On October 12, 2025, Wingtech Technology announced that the assets of its wholly-owned subsidiary Nexperia, valued at 14.7 billion yuan, had been frozen by the Dutch government. This move has attracted widespread attention and discussion.

Nexperia was originally part of the semiconductor division of Philips and later became the standard products business unit of NXP, focusing on the production of discrete devices such as power semiconductors, capacitors, resistors, and diodes, which are widely used in the fields of communication and automotive. In 2016, a Chinese consortium acquired Nexperia for $2.75 billion and subsequently achieved 100% ownership through Wingtech Technology. Through a series of efforts, including retaining overseas employees, acquiring overseas wafer fabs, and seizing market opportunities in new energy vehicles, Nexperia quickly grew into one of the top five companies in the industry.

Dutch Freeze Order and Court Ruling

It was disclosed that on September 30, 2025, the Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order to Nexperia, requiring Nexperia and all its subsidiaries, branches, and offices around the world (a total of 30 entities) not to make any adjustments to their assets, intellectual property, business, and personnel for a period of one year. The Dutch government claimed that this measure was based on considerations of "national security" and "supply chain security."

Subsequently, in response to an urgent request from three foreign executives of Nexperia, a local Dutch court ruled to suspend the directorship of Wing, the founder and chairman of Wingtech Technology, at Nexperia. The court also appointed an independent director with "decisive voting rights" and transferred almost all the shares held by Wingtech Technology to a third-party management. This ruling further restricted Wingtech Technology's control over Nexperia.

Wingtech Technology's Response

In its announcement, Wingtech Technology stated that the Dutch government's freezing of Nexperia's global operations on the pretext of "national security" was an excessive intervention based on geopolitical bias, rather than a risk assessment based on facts. The company firmly opposed this unfair treatment and vowed to use all legal and compliant means to resolutely safeguard its shareholders' rights and the company's interests. Wingtech Technology also pointed out that some foreign executives of Nexperia were trying to forcibly change the equity structure of Nexperia through legal procedures. Their demands were highly correlated with the Dutch government's order, essentially using political pressure to deprive shareholders of their rights and subvert the legal governance structure of the company.

Impact and Outlook

The freeze order has had a significant impact on Wingtech Technology's operations and financial condition. As the most important profit source and core business of Wingtech Technology, Nexperia contributed 14.715 billion yuan in operating income and 2.297 billion yuan in net profit to the company in 2024. The freeze order may lead to extended decision-making chains and reduced flexibility in resource allocation for Wingtech Technology in the short term, which in turn could affect its R&D progress and the stability of customer cooperation. In addition, Wingtech Technology's shares and convertible bonds were relisted on October 13, 2025, and the market generally expected a significant drop in the stock price.

Faced with this challenge, Wingtech Technology has initiated legal relief procedures, working with international law firms to challenge the Dutch government's freeze order and court rulings. The company is also seeking support from the Chinese government to deal with potential long-term uncertainties. This incident highlights the risks of cultural integration in cross-border mergers and acquisitions, as well as the potential impact of geopolitical factors on corporate operations.

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