Wingtech Still Lacks Full Nexperia Control Despite Dutch Gov’t Lift, Says Chinese Firm

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Wingtech Technology announced that it has not yet regained full control of Nexperia, as the Dutch government’s suspension of intervention measures does not override a court order that continues to limit its governance rights.

The court order from October 7 remains in effect, preventing the company from taking complete control, according to a statement released late yesterday. This comes after the Dutch Minister of Economic Affairs, Vincent Karremans, announced the suspension of a September 30 order that had seized Nexperia.

That ministerial order, based on national security concerns, prohibited Nexperia and its 30 international entities—including subsidiaries, branches, and offices—from making any changes to their assets, intellectual property, operations, or staffing for a period of one year.

Following from the Enterprise Chamber of the Amsterdam Court of Appeal, additional emergency measures were enacted, such as removing Wingtech’s founder Zhang Xuezhang from his role as an executive director of Nexperia and placing the shares owned by a Wingtech unit into an independent fiduciary arrangement managed by a third party.

Wingtech stated it continues to work closely with its legal team to explore remedies and measures to protect its legal rights and those of its shareholders, asserting its commitment to safeguarding its interests.

Nexperia reported last year a revenue of CNY 14.7 billion (approximately USD 2.07 billion). According to Wingtech’s financial results for the third quarter, failure to regain control over Nexperia before year’s end could lead to a decline in earnings and cash flow.

Shares of Wingtech [SHA: 600745] closed today at CNY 42.65 (roughly USD 6), up 0.8 percent in Shanghai after opening 5.2 percent higher.

The intervention by the Dutch government caused Wingtech’s shares to drop by their daily trading limit for two consecutive days early last month, resulting in a 26 percent decline in stock value. Since October 15, the stock has gradually recovered, reducing the loss to 9 percent as of yesterday’s closing.