WINGTECH(SH:600745) Guan Cha Zhe Wang·2025-10-12 23:01Core Viewpoint - The recent intervention by the Dutch government has temporarily restricted the control of Wentech Technology over its subsidiary, Nexperia, due to national security concerns, leading to significant operational and governance challenges for the company [11][12]. Group 1: Company Overview - Nexperia, a subsidiary of Wentech Technology, is a leading global manufacturer of discrete and power chips, with approximately 16,000 product types and projected revenue of about 14.7 billion RMB in 2024, accounting for one-sixth of Wentech's total revenue [1]. - Nexperia's revenue peaked at 2.36 billion euros in 2022, with a gross margin increase from 25% in 2020 to 42.4% in 2022 [12]. - The company has achieved a "zero debt" status by October 2024, having repaid all previous debts [12]. Group 2: Recent Developments - On October 9, 2025, Wentech Technology's stock and convertible bonds were suspended due to undisclosed important information, with a planned resumption on October 13, 2025 [2]. - The Dutch Ministry of Economic Affairs issued a ministerial order on September 30, 2025, prohibiting Nexperia and its global subsidiaries from making any adjustments to their assets, intellectual property, business, or personnel for one year [4]. - Following the ministerial order, Nexperia's management filed an urgent request for an investigation and temporary measures with the Amsterdam Court of Appeal [4]. Group 3: Legal and Governance Issues - The Amsterdam Court of Appeal imposed several emergency measures, including the suspension of Zhang Xuezheng from his executive roles and the appointment of an independent foreign director with decisive voting rights [5][6]. - As a result of the court's ruling, Wentech Technology temporarily lost control over 99 shares of Nexperia, although its economic rights as a shareholder remain intact [6]. - The company has condemned the actions of certain foreign management members attempting to alter Nexperia's ownership structure under the guise of compliance, viewing it as a political maneuver to undermine shareholder rights [12]. Group 4: Company Response - Wentech Technology is actively pursuing legal remedies and engaging with international law firms to protect its rights and interests, while maintaining communication with suppliers and customers to stabilize operations [7][11]. - The company has expressed strong opposition to the Dutch government's actions, labeling them as discriminatory and politically motivated, and has called for the immediate withdrawal of the erroneous directives [11][12]. - Wentech Technology emphasizes the importance of a fair and non-discriminatory business environment for the semiconductor industry, advocating for collaboration over confrontation [13].