WINGTECH(SH:600745) Sou Hu Cai Jing·2025-10-15 13:43Core Viewpoint - The acquisition of Nexperia by China's Wingtech Technology has faced significant challenges due to the Dutch government's sudden asset freeze, citing national security concerns, which has effectively sidelined the Chinese company's management and decision-making authority [1][2]. Group 1: Company Overview - Nexperia is a globally recognized semiconductor IDM company, delivering over 90 billion products annually, with leading positions in diodes, transistors, and logic chips [1]. - Wingtech Technology invested over 30 billion RMB to acquire 100% of Nexperia between 2018 and 2020, despite having only 15.368 billion RMB in cash at that time [1]. - Under Wingtech's management, Nexperia's revenue peaked at 2.36 billion euros in 2022, with gross margin increasing from 25% in 2020 to 42.4% in 2022 [1]. Group 2: Government Actions and Reactions - In September 2025, the Dutch government issued a one-year asset freeze on Nexperia's global operations without substantial evidence, citing national security [1]. - The freeze included restrictions on assets, technology, business, and personnel, effectively removing Wingtech's management rights and decision-making power [1]. - The China Semiconductor Industry Association responded quickly, opposing the Dutch government's discriminatory measures against Chinese enterprises under the guise of national security [2]. Group 3: Lessons Learned - The situation highlights that core technologies cannot simply be acquired, as geopolitical factors can override commercial rules, leading to potential losses even after successful operations [2].