安世半导体控制权争夺持续：荷兰法庭激辩，闻泰科技力证“资产掏空”等指控不实

Core Viewpoint - The ongoing control dispute over Nexperia, a semiconductor company, involves its temporary European management and its sole shareholder, Wingtech Technology from China, with significant implications for the company's operations and governance [1][4]. Group 1: Control Dispute Background - The dispute traces back to late September to early October 2025, when the Dutch Ministry of Economic Affairs issued a ministerial order that temporarily "froze" Nexperia's operations, leading to a court ruling that suspended CEO Zhang Xuezheng's position and limited Wingtech's control [1]. - Despite the Dutch government's withdrawal of the ministerial order, the court's ruling remains effective, resulting in a deadlock over the company's control [1]. Group 2: Allegations Against Wingtech - The allegations against Wingtech primarily focus on two core issues: "asset stripping" and "knowledge, technology, and capacity transfer" [2][3]. - Wingtech's rebuttal to the "asset stripping" claims highlighted that Nexperia held approximately $396 million in its accounts at the time of the alleged intervention, contradicting the accusations [2]. - The company argued that internal discussions regarding projects aimed at addressing supply chain risks were misrepresented as evidence of asset stripping, emphasizing that these plans were never implemented due to feasibility concerns [2]. Group 3: Knowledge and Technology Transfer Allegations - Wingtech refuted claims of "intellectual property theft" and "capacity transfer," asserting that Nexperia's success does not rely on exclusive technology and that many core technologies are widely available in the industry [3]. - The establishment of WSS was explained as a response to Nexperia's capacity bottlenecks and supply chain pressures, with WSS investing approximately 12 billion RMB (over $1.7 billion) in factory construction, indicating independent commercial logic rather than asset transfer [3]. Group 4: Financial and Strategic Transformation - Since Wingtech's acquisition in late 2019, Nexperia has undergone significant strategic transformation, improving financial performance with revenue rising from approximately $1.43 billion in 2020 to $2.06 billion in 2024, and net profit increasing from $103 million to $331 million during the same period [5]. - The company's annual R&D expenditure grew from about $63 million in 2019 to $156 million in 2024, with a substantial increase in patent applications, indicating a shift towards systematic and scalable innovation [5]. Group 5: Impact of Governance Disruption - The governance disruption has negatively affected Nexperia's supply chain, with key customers facing delays or interruptions in product delivery, potentially forcing them to diversify their supply chains [6]. - Internal order has been severely impacted, with reports of halted salary payments to thousands of employees in China, creating uncertainty and anxiety within the workforce [6]. - The control deadlock has persisted for over three months, with no resolution in sight, prompting Wingtech to express a strong sense of crisis regarding the company's future [6][7]. Group 6: Broader Implications - The situation has escalated to government-level concerns, with the Chinese Ministry of Commerce attributing the root cause of the issue to improper administrative intervention by the Dutch government, calling for the withdrawal of administrative orders to facilitate negotiations [8].