危局之下，闻泰科技的全球化警示

Core Insights - The Dutch government's intervention in Nexperia is causing significant operational disruptions, including the suspension of salary payments to employees in China and a halt in product shipments from the Dongguan factory [1][3] - Nexperia's Chinese subsidiary has reassured that all domestic employees will continue to receive their salaries and benefits from the local entity, emphasizing its independent operational status [3][4] - The incident highlights the ongoing governance conflicts between Western and Asian corporate cultures, particularly after Nexperia's acquisition by Wingtech Technology [9][10] Company Overview - Wingtech Technology, originally an ODM giant for smartphones, has been transitioning towards semiconductor business, particularly after acquiring Nexperia for approximately 34 billion yuan [5][6] - Nexperia is a leading global manufacturer of discrete and power chips, with a vast product portfolio and significant market share in various semiconductor categories [6][8] - In 2025, Wingtech plans to divest its ODM business for about 4.39 billion yuan, fully committing to the semiconductor sector [7] Financial Performance - In the first half of 2025, Nexperia generated 7.83 billion yuan in revenue, accounting for 30.88% of Wingtech's total revenue, while contributing 12.61 billion yuan in net profit, which is 266% of Wingtech's net profit [7][8] Governance and Control Issues - The Dutch government's actions, including freezing Nexperia's global operations, stem from perceived governance deficiencies, leading to a loss of control for Wingtech over its subsidiary [11][12] - The appointment of an independent foreign director with decisive voting rights has further limited Wingtech's influence in Nexperia's major decisions [11] Globalization Challenges - The incident serves as a warning for Chinese tech companies regarding the complexities of global operations amid rising geopolitical tensions, emphasizing the need for robust risk management systems [14]