ASML Holding(US:ASML) Sou Hu Cai Jing·2025-11-01 14:15Core Viewpoint - The seizure of Nexperia, a Chinese-controlled semiconductor company, by the Netherlands is not merely a commercial dispute but part of a broader strategy by the U.S. and the West to target China's $10.2 trillion overseas assets, revealing their true ambitions [1] Group 1: Background of the Incident - Nexperia was revitalized with a $51 billion investment from Chinese capital when it was on the brink of bankruptcy, transforming it into the world's third-largest power semiconductor company [1] - The Netherlands used Cold War-era laws as a pretext to forcibly seize control, which is seen as a blatant violation of private property rights and contrary to the principles of globalization [1] Group 2: Impact on the Semiconductor Industry - The U.S. and Western countries strategically chose the Netherlands due to its control over ASML lithography machines, aiming to hinder China's semiconductor industry [3] - Nexperia's production capacity is heavily rooted in China, and any countermeasures from China could have immediate effects [3] - The European Automobile Manufacturers Association (ACEA) stated that the supply disruption of Nexperia chips has led to a critical inventory shortage for European car manufacturers, with some production lines facing shutdowns [3] Group 3: Dependency on Chinese Rare Earths - ASML's lithography machines are critically dependent on Chinese rare earths, with 92% of global heavy rare earth refining capacity located in China [5] - China holds 70% of rare earth refining patents, and the unique separation technology for key materials like neodymium and terbium is exclusively controlled by China [5] Group 4: Supply Chain Challenges - Following the upgrade of rare earth export controls in October 2025, ASML has experienced supply chain delays, with China accounting for 36% of ASML's projected revenue in 2024, making it a significant vulnerability [7] - The U.S. Department of Energy's CORE-CM initiative to promote domestic rare earth production has yet to yield results, as high-purity oxides remain unproduced [7] Group 5: Long-term Implications - China's rare earth reserves account for 36.7% of global totals, and it maintains a closed-loop control over the entire supply chain, with alternative overseas production taking 5 to 8 years to develop [9] - The aggressive actions by the Netherlands have backfired, leading to supply chain crises for ASML and pressure from European car manufacturers, impacting employment in the Netherlands [9] - The situation illustrates that those who violate global rules will face repercussions, emphasizing the importance of core energy and technology control [13] Group 6: Strategic Goals of China - China's objective extends beyond merely reclaiming Nexperia; it aims to dismantle technological hegemony and leverage rare earths as a strategic asset to counter monopolistic enterprises [11] - By focusing on independent innovation to address technological gaps, China seeks to reshape the industry landscape [11] - The narrative suggests that the era of being easily exploited is over, and the $10 trillion in overseas assets represents hard-earned wealth that cannot be easily seized [11]