Dutch govt accused of freezing operations of Chinese semiconductor giant's chipmaker Nexperia

Wingtech, the Shanghai-listed parent, denounces what it essentially calls a boardroom coup involving the Dutch government and local executives

Breaking news that strangely hasn’t made it to Bloomberg, Reuters, FT, WSJ, etc.

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Wingtech Technology is a privately-run, Shanghai-listed Chinese electronics and semiconductor conglomerate headquartered in Jiaxing, Zhejiang Province. It began as an original design manufacturer (ODM) for smartphones and consumer devices and has since grown into one of China’s most prominent integrated technology companies, combining electronics assembly, chip design, and semiconductor manufacturing.

Wingtech in 2019 acquired Nexperia, a Dutch semiconductor firm that was formerly part of Philips’ chip division, NXP. Headquartered in the Netherlands, Nexperia is a global semiconductor company with a rich European history and over 12,500 employees across Europe, Asia, and the United States. Another time that Wingtech made international headlines was in November 2022, when the British government ordered Nexperia to sell at least 86% of Britain’s biggest microchip factory citing a national security assessment.

In December 2024, the U.S. Department of Commerce added Wingtech to its Entity List, restricting its access to American components and technology. The U.S. unilateral sanctions threatened heavy losses and forced the Apple supplier to announce, in March 2025, the spin-off of a major part of its operations.

Zhang Xuefeng is the founder of Wingtech and CEO of Nexperia, which closed the 2024 financial year with a total revenue of $2.06 billion.

Then, today/Sunday/October 12, 2025, Wingtech dropped a bombshell filing with the Shanghai Stock Exchange.

Wing Tech Disclosure

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Recently, Nexperia B.V. (hereinafter referred to as “Nexperia Semiconductor”) and Nexperia Holding B.V. (hereinafter referred to as “Nexperia Holding”)—collectively referred to as “Nexperia”—received both an Order from the Dutch Ministry of Economic Affairs and Climate Policy and a ruling from the Enterprise Chamber of the Amsterdam Court of Appeal. The details are as follows:

On 30 September 2025 (Netherlands time), the Ministry of Economic Affairs and Climate Policy issued an Order to Nexperia, instructing that Nexperia and all its global subsidiaries, branches, and offices—30 entities in total—must refrain from making any adjustments to their assets, intellectual property, operations, or personnel. The measure is valid for one year.

On 1 October 2025 (Netherlands time), Ruben Lichtenberg, a Dutch national who serves as the statutory director and Chief Legal Officer (CLO) of both Nexperia Holding and Nexperia Semiconductor, filed—with the support of two other executives, Chief Financial Officer (CFO) Stefan Tilger and Chief Operating Officer (COO) Achim Kempe, both German nationals—an urgent petition before the Enterprise Chamber requesting a corporate investigation and immediate provisional measures on behalf of both Nexperia entities.

On the same day, the Enterprise Chamber granted several emergency measures immediately, without a hearing, which took effect at once. These measures included suspending Mr. Zhang Xuezheng from his positions as executive officer of Nexperia Holding and non-executive director of Nexperia Semiconductor; suspending the operation of Article 3 of the Board Rules of Nexperia Semiconductor, which defines the CEO’s duties and authorities; and placing all shares held by Wingtech subsidiary 裕成控股有限公司 Yuching Holding Limited (a Hong Kong-registered company and the sole shareholder of Nexperia Holding) under temporary management by an independent third-party trustee for management purposes, effective until the Enterprise Chamber’s oral hearing scheduled for 6 October 2025 and its subsequent ruling on the request for immediate relief.

On the afternoon of 6 October 2025 (Netherlands time), the Enterprise Chamber held a hearing, and on 7 October 2025, it issued a ruling granting provisional relief, effective from that date until completion of the investigation or other final resolution of the case.

The key measures are as follows: suspension of Mr. Zhang Xuezheng from his positions as non-executive director of Nexperia Holding and executive director of Nexperia Semiconductor; appointment of an independent, non-Chinese individual designated by the Enterprise Chamber as non-executive director of both Nexperia Holding and Nexperia Semiconductor, vested with decisive voting rights and the authority to independently represent both companies; and placement of all shares of Nexperia Semiconductor—except one—under the management of a court-appointed custodian, whose name will be designated and announced later, for management purposes.

A lot of jargon, but a short read: There is a coup at management that apparently shocked publicly traded Wingtech.

Then, at around 7:52 pm on Sunday, October 12, Wingtech’s official WeChat blog released the following announcement, which has been widely spread by China’s financial media quickly.

关于荷兰政府干预闻泰科技旗下安世半导体运营的严正立场

Wingtech Technology’s Solemn Position on the Dutch Government’s Intervention in the Operations of Nexperia

To our respected investors, partners, and friends from all walks of life:

As the controlling shareholder of Nexperia, Wingtech Technology hereby issues the following solemn statement regarding the recent administrative order imposed by the Dutch Ministry of Economic Affairs under national security law, as well as the legal actions initiated by certain members of Nexperia’s management team.

Firmly Opposing the Politicization of Business Issues

The Dutch government’s decision to freeze Nexperia’s global operations under the pretext of “national security” constitutes excessive intervention driven by geopolitical bias, rather than a fact-based risk assessment.

This action seriously contravenes the European Union’s long-standing commitment to market economy principles, fair competition, and international trade norms.

We express our strong protest against such discriminatory treatment targeting Chinese-funded enterprises.

Nexperia’s Compliance and Contributions Cannot Be Denied

Since Wingtech Technology’s acquisition of Nexperia, the company has strictly abided by the laws and regulations of all jurisdictions where it operates, maintaining transparent operations and sound governance. Over the years, Nexperia has continuously contributed to Europe’s semiconductor value chain:

R&D and manufacturing centers in the Netherlands, Germany, and the United Kingdom, employing thousands of local staff;

R&D investment increased by over 150% in the past three years, with nearly 1,000 new patents added globally;

In the past five years alone, Nexperia has contributed €130 million in corporate income tax to the Netherlands, significantly benefiting the local economy;

It supplies indispensable mature-process chips to key industries such as automotive, industrial, and energy sectors.

Comprehensive Improvement After Full Acquisition

Following Wingtech’s 100% acquisition of Nexperia, the company’s overall performance has achieved a comprehensive breakthrough—with significant gains in financial results, technological assets, operational resilience, and market standing.

In 2022, Nexperia reached a record revenue of €2.36 billion; Its gross profit margin rose sharply from 25% in 2020 to 42.4% in 2022; By October 2024, Nexperia had fully repaid all previous debts, achieving a “zero-debt” operation.

Meanwhile, R&D spending has continued to rise steadily—from €112 million in 2019 to €284 million in 2024, with an increasing proportion being capitalized.

Global patent applications have surged since 2022—matching or exceeding the total number of applications in the previous three to four years combined.

From 10–15 patents annually before 2019, to 20 per year in 2020–21, Nexperia reached 95 in 2023 and 110 in 2024.

Internal Legal Actions Are a Malicious Extension of External Pressure

Certain foreign executives within Nexperia have attempted to use legal means to forcibly alter the company’s ownership structure.

Their actions are closely aligned with the Dutch government’s administrative directives and, in essence, represent an effort to usurp shareholder rights and subvert lawful corporate governance under the guise of “compliance.”

We strongly condemn such politically motivated attempts to seize control.

We Will Resolutely Defend Our Lawful Rights

As Nexperia’s long-term strategic shareholder, Wingtech Technology will never bow to external political pressure.

We have initiated all available legal and diplomatic measures to demand that:

The Dutch government immediately revoke its erroneous order;

All forms of systemic discrimination against the Chinese enterprise cease;

The openness and cooperation of the global semiconductor supply chain be upheld.

A Call for Rationality and a Return to Business Fundamentals

The semiconductor industry is a product of globalization. Its future depends on collaboration, not confrontation.

Governments should provide a fair, non-discriminatory business environment, rather than weaponizing technological cooperation.

We remain committed to working hand in hand with all partners to safeguard the stability and innovation of our shared industry.

We sincerely thank you for your trust and support.

A temporary chill cannot suppress the upward force of this industry; nor can transient injustice crush our determination to stand for fairness and truth.

Wingtech Technology will continue to move forward with your confidence behind us—believing that rules will ultimately prevail over prejudice, and justice will arrive as expected.

Wingtech Technology

October 12, 2025

Then strangely, the post disappears from Wingtech’s official WeChat blog, despite being widely available on Chinese media 【1】【2】【3】

It’s also very strange that Wingtech describes a September 30 order from the Dutch Minister of Economic Affairs, whose minister is Vincent Karremans, but there is nothing about it in the English-language news media even on October 12. (Or at least I can’t find it.)