WINGTECH(SH:600745) Sou Hu Cai Jing·2025-10-13 15:20Core Viewpoint - The recent asset freeze and control change imposed by the Dutch government on the semiconductor subsidiary of Wentech Technology has raised significant concerns about systemic discrimination against Chinese enterprises acquiring European semiconductor assets, highlighting a deviation from the EU's non-discrimination principles [2][3]. Company Summary - Wentech Technology's stock hit the daily limit down on October 13, following an announcement on October 12 regarding the Dutch government's directive to freeze assets and operations of its subsidiary, Nexperia, for one year [1][2]. - The Dutch Ministry of Economic Affairs issued an order on September 30, 2025, to freeze related assets of Nexperia, leading to immediate legal actions by the company's management to challenge this directive [3][4]. - The court ruling on October 7 resulted in the suspension of key executives and the appointment of an independent director with decisive voting rights, significantly altering the governance structure of Nexperia [3][4]. Industry Summary - The incident underscores the challenges faced by Chinese semiconductor companies in the global market, particularly regarding political pressures and regulatory scrutiny [7][12]. - Wentech Technology has been transitioning from an ODM company to a semiconductor leader, with Nexperia being a crucial part of this strategy. The company aims to focus entirely on its semiconductor business by divesting its original product integration operations [11]. - Despite achieving significant revenue growth in its semiconductor business, Wentech Technology reported a net loss for the first time since 2016, indicating the financial strain caused by the recent developments [11].