南财观察：硬刚荷兰 底气何在？

Core Insights - A control dispute over a Chinese semiconductor company, Anshi Semiconductor, is causing unprecedented crises in the global automotive supply chain [1][2] - Anshi Semiconductor, previously part of Philips, was acquired by China's Wentai Technology for 33 billion yuan in 2019, and has since risen to become the third-largest player in the global power semiconductor market [1] - The Dutch government has frozen Anshi's global assets and knowledge rights for one year, citing national security, and has removed the Chinese CEO, leading to a forced custodianship of Wentai's shares [1][2] Group 1 - Anshi Semiconductor's production capacity is heavily concentrated in Dongguan, China, where 80% of its output is located, producing 70% of the world's automotive-grade power chips [2] - The company announced an "independent operation" status, rejecting any directives not recognized by its Chinese division, and severed system connections with its Dutch headquarters [2] - The European Automobile Manufacturers Association (ACEA) warned of a potential three-month disruption in the automotive supply chain if the dispute is not resolved quickly, with major manufacturers like Volkswagen and BMW facing severe inventory shortages [2][3] Group 2 - Wentai Technology reported a record high revenue from its semiconductor business in China for Q3 2025, with a year-on-year growth of approximately 14%, and automotive business revenue increasing over 26% [3] - China accounted for 49.29% of Anshi's global revenue, making it the fastest-growing and highest strategic priority region for the company [3] - The Dutch Economic Affairs Minister signaled a willingness to negotiate, emphasizing Anshi's importance to the global supply chain, while the Chinese market's support has empowered Anshi's response to the Dutch headquarters [2][3]