WINGTECH(SH:600745) 第一财经·2025-10-17 11:33Core Viewpoint - The article discusses the turmoil within Nexperia, a semiconductor company, following the suspension of CEO Zhang Xuezheng and the subsequent management conflicts, largely influenced by external pressures from the U.S. and the Dutch government [3][11][12]. Group 1: Company Background and Acquisition - Nexperia was acquired by Wingtech Technology for 33.4 billion RMB, marking the largest semiconductor acquisition in China's history [6][7]. - The company was previously part of NXP Semiconductors and has a significant production capacity at its Hamburg facility, producing approximately 700 billion semiconductors annually [8]. Group 2: Management Conflicts - Zhang Xuezheng attempted to dismiss several executives but faced a backlash, leading to his suspension [4][22]. - The management division intensified due to differing strategies on how to handle U.S. pressures and relations with the Dutch government [12][16]. Group 3: External Pressures and Government Relations - In January 2023, the U.S., Netherlands, and Japan agreed on semiconductor export controls, impacting Nexperia's operations [11]. - Nexperia established a new department to engage with the Dutch government, seeking recognition as a key player in the semiconductor industry [12][18]. Group 4: Governance and Compliance Issues - The Dutch government demanded changes in Nexperia's governance structure, including the establishment of a supervisory board with veto powers over critical decisions [17][18]. - Nexperia's management argued that compliance with these demands would undermine their control and operational independence [17][18]. Group 5: Legal and Operational Developments - Following the U.S. Department of Commerce's expanded entity list rules, Nexperia faced restrictions that led to the suspension of Zhang Xuezheng's authority [23][24]. - The Dutch court issued immediate measures to protect certain executives, complicating the company's internal dynamics [24][25].