正听丨荷兰法庭裁决调查安世半导体毫无道理

Core Viewpoint - The Dutch court's decision to maintain the suspension of the Chinese chairman's position and the investigation into ASML Semiconductor's operations reflects ongoing geopolitical tensions and has significant implications for the semiconductor supply chain, particularly in the automotive sector. Group 1: Court Ruling and Investigations - The Amsterdam appellate court upheld a ruling from October 2025, ordering an investigation into ASML Semiconductor's policies and operations, while continuing the suspension of the Chinese chairman's position and the legal control of the shareholder, Wingtech Technology [1]. - The Dutch government had previously invoked the Cold War-era "Goods Availability Act" to forcibly take control of ASML Semiconductor, citing "economic security" concerns [1]. - The court's decision indicates that the investigation could last for an extended period, potentially exceeding six months [2]. Group 2: Impact on ASML Semiconductor and the Automotive Industry - ASML Semiconductor plays a crucial role in the global chip supply chain, especially for automotive chips, and the intervention has led to a split between its Dutch headquarters and Chinese branches, causing significant operational disruptions [1]. - Reports indicate that ASML Semiconductor experienced a substantial decline in revenue in October and November of the previous year, with cash flow issues leading to local banks suspending loans [1]. - The automotive industry in Europe is facing a chip shortage crisis, with some companies planning to purchase wafers directly and transport them to China for processing, while Japanese automakers like Honda and Nissan have had to reduce or halt production [1]. Group 3: Reasons Behind the Court's Decision - The court cited that ASML Semiconductor did not comply with the Dutch Ministry of Economic Affairs' requirements in response to U.S. sanctions, suggesting that the Chinese management's strategy of reducing reliance on U.S. suppliers was inadequate [2]. - The court's assertion that the split between the Chinese and Dutch operations was unclear in terms of responsibility is seen as a misrepresentation of the situation, as the Dutch intervention is viewed as the primary cause of the crisis [3]. - The court raised concerns about a large order of wafers from a Chinese company, implying a conflict of interest, despite the order being part of ASML's normal operations to mitigate U.S. sanctions [3]. Group 4: Call for Resolution - There is a strong call for the Dutch government and the court to cease their interventions, restore Wingtech Technology's legal control over ASML Semiconductor, and avoid further disruptions to the global semiconductor supply chain [4].