WINGTECH(SH:600745) Di Yi Cai Jing·2025-10-17 11:21Core Points - Zhang Xuezheng, the CEO of Anshi Semiconductor, was suspended from his duties amid internal conflicts and external pressures, leading to his departure from the Netherlands [1][21] - The management division within Anshi Semiconductor has deepened, particularly regarding the company's positioning and global business development strategies [1][9] - The Dutch government, influenced by U.S. pressures, has imposed restrictions on semiconductor exports, affecting Anshi Semiconductor's operations and governance [8][12] Group 1: Management Changes - Zhang Xuezheng intended to dismiss several executives but was instead overthrown by them [1][17] - Anshi Semiconductor's CFO, Stefan Tilger, and Chief Legal Officer, Ruben Lichtenberg, have taken on significant roles following Zhang's suspension [5][12] - The management team had previously enjoyed a good relationship, which deteriorated due to external pressures and internal disagreements [6][7][9] Group 2: Acquisition Background - In December 2019, Wentai Technology completed the acquisition of a 79.98% stake in Anshi Semiconductor for 26.854 billion RMB, marking a significant milestone in China's semiconductor industry [3] - The acquisition was the largest in China's semiconductor history and aimed at gaining control over a globally leading semiconductor company [3] Group 3: External Pressures - In January 2023, a trilateral agreement between the U.S., Netherlands, and Japan led to export controls on semiconductor equipment, impacting Anshi Semiconductor's operations [8] - Anshi Semiconductor has established a new department to engage with the Dutch government to navigate the geopolitical landscape and ensure its recognition as a key player in the semiconductor industry [9][11] Group 4: Governance Issues - The Dutch Ministry of Economic Affairs has raised concerns about Anshi Semiconductor's governance structure, demanding changes to ensure its independence and compliance with local regulations [12][13] - A core issue is the requirement for Anshi to establish a supervisory board with veto powers over significant corporate decisions, which Wentai Technology finds unacceptable [13][14] Group 5: Legal Proceedings - Following Zhang's suspension, legal actions were initiated by the remaining executives, leading to a court ruling that temporarily suspended Zhang's authority and placed Anshi's shares under third-party custody [19][20] - The court's rapid response to the executives' request for emergency measures was noted as unusual in the Dutch legal context [20]