WINGTECH(SH:600745) 市值风云·2025-10-13 10:09Core Viewpoint - Anshi Semiconductor is the most valuable asset of Wentech Technology, and the recent loss of control over Anshi Semiconductor will significantly impact Wentech's valuation and operational efficiency [3][6]. Summary by Sections Control Loss - Wentech Technology has lost direct control over Anshi Semiconductor, including governance and voting rights, as per the ruling from the Dutch Ministry of Economic Affairs and Climate Policy and the Amsterdam Court [3][4]. - Anshi Semiconductor and its global entities are prohibited from making any adjustments to assets, intellectual property, business, or personnel for one year [5]. - Zhang Xuezheng, the actual controller, has been suspended from his roles as executive director and non-executive director of Anshi Semiconductor [5]. Management Changes - An independent foreign individual appointed by the court will serve as a non-executive director with decisive voting rights for Anshi Semiconductor [5]. - Although Wentech retains economic rights as a shareholder, the loss of control will negatively affect management efficiency, decision-making processes, and resource allocation [5]. Background and Financial Impact - Zhang Xuezheng's previous actions, including not reporting a concerted action relationship and illegal share reductions, led to an investigation by the China Securities Regulatory Commission [5][6]. - Wentech acquired a one-third stake in Anshi Semiconductor for approximately 11.425 billion yuan in 2018, completing the acquisition of 100% ownership by 2020 for a total transaction amount exceeding 33.2 billion yuan [6]. - Anshi Semiconductor is a leading global manufacturer of discrete and power chips, ranking third globally and first in China for several consecutive years [7]. - The incident is expected to severely impact Wentech's valuation, with a predicted immediate drop in stock price following the news [7].