WINGTECH(SH:600745) Xin Lang Cai Jing·2026-01-18 04:22Core Viewpoint - The legal battle between Nexperia and Wingtech Technology highlights a significant shift in the semiconductor industry, with Wingtech's strategic withdrawal from Europe and the loss of control over Nexperia's European operations, leading to a broader discussion on global supply chain dynamics and the implications of foreign capital intervention [1][4][6]. Group 1: Legal Proceedings and Implications - The hearing in Amsterdam has become a focal point for discussions on foreign capital and control, with accusations of "scorched earth tactics" against Wingtech, while the defense argues that the control dispute revolves around a non-operational shell company [1][3]. - The Dutch government’s freezing of control over Nexperia by Zhang Xuezheng has led to a strategic shift, with Nexperia (Shanghai) announcing a complete transition to local wafer supply starting in 2026, indicating a permanent change in operational strategy [3][4]. - Despite the legal proceedings, the reality is that Nexperia's Dutch team has lost practical control over wafer production and customer agreements, effectively transforming the company into an Asian enterprise registered in Europe [3][4]. Group 2: Impact on European Industry - The legal battle represents a deeper industrial withdrawal from Europe, with Nexperia's factory in the Netherlands ceasing operations and a significant talent exodus, while Nexperia (Shanghai) experiences a surge in shipments, particularly to automotive clients [4][5]. - European automotive companies are increasingly bypassing the headquarters in favor of direct agreements with Nexperia (Shanghai), further fragmenting the supply chain management in Europe [4][5]. - The irony lies in the failure of a new factory in Malaysia, which was part of Europe's strategic push, due to ineffective technology transfer, highlighting the loss of strategic assets [4][5]. Group 3: Market Dynamics and Future Considerations - The legal victory for the Dutch government may not translate into regained control over the semiconductor supply chain, as the market has already indicated a preference for operational realities over legal rulings [6][7]. - The case serves as a lesson for global observers that true control over production and technology dictates market outcomes, and attempts to leverage judicial measures against market realities may lead to significant losses [6][7]. - The overarching narrative is that Europe has not only lost control over a factory but has also exposed its vulnerability within the global semiconductor network, raising concerns about its future strategic position [6][7].