The picture shows Wentai Technology LOGO Source: Visual China

Blue Whale News on October 12On October 12, Zhou Tai Technology (600745.SH) a paper announcement stirred the nerves of the semiconductor industry.

According to the company's announcement, the Dutch government issued an order on September 30 to freeze the assets, intellectual property rights and other adjustments of the holding subsidiary Anselm Semiconductor of Thai Technology for a period of one year.

Meanwhile, some foreign executives of Anselm Semiconductor demanded the transfer of Anselm Semiconductor¡¯s shares and demanded the suspension of the CEO positions assigned by Anselm Semiconductor. The Dutch corporate court immediately put into effect several emergency measures, including the suspension of Zhang Semiconductor¡¯s position as CEO.

Semiconductor is under control.

According to the company¡¯s announcement, the company¡¯s subsidiaries Anse Semiconductor and Anse Semiconductor Holdings (collectively ¡°Anse¡±) have recently received a ministerial order (Order) issued by the Dutch Ministry of Economic Affairs and Climate Policy and the decision of the Amsterdam Court of Appeal of the Corporate Court (the ¡°Corporate Court¡±).

Netherlands time 30 September 2025. The Ministry of Economic Affairs and Climate Policy of the Netherlands issued a ministerial Order to Nexperia, requiring Nexperia and all its subsidiaries, branches, offices and other 30 entities around the world not to make any adjustments to their assets, intellectual property rights, businesses and personnel, which is valid for one year.

At present, Nexperia's daily operations are still running continuously, but affected by the above-mentioned ministerial decree (Order) and corporate court rulings, it will face temporary changes/extensions of decision-making chains and decreased flexibility of resource allocation in the short term, which may have an impact on corporate operational efficiency. Form a certain impact. The company's control over Nexperia is temporarily restricted, and the company's economic income rights as shareholders remain unaffected. The company's shares and convertible corporate bonds will resume trading from the market opening on October 13th, and the company's convertible corporate bonds "Wentai Convertible Bonds" will resume conversion.

Meanwhile, some foreign executives of Anselm Semiconductor demanded the transfer of Anselm Semiconductor shares and demanded the suspension of the CEO positions assigned by Anselm Semiconductor.

On the afternoon of October 6, 2025, Dutch time, the corporate court arranged a hearing and ruled on the afternoon of October 7, 2025, Dutch time. The following main matters will be used as temporary emergency relief, starting from the date when the ruling on emergency measures takes effect (i.e. October 2025) until the final judgment of the investigation of this case is completed or concluded in other ways:

Suspend Zhang Xuezheng as a non-executive director of Anshi Semiconductor Holdings and an executive director of Anshi Semiconductor;

Appointing a foreign person appointed by a corporate court independent of Nexperia as a non-executive director of Nexperia Holdings and Nexperia with decisive voting rights; At the same time, it was ruled that the director had the right to independently represent Nexperia Holdings and Nexperia;

Place all shares of Nexperia (less one share) in escrow for administrative purposes to a person to be designated and announced later.

The ruling made by the corporate court directly caused Yucheng Holdings to temporarily lose the shareholder rights (such as governance rights and voting rights, etc.) of the remaining 99 shares enjoyed by Nexperia Holdings, except for the retained share.

In fact, this sudden management and control is not an isolated incident. Previously, at the end of 2024, Wingtech Technology had just been included in the entity list by the United States, which restricted the procurement of the original ODM business and accelerated the divestiture; After completing the divestiture of the consumer electronics business in July 2025, the company has fully focused on the semiconductor track. Anshi Semiconductor accounts for the core proportion of its semiconductor business. This control undoubtedly hits the key to its strategic transformation.

Anchor Semiconductor was the Philips Semiconductor Division.

Wingtech Technology was established in 1993 and is headquartered in Jiaxing, Zhejiang. It is a semiconductor company integrating R&D, design and manufacturing. In 2016, it was listed through the backdoor of Zhongyin. The company's business mainly covers three major sectors: semiconductor IDM, optical module and communication product integration, and has multiple fabs and packaging and testing plants around the world.

Despite becoming a global leader in the field of smart phone ODM after 2018, ZTE still faces the problem of core device dependence on imports.At the same time, the wave of automobile electronization drives the rapid rise in demand for power semiconductors.

Based on this, Wingtech Technology chose to acquire Nexperia in 2019. As an industry giant with a century-old history (formerly known as Philips Semiconductor Division), it ranks among the top three in the world in the fields of discrete devices and logic devices. Its customers include Bosch, Huawei and other well-known enterprises.

This move can not only compensate for the domestic shortcomings in the field of standard devices, but also use its vehicle standard technology to break into the car electronics track, and form the industrial chain in synergy with its own consumer electronics business.

Due to the complex ownership structure of Nexperia Semiconductor, Wingtech Technology has adopted an innovative "two-step" acquisition strategy:

The first step is to seize the opportunity by bidding for LP shares. In April 2018, Wingtech Technology took the lead in setting up a buyer's group through its wholly-owned subsidiary, and successfully won the LP share of the largest fund shareholder at the top of Nexperia Group for 11.435 billion yuan, laying the foundation for subsequent acquisitions. This financing integrates the capital of Guolian IC, Gree Electric and other parties, and adopts the parallel mode of "equity financing of 7.01 billion yuan + debt financing of 4.515 billion yuan", showing strong capital operation capabilities.

The second step is to comprehensive holding in the form of multi-payment. Zhou Tai Technology paid 99.5 billion yuan through the issuance of shares, paid 99.6 billion yuan in cash, and solved foreign exchange demand with foreign bank loans, eventually penetrating the holding 79.98% of the Ansel Group. This transaction not only broke through the funds and compliance barriers in cross-border mergers, but also built a model of integration of "Chinese Capital + Global Technology".

After the completion of the merger, despite facing challenges such as global travel restrictions, Wentai Technology still efficiently promoted the integration process through a combination of online collaboration and global field office. From 2021 to the third quarter of 2024, Anshi Semiconductor achieved a cumulative profit of 10.5 billion yuan and demonstrated strong recovery capabilities during the semiconductor down cycle.

The financial report showed that in the first half of 2025, Zhou Tai Science and Technology operating income was 253.41 billion yuan, down 24.56% compared to the same year; the net profit attributed to the parent company was 4.74 billion yuan, up 237.36% compared to the same year. From the perspective of business structure, the semiconductor business revenue was 7.825 billion yuan, accounting for approximately 30.9%, a year-on-year increase of 11.23%. The gross profit margin was 37.89%, and the net profit was 1.261 billion yuan; the product integration business revenue was 17.485 billion yuan, accounting for approximately 69.0%, and the net loss was 685 million yuan, which was in the process of divesting.

Extended reading

Media: China offers a new "shock bomb" this time Asma will be "carried" to the neck

In the face of the US unreasonable blockade pressure, China offered the rare earth new regulation this "shock bomb", and in the past became the U.S. "card neck tool" Dutch light engraving machine manufacturer Asma (ASML), but now find their situation difficult.

Dutch lithography machine maker ASML finds itself in a tough spot

According to a Bloomberg report on October 10, local time, as the Sino-US trade game continues, companies in the global semiconductor supply chain are preparing to cope with the impact of the escalating situation. According to a person familiar with the matter, China's new rare earth regulations may cause several weeks of shipment delays for ASML, which is the only manufacturer in the world that produces the most advanced semiconductor manufacturing equipment.

Semiconductor manufacturing machines sold by Asma and Applied Materials are dependent on rare earth, as these devices contain ultra-precision lasers, magnets and other components that use rare earth elements.

A source familiar with ASML said that ASML is preparing for potential business interruption, especially because the new Chinese regulations require foreign companies to obtain approval before re-exporting products containing Chinese rare earths. The source added that ASML is currently lobbying allies in the Netherlands and the United States to seek alternatives. ASML declined to comment.

A senior manager at a major U.S. chip company said the company was still assessing the potential impact, but the most obvious risk currently facing is the rise in the price of rare earth magnets, which are crucial in the chip supply chain. An executive at another U.S. chip company said the company was eager to determine which products contained rare earths from China and worried that China's export licensing system could cause its supply chain to stall.

A high numerical aperture extreme ultraviolet system equipment from ASML

"This is the strictest export controls China has implemented to date," said Gracelin Baskaran, an expert on key mineral issues at the U.S. Center for Strategic and International Studies (CSIS)."It is clear that they (China) have enough power and leverage that not only American companies must comply, but companies around the world must also comply."

Jacob Feldgoise, senior data research analyst at the Center for Security and Emerging Technologies at the University of Georgetown, said: ¡°In the semiconductor value chain, China¡¯s new export control measures may have the biggest impact on chip manufacturers that use rare-earth chemicals in the process and tool manufacturers that integrate rare-earth magnets into their devices.¡±

According to reports, some of the world's largest chipmakers, including Intel, TSMC and Samsung Electronics, rely on Asmail's equipment to produce semiconductors. Currently, Samsung Electronics and Intel declined to comment, and TSMC did not respond to requests for comment.

According to Bloomberg, this is not the rare earth for the first time to become the focus of the Chinese-US trade game. Earlier this year, U.S. President Trump abused high tariffs on China, China immediately introduced a series of precise counter-attack measures, in addition to the imposition of tariffs, also on uranium, uranium, uranium, uranium, uranium, uranium, uranium, uranium and other 7 categories of heavy and rare earth-related items to implement export control. The British "Financial Times" at the time had cited the industry disclosed that China is establishing an export license system. In December 2024, China also announced strict control of U.S. exports of uranium, uranium, uranium, superhard materials, graphite and other related two-use items

After multiple rounds of tariff wars, since May this year, China and the United States have held four rounds of economic and trade talks in Geneva, Switzerland, London, England, Stockholm, Sweden, and Madrid, Spain.

Rare earth metals and magnets are the core materials for high-tech products such as smartphones, electric vehicles, and fighter jets. China has long realized its importance and spent decades establishing a dominant position in global rare earth mining and processing. Data shows that China controls about 70% of the world's rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing.

China dominates the global market for rare earth magnets

According to the new regulations announced by China's Ministry of Commerce on October 9, China will implement export controls on some overseas rare earth-related items and rare earth-related technologies containing Chinese ingredients. According to the Financial Times, this means that all magnets that contain Chinese rare earth components or are produced by Chinese rare earth mining, smelting and magnetisation technology need to be approved by foreign companies when exporting them.

The new regulations coverage contains 0.1% or more of China's rare earth components, foreign-made rare earth magnets and some semiconductor materials, as well as the items listed using rare earth mining, metallurgy separation, metal metallurgy, magnetic materials manufacturing, rare earth secondary resource recycling and recycling related technologies produced abroad, these items will apply from December 1; for the items listed originated in China, the new rules will be implemented immediately.

In addition, for most export licenses for military use, China is "principally not permitted"; China will also "approve case by case" for export applications involving the development of AI with potential military uses.

Reuters noted that on October 9, in addition to issuing two announcements on strengthening export controls on rare earth-related items, China also announced several additional announcements on the same day, not only adding several new rare earth elements and dozens of rare earth processing equipment to the export control list, but also involving superhard materials, lithium batteries and artificial graphite anode materials. The report believes that these measures are very important for trade negotiations between China and the United States and will help enhance China's influence.

The semiconductor supply chain is vulnerable to such initiatives in China today, as large chip factories rely on providing dedicated equipment, sophisticated processes and the final packaging of the enterprise ecosystem.

In the past, both the Trump and Biden administrations have supported this industry through subsidies and other policies, but local production capacity as a whole is still in its infancy. "This is a real pain point for AI companies in the U.S.," said Joseph Hoefer, chief AI officer at lobbying firm Monument Advocacy.

In addition to the United States, Europe can¡¯t stand still.

According to Bloomberg News, on October 10 local time, a spokesperson for the German Ministry of Economy said in response to China's new regulations that it was too early to assess the impact of the new regulations, but Germany "is currently conducting in-depth discussions on this issue at the national and EU levels." The spokesman later claimed that China's increasingly tightening restrictions on exports of key minerals in the technology industry were "great concern" and said Germany must reduce its dependence on supplies outside the European Economic Area.

According to a report by the New York Times, the day before (October 9), European Commission Spokesperson Orof Gill said at a press conference that the EU was "concerned" about China's latest export restrictions. He added: "The European Commission hopes that China will demonstrate a reliable partner posture and ensure a stable and predictable supply of key raw materials."

On October 9, the spokesperson of the Ministry of Commerce responded to reporters 'questions on strengthening export control of rare earths related items and stated that rare earths related items have dual-use attributes for military and civilian purposes, and it is an international common practice to implement export control on them. To this end, the China government has implemented controls on some overseas rare earths related items containing China ingredients in accordance with the law, with the purpose of better safeguarding national security and interests and better fulfilling international obligations such as non-proliferation.

As a responsible big country, China's implementation of controls on related goods reflects the consistent position of firmly safeguarding world peace and regional stability, and actively participating in international efforts to prevent proliferation.China is willing to strengthen communication and cooperation with all parties through the multilateral export control dialogue mechanism, promote compliance trade, and guarantee the security and stability of the global industrial supply chain.