WINGTECH(SH:600745) Sou Hu Cai Jing·2025-10-21 13:16Core Viewpoint - The Anshi Semiconductor incident highlights the hypocrisy of Western nations, particularly the Netherlands, in their economic dealings, revealing a misuse of "national security" to interfere with normal business operations, ultimately harming their own business environment [1][5]. Group 1: Background of the Incident - The incident began in late September 2025, with the Dutch government accused of abusing "national security" concepts to intervene in Anshi Semiconductor's operations, which contradicts market principles [1]. - Anshi Semiconductor, previously a struggling division of NXP, was revived by China's Wentai Technology in 2018, leading to significant revenue growth and product success [3]. Group 2: Evidence of Collusion - Confidential documents revealed that the Netherlands and the U.S. had multiple discussions regarding "penetration rules," with the U.S. demanding changes in Anshi's management structure in exchange for sanctions relief [3]. - The timeline of events shows a coordinated effort, with the U.S. expanding sanctions just before the Netherlands enacted laws to freeze Anshi's assets and remove its Chinese CEO [3]. Group 3: China's Response - In response to the Dutch actions, China implemented export restrictions on specific components from Anshi's subsidiaries, targeting the company's production capabilities concentrated in China [4]. - The European automotive industry expressed concerns over potential disruptions in the supply chain due to Anshi's chip supply issues, indicating the broader impact of the conflict [4]. Group 4: Market Reactions - The capital market reacted dramatically, with a surge in demand for Anshi's materials and a subsequent rise in Wentai Technology's stock price after initial declines [4]. - The Dutch Minister of Economic Affairs acknowledged the need for negotiations, but the response from Anshi China emphasized its independence and operational stability [4]. Group 5: Broader Implications - The incident reflects a deeper contradiction in global economic practices, as countries like the U.S. and the Netherlands use "national security" as a guise for protectionism, undermining global supply chain stability [6]. - The situation illustrates that attempts to manipulate market dynamics through administrative means will ultimately backfire, reinforcing the importance of respecting market rules and contractual integrity [6].