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Wingtech Says It Should Regain Control of Nexperia
China's Wingtech demands restoration of its control over Nexperia after Dutch government suspended its seizure. Wingtech and Beijing call for reversal of Dutch court ruling that stripped Wingtech of control over Nexperia. Wingtech rejects any attempt to legalize the ruling or accept new governance norms created through illegal procedures.
The Nexperia saga involves a dispute over control of the Chinese-owned, Netherlands-based chipmaker. Despite the Dutch government's goodwill, a court ruling remains a key obstacle. Wingtech Technology, Nexperia's owner, may pursue legal action to regain control. The potential separation of Nexperia's operations could impact auto chip supplies. The saga highlights geopolitical risks for Chinese investments in Europe and prompts European governments to consider autonomy in investment deals.
Wingtech Technology has not fully regained control of Nexperia despite the Dutch government lifting intervention measures. A Dutch court order from Oct. 7 still restricts Wingtech's governance rights over Nexperia. The order included removing Wingtech's founder as an executive director and entrusting Nexperia shares to a third party. Wingtech is seeking legal remedies to protect its interests. Nexperia's revenue was CNY14.7 billion last year, and Wingtech's shares have been volatile due to these events.
