WINGTECH(SH:600745) Guan Cha Zhe Wang·2026-01-15 01:25Core Viewpoint - The ongoing dispute over the control of ASML Semiconductor has severely hampered its operations, leading to a global shortage of specialized chips for automotive companies [1][5]. Group 1: Legal Proceedings - On January 14, a court in Amsterdam witnessed a confrontation between ASML's European management and lawyers representing its parent company, Wingtech Technology, regarding allegations of mismanagement [1][3]. - The court is set to decide whether to conduct a comprehensive investigation into the alleged mismanagement by former CEO Zhang Xuezheng and whether to restore Wingtech's control over ASML [1][3]. - The Dutch government previously intervened, citing concerns over the potential transfer of business and intellectual property to China, but later withdrew this measure to ease tensions with China [3]. Group 2: Operational Impact - ASML's operations have been significantly disrupted, with its European production unable to coordinate with its packaging and distribution departments in China, resulting in a chip supply shortage for global automotive companies [1][5]. - The company reported projected revenues of $2.06 billion and profits of $331 million for 2024, but is facing risks of being split apart, prompting clients to urgently seek alternative chip suppliers [5]. Group 3: Responses and Statements - Wingtech's legal representatives argue that there is no evidence of asset misappropriation, questioning the necessity of the Dutch government's initial intervention [3][4]. - The chairman of Wingtech, Yang Mu, stated that the Dutch government's judicial actions violate the 2001 investment protection agreement with China and warned that the ongoing dispute poses risks to the global chip supply [6]. - The Chinese government has expressed its commitment to maintaining a stable semiconductor supply chain and urged the Dutch government to withdraw its administrative orders to facilitate negotiations [6].