WINGTECH(SH:600745) Zheng Quan Shi Bao Wang·2025-11-20 15:08Core Viewpoint - The recent developments regarding Nexperia's control and supply chain issues indicate a potential stabilization, with the Dutch government suspending a ministerial order that restricted Nexperia's operations in China, although control remains limited for the company [1][2][3]. Group 1: Nexperia's Control and Legal Status - The Dutch Minister of Economic Affairs announced the suspension of a ministerial order that restricted Nexperia's global operations, which was initially set to last for one year [2]. - Despite the suspension, the court ruling from October 7, 2025, which limits Nexperia's control, remains in effect, and the company is exploring legal remedies to protect its rights [3]. - Nexperia has called for the Dutch government to permanently revoke the ministerial order and restore control to its Chinese shareholders [3]. Group 2: Supply Chain and Operational Updates - Nexperia has clarified that it has not completely halted the shipment of wafers and continues to deliver to its supply chain while seeking alternative solutions [5]. - The company indicated that its Chinese entity has deviated from the established governance framework, yet it continues to supply wafers directly to its Chinese factory during the export restrictions [5]. - Nexperia believes that its Chinese operations have sufficient wafer and finished product inventory to maintain operations for several months, attributing any shipment failures to the Chinese entity [5]. Group 3: Employee and Management Status - Nexperia's CEO remains suspended, with the CFO acting as the interim CEO, while the management structure is under the oversight of a court-appointed independent manager [4]. - Despite external pressures, Nexperia China has assured that employee salaries and benefits are being maintained without disruption [6].