WINGTECH(SH:600745) HUAXI Securities·2025-10-13 08:47Event Impact - On October 9, 2025, Wentai announced a suspension of trading for its convertible bonds due to undisclosed important information[1] - The Dutch government mandated that its subsidiary, Anshi Semiconductor, must maintain its current operational status for one year, affecting decision-making authority[1] - Despite operational changes, Anshi's profits will still fully belong to Wentai, indicating no immediate impact on shareholder economic rights[1] Company Position - Wentai firmly opposes the politicization of business issues and is pursuing legal and diplomatic channels to challenge the Dutch government's directive[2] - The company emphasizes that Anshi's compliance and contributions should not be undermined, and it seeks to counter external political pressures[2] Risk Assessment - Concerns exist regarding whether the equity freeze could trigger ST (Special Treatment) regulations; however, current assessments suggest limited risk of triggering delisting warnings[2] - The likelihood of operational disruptions that could lead to ST warnings is considered low at this stage[2] Convertible Bond Pricing - Wentai's convertible bond prices are nearing their floor value, indicating that adjustments have been sufficient; further monitoring of the situation is advised[3] - If the Dutch government's restrictions ease, there may be opportunities for valuation recovery in the future[3] Risk Warning - The potential for unexpected developments in the situation remains a concern[4]