WINGTECH(SH:600745) 财联社·2025-10-20 00:35Core Viewpoint - The ongoing power struggle over the management of Anshi Semiconductor, a subsidiary of Wentai Technology, has led to operational disruptions, but the company asserts that all domestic operations and employee benefits remain normal [3][4][5]. Group 1: Management and Operational Status - Anshi Semiconductor China claims that all operations and employee salaries are functioning normally, with the domestic team maintaining labor relations and benefits independent of Nexperia in the Netherlands [3]. - The management of Anshi China is required to align with the interests of shareholders and comply with Chinese laws, despite external pressures [3][4]. - Employees are empowered to refuse external directives that are not sanctioned by the legal representative of Anshi China, ensuring their rights and operational integrity [3]. Group 2: Legal and Regulatory Context - On September 30, Wentai Technology and Anshi Semiconductor received a ministerial order from the Dutch Ministry of Economic Affairs, temporarily limiting control over Anshi [4]. - The Dutch court ruling does not explicitly mention the U.S. BIS "50% penetration rule," but it is viewed as a product of geopolitical tensions [6]. - The U.S. BIS "50% penetration rule" extends export control measures to subsidiaries owned 50% or more by listed entities, marking a new phase in export compliance [7]. Group 3: Financial and Market Impact - Wentai Technology's economic rights as a shareholder remain unaffected, and the third-quarter financial report will not reflect the recent events as they occurred post-reporting period [5]. - Anshi Semiconductor's annual output exceeds 110 billion products, with over 60% supplied to the automotive sector, indicating a stable customer base [7]. - Anshi Semiconductor's revenue from the Chinese market accounts for 48% of its global income, with 70% of its production capacity located in China [8]. Group 4: Production Capacity and R&D - The Ding Tai Jiang Xin project is planned to have a capacity of 120,000 wafers per month, with current capacity at 30,000 wafers per month, potentially surpassing Anshi's overseas manufacturing capabilities [9]. - Anshi Semiconductor has significantly improved its financial performance and market position since being acquired by Wentai Technology, contributing €130 million in corporate income tax to the Netherlands over five years [10]. - R&D investment has steadily increased from €112 million in 2019 to €284 million in 2024, with a notable rise in patent applications from 10-15 annually before 2022 to 95 in 2023 and projected 110 in 2024 [10].