China's Wingtech says its control over Nexperia must be restored

By Eduardo Baptista and Toby Sterling

BEIJING/AMSTERDAM (Reuters) -China's Wingtech said connected Thursday that its power implicit Netherlands-based Nexperia indispensable beryllium restored, a ​day aft the Dutch authorities suspended its seizure of the chipmaker that has been astatine ‌the centre of a planetary proviso concatenation crisis.

Despite the suspension, which China's commerce ministry welcomed connected Wednesday, Beijing and ‌now Wingtech person since called for the reversal of a Dutch tribunal ruling past period that stripped Wingtech of its power implicit Nexperia arsenic the adjacent measurement to resoluteness the dispute.

Wingtech said the Dutch authorities had evaded addressing the tribunal ruling.

"Wingtech Technology volition ne'er judge immoderate effort to 'legalise' amerciable outcomes,⁠ nor volition it judge a ‌'new normal' of Nexperia's equity and governance created done amerciable procedures," it said successful a agelong statement.

The connection appears to beryllium looking up ‍to a ineligible conflict brewing successful a Dutch tribunal implicit power of Nexperia, a large shaper of machine chips for the car and user electronics industries.

Beijing has successful caller weeks eased export controls imposed successful aboriginal October connected ​Nexperia chips packaged successful China, providing impermanent alleviation to automakers and their suppliers worldwide.

It has ‌warned, however, that issues specified arsenic the tribunal ruling request to beryllium resolved earlier proviso chains instrumentality to normal.

AN ONGOING DISPUTE

Following the Dutch government's September 30 intervention, European managers astatine Nexperia successfully petitioned the Amsterdam Enterprise Chamber to person then-CEO Zhang Xuezheng removed, alleging mismanagement. Wingtech has rejected the claims.

According to tribunal documents, Nexperia had been preparing successful aboriginal 2025 to alteration its ⁠corporate operation to flight falling onto the U.S. ​"entity list" of companies considered a information threat. ​Wingtech itself has been connected the U.S. database since December 2024.

The Dutch court's preliminary decisions connected October 1 and 7 transferred Wingtech's shares ‍to the power of a ⁠Dutch lawyer.

On Thursday, Wingtech accused the Dutch authorities of being the instigator and driving unit down these tribunal proceedings, calling connected it to retreat its information and support.

The tribunal ⁠told Reuters connected Thursday that the enclosure indispensable determine "within a tenable period" whether to bid a afloat probe ‌into alleged mismanagement. No day has yet been set.

(Reporting by Eduardo Baptista;‌ Editing by Alexandra Hudson and Emelia Sithole-Matarise)