WINGTECH(SH:600745) Zhong Guo Zheng Quan Bao·2025-10-12 14:52Core Viewpoint - Recently, the control of Anshi Semiconductor, a subsidiary of Wentech Technology, has been temporarily restricted due to a ministerial order from the Dutch Ministry of Economic Affairs and Climate Policy and a ruling from the Amsterdam Court of Appeal, although the economic rights of the company as a shareholder remain unaffected [1][3]. Group 1: Legal and Regulatory Developments - On September 30, the Dutch Ministry issued a ministerial order prohibiting Anshi and its global subsidiaries from making any adjustments to their assets, intellectual property, business, and personnel for one year [2]. - On October 1, Anshi Semiconductor Holdings and its legal representatives submitted an urgent request to the corporate court for an investigation and temporary measures, which were granted without a hearing [2]. - The corporate court's emergency measures included suspending Zhang Xuezheng from his executive roles and appointing an independent foreign director with decisive voting rights [3]. Group 2: Operational Impact - Despite the legal restrictions, Anshi Semiconductor's daily operations continue, but the company may face temporary changes in decision-making processes and reduced flexibility in resource allocation, potentially impacting operational efficiency [3]. - The ruling has resulted in Yucheng Holdings temporarily losing 99 shares of Anshi Semiconductor Holdings, retaining only one share, thus limiting its control over the subsidiary [3]. Group 3: Company Performance - Wentech Technology is a leading ODM and semiconductor company in China, transitioning from product integration to semiconductor business [4]. - In the first half of 2025, Wentech's semiconductor business generated revenue of 7.825 billion, a year-on-year increase of 11.23%, with a gross margin of 37.89% and a net profit of 1.261 billion, up 17.05% [4]. - Anshi Semiconductor, as a key platform for Wentech's semiconductor business, reported revenue of 14.715 billion and a net profit of 2.297 billion for the 2024 reporting period [4].