荷兰冻结安世资产，中国祭出“人民币结算”大招：一场教科书级的博弈

Core Points - The Netherlands has frozen assets of the semiconductor giant Nexperia, controlled by China, aiming for a forced takeover, which prompted a swift response from China to ban chip exports [1][3] - Nexperia China announced that all transactions in the Chinese market must be settled in RMB, marking a strategic counterattack rather than a compromise [1][7] Group 1: Dutch Actions - On September 30, the Dutch Ministry of Economic Affairs froze assets of Nexperia and suspended its Chinese CEO, indicating a politically motivated action influenced by the U.S. [3] - The Dutch court ruled to transfer Nexperia's shares to a third party, allowing foreign directors to take over voting rights, suggesting a premeditated plan to remove Chinese control [3] Group 2: China's Countermeasures - On October 4, China’s Ministry of Commerce announced a ban on Nexperia China and its subcontractors from exporting finished components produced in China, directly impacting Nexperia's operations [5] - Nexperia's business model relies heavily on its Dongguan factory for packaging and testing, which is crucial for global deliveries, making the export ban a significant blow [5] Group 3: Strategic Shift to RMB - Nexperia China initiated an independent operational mechanism, stating that local employee relations and salary payments would be managed by a local entity, effectively detaching from Dutch control [7] - The requirement for all transactions in China to be conducted in RMB serves to sever financial monitoring by the Netherlands and establish financial independence [7] Group 4: Market Impact - Nexperia China accounted for 48% of the company's total revenue in the first half of 2024, providing a strong foundation for China's counteraction [9] - By ensuring domestic supply and binding customers to new payment rules, China effectively redefined the operational landscape for Nexperia [9] Group 5: Global Industry Implications - The conflict has broader implications for the global supply chain, particularly affecting U.S. automotive manufacturers reliant on Nexperia's semiconductor products [11] - The situation highlights the vulnerabilities of global supply chains to political maneuvers, prompting the Dutch government to seek dialogue with China [11] Group 6: Strategic Insights - China's response reflects a sophisticated approach to geopolitical conflict, emphasizing the importance of actual control over core production capabilities rather than mere ownership [13] - The incident may signal a shift in the global semiconductor power dynamics, with future conflicts likely to arise as nations vie for control over critical technologies [15]