特朗普强制'涉中资公司'剥离美国芯片 资产"......交割数年后，一批优秀的中资海外半导体资产正在被欧美"围猎"。 "英国《国家安全与投资法》有一个回溯审查条款，特别有争议。虽然法案生效的日期晚，但它有追溯 机制，可以对法案生效之前的事情进行回溯审查，让合法交易可能变得不合法，相当于用了很霸道的条 款对项目做了审查。"一位关注飞特交易的人士独家对观察者网表示。 无论安世还是飞特等争端，海外政府强制干预的特征都非常明显，很大程度上对外传递出欧美投资环境 政治风险高企、法律确定性丧失的负面信号。此类事件若不被遏制，不仅将打击中国企业对欧美投资的 信心，更可能对中欧经贸关系的政治互信与合作基础造成结构 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 1月16日消息，据外媒报道， 闻泰科技与其控股的荷兰安世半导体于14日在 荷兰法院 对 簿公堂，双方律师在气氛紧张的听证会上激烈博弈！ 该案的焦点在于：是否应就安世欧洲管理层提出的"管理不当"指控展开全面调查。若调查启动，闻泰对安世的控制权将继续被冻结；若驳回，则有望重掌 局面。 安世高层在法庭听证会上指控，闻泰科技试图将技术转移出欧洲，并对公司高管进行了人身攻击与威胁。 据悉，2024 年安世半导体实现20.6亿美元的销售额，3.31亿美元的利润。现在面临分裂成两家公司的危险，因为其客户正在寻找替代的芯片供应商。 闻泰科技预计将在听证会上主张，荷兰安世半导体是一家在中国拥有可观销售额、稳定客户群体和巨大增长潜力的中国企业旗下子公司，张学政为其制定 的发展规划具有合理性。 张学政本人不会出庭，其代理律师代为应诉。报道称，荷兰政府预计会表态支持荷兰安世半导体欧洲管理层一方。最终裁决将于后续指定日期公布。 ***************END*************** 据报道，2025年10月7日， ...

Core Viewpoint - The asset transfer agreement between Wentech Technology and Luxshare Precision has encountered significant disputes, primarily due to issues related to the transfer of Indian assets, leading to a potential arbitration process [3][6][14]. Group 1: Asset Transfer Dispute - Wentech Technology announced that the asset package related to its Indian operations has been transferred, with only land ownership changes pending cooperation from the transaction partner [1][9]. - Luxshare Precision's subsidiary, Luxshare Lanto India Private Limited, has failed to pay the remaining transaction price of approximately 160 million RMB, leading to a unilateral termination notice issued by Luxshare [1][14]. - The overall transaction scale involved is 4.389 billion RMB, with the Indian asset package valued at 311 million RMB, accounting for 7.09% of the total transaction [6][14]. Group 2: Legal Proceedings and Financial Implications - Luxshare Precision has initiated arbitration proceedings at the Singapore International Arbitration Centre, seeking to terminate the agreement and recover previously paid amounts due to substantial delivery obstacles [3][14]. - Wentech Technology plans to counterclaim for continued performance of the contract and compensation for losses incurred [14]. - Following the dispute's emergence, Wentech Technology's stock fell by 3.45% to 38.58 RMB, while Luxshare Precision's stock decreased by 1.53% to 54.58 RMB, although both companies assert that the dispute will not significantly impact their core businesses [7][15].

Core Viewpoint - Wentech Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 47.322 billion yuan, reflecting mixed investor sentiment and significant changes in financial performance [1]. Group 1: Stock Performance - As of January 15, Wentech Technology's stock price was 38.02 yuan per share, with a trading volume of 893 million yuan and a turnover rate of 1.88% [1]. - Year-to-date, the stock has increased by 1.98%, but it has seen a decline of 1.86% over the last five trading days and an 8.85% drop over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Wentech Technology reported a revenue of 29.769 billion yuan, a decrease of 44.00% year-on-year, while the net profit attributable to shareholders was 1.513 billion yuan, an increase of 265.09% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 796 million yuan, with 155 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Wentech Technology was 160,400, an increase of 5.70% from the previous period, while the average number of tradable shares per shareholder decreased by 5.39% to 7,758 shares [2]. - The sixth-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 39.3967 million shares, a decrease of 7.7472 million shares from the previous period [3].

转自：环球时报 路透社称，荷兰安世半导体的欧洲管理层当地时间14日在荷兰企业法院与该公司的中国母公司闻泰科技 （维权）对簿公堂。这是双方争夺控制权的最新一轮交锋，这场纠纷已导致全球车用芯片出现短缺。 报道称，去年10月7日，荷兰企业法院以"有充分理由怀疑"公司管理不当为由，裁决暂停闻泰科技创始 人张学政荷兰安世半导体CEO职务，并剥夺闻泰科技对荷兰安世半导体的控制权。本周三荷兰企业法院 首次公开召开听证会，法官将听取双方辩论，决定是否应就安世半导体欧洲高管提出的"管理不当"指控 展开全面调查，或者是否撤销先前的裁决。 张学政本人据称不会亲自出庭，其代理律师将代为应诉。路透社报道称，荷兰政府预计会表态支持荷兰 安世半导体欧洲管理层一方。最终裁决将于后续指定日期公布。 中国半导体行业协会副理事长魏少军14日告诉《环球时报》记者，"我们一贯主张，半导体是典型的全 球化产业，技术演进和商业拓展应当遵循市场规律和产业逻辑。企业的投资布局、研发合作、产品销 售，本质上是经济行为，不宜轻易贴上地缘政治标签。我们也呼吁各国政府秉持客观公正态度，减少非 市场因素干预，共同维护公平、透明、可预期的国际营商环境。只有这样，才能真正 ...