WINGTECH(SH:600745) Zhong Guo Jing Ji Wang·2025-10-13 03:09Core Viewpoint - Wentech Technology (600745.SH) resumed trading on October 13, 2025, with a stock price drop of 10% to 41.83 yuan due to recent legal and regulatory challenges faced by its subsidiary, Anshi Semiconductor [1][6]. Regulatory Actions - On September 30, 2025, the Dutch Ministry of Economic Affairs and Climate Policy issued an order preventing Anshi Semiconductor and its global subsidiaries from making any adjustments to their assets, intellectual property, business, or personnel for one year [1]. - On October 1, 2025, Anshi Semiconductor's management submitted an urgent request to the Amsterdam Enterprise Court for an investigation and temporary measures, which were granted without a hearing [2]. Court Decisions - The Enterprise Court's emergency measures included suspending Zhang Xuezheng from his roles as executive director of Anshi Semiconductor and non-executive director of Anshi Semiconductor Holdings, and appointing an independent foreign director with decisive voting rights [3]. - The court's ruling resulted in Yucheng Holdings temporarily losing 99 shares of Anshi Semiconductor Holdings, affecting the company's control but not its economic rights [3]. Operational Impact - Wentech Technology indicated that while Anshi's daily operations continue, the regulatory actions may lead to temporary changes in decision-making processes and reduced flexibility in resource allocation, potentially impacting operational efficiency [3][4]. - The company is actively communicating with suppliers and customers to maintain stability and is exploring legal remedies to protect shareholder interests [5]. Financial Performance - Anshi Semiconductor reported a revenue of 14.715 billion yuan in 2024, with a gross margin of 37.52% [5]. - The stock was previously suspended due to undisclosed important information, with trading resuming on October 13, 2025 [5][6]. Market Context - On September 25, 2025, Wentech's stock reached a peak price of 50.80 yuan, marking the highest point of the year, with a brokerage maintaining an "overweight" rating on the company [7].