WINGTECH(SH:600745) Sou Hu Cai Jing·2025-11-08 17:37Core Viewpoint - The control struggle over semiconductor giant Nexperia between China and Europe is intensifying, with the Dutch headquarters imposing strict conditions on supply and ignoring requests from the Chinese side for the reinstatement of CEO Zhang Xuezheng [1][2]. Group 1: Background and Historical Context - In 2018, Chinese company Wingtech Technology acquired Nexperia for 33.2 billion yuan, marking the largest overseas acquisition in China's semiconductor industry at that time [2]. - Following the acquisition, Nexperia increased its R&D investment and expanded its business, with its revenue accounting for over 30% of Wingtech's total revenue by mid-2025 [2]. Group 2: Recent Developments - In late 2024, the U.S. placed Wingtech on an "entity list," and in September 2025, it expanded export controls to include Nexperia [2]. - On September 30, 2025, the Dutch Ministry of Economic Affairs issued a directive freezing Nexperia's global assets and suspending CEO Zhang's position without a court hearing, leading to a loss of control for the Chinese side [2][4]. Group 3: Internal Dynamics and Ethical Concerns - The push for control was led by three foreign executives at Nexperia, who, despite benefiting from Chinese investments, turned against the company to seize control [4]. - The Dutch headquarters accused the Chinese subsidiary of various infractions while demanding payment for wafer procurement, despite previously having no disputes over such payments [4][6]. Group 4: China's Response and Market Position - The Chinese subsidiary has prepared for potential disruptions by building sufficient inventory and establishing local supply chains, including partnerships with domestic wafer manufacturers [6][8]. - China's semiconductor industry has shown resilience, and the ability of Nexperia China to operate independently from its Dutch headquarters demonstrates this strength [6][8]. Group 5: Future Implications - If the Dutch side continues its aggressive stance, it risks losing access to the vast Chinese market and disrupting its global operations [8]. - The ongoing conflict highlights the importance of equal and honest business practices, with China prepared to defend its interests vigorously [8].