This time, the Netherlands is really planning to cling to the thigh of the United States.
On February 11, an announcement from Wingtech Technology tore apart the fig leaf covering the "Western contract spirit." The Dutch Corporate Court ruled to uphold the so-called "temporary measures" taken against Nexperia since October 2025 and will also launch a formal investigation.
What does this mean?
To put it bluntly, although Wingtech Technology spent tens of billions of real money to buy Anshi and holds close to 100% of the shares, in the Dutch territory, you, the major shareholder, have to step aside. Your voting rights are restricted, your board of directors seats are vacant, and even your own CEO Zhang Xuezheng wants to manage his own company, but he is labeled as "poor management" by the court.
Isn't this robbery?
Nexperia's headquarters in the Netherlands
Some people may be confused – didn't the Netherlands give in last month? Why is it suddenly starting to cause trouble again?
This is probably the most damaging thing about the Netherlands – they openly try to change their face with you.
You may still remember that just a few months ago, at the end of 2025, the Netherlands behaved in a diplomatic manner that was called "gentle, courteous and thrifty". It also said that it would strengthen cooperation and hinted that the administrative intervention order could be relaxed. Many people thought that this matter was about to "give in" and reverse. But looking back now, that was not a sign of giving in. It was clearly a delaying tactic. At that time, it was because China’s Ministry of Commerce implemented precise countermeasures against key semiconductor materials, and the risk of Anshi’s factories in China shutting down production frightened global car companies, so the Dutch government had to come out to make amends and stabilize the situation.
The result? When the pressure eased a little, they immediately kicked the ball to the judiciary. This is a typical "retreat overt and advance covertly", where the government speaks politely in front of the stage, while the court stabs the government behind the scenes. The Dutch Corporate Court gave a high-sounding reason this time, saying there was a "conflict of interest" and accusing major shareholders of changing strategies without consultation. I want to laugh when I hear this. I have invested my life money in my own company. How do I want to plan the strategy? I still have to consult a few judges in your court who don’t understand semiconductors?
What the hell kind of judicial ruling is this? This is clearly asset plunder under the guise of law.
So here comes the question, why does the Netherlands dare to be so tough?
Everyone knows the person behind it. Wingtech Technology was included in the "Entity List" by the U.S. Department of Commerce at the end of 2024. From that moment on, Nexperia became a "strategic material" that must be snatched back. Holland's current role is like a thug who has been pushed to the front line. They were worried that Nexperia's core technology would flow to China, and that the growth of Nexperia's Chinese factories would turn the Dutch headquarters into an "empty shell", so they simply went rogue and enforced physical isolation.
But the Netherlands may have made a wrong calculation this time. Today's Nexperia is not the small workshop that could be manipulated casually a few decades ago. Nexperia's largest packaging and testing base in the world is located in Dongguan, China, which is the throat of the global automotive industry chain. The Dutch court can restrict Wingtech’s voting rights in Europe, but you cannot restrict the Dongguan factory’s shipping orders. If this matter continues to be deadlocked, Wingtech can use a counter-attack to "internal circulation" to allow Anshi China to operate completely independently, cut off dividends to the Dutch headquarters, and cut off technology backhaul. By then, can the few executives at the Dutch headquarters guard a few verdicts and produce a car-grade chip?
What's more, China has far more cards than this.
Don’t forget that ASML still has such a large stock market in China and has so many maintenance businesses. The Netherlands' behavior of "eating China's food and smashing China's pot" has hit a red line. From Motorsich to Nexperia, we have paid enough tuition.
If the Netherlands is allowed to set a precedent of "judicial robbery" this time, will Chinese-invested overseas investments be legally confiscated as long as they are labeled as "poor management"?
This case has gone beyond a simple commercial dispute and evolved into a battle to defend assets under a national credit guarantee. If Wingtech eventually loses Anshi, the logic of Chinese companies going overseas will undergo a fundamental reversal. In other words, if China wants to rise completely, it is impossible for the Netherlands to take advantage of Nexperia Semiconductor.
Therefore, the Netherlands has really gone out of its way this time. Not only has it overdrawn the credit of the entire country, but it has also interfered with China's impossible concession. Wingtech Technology has no way out and will definitely exhaust all legal means to fight the Netherlands to the end. Next, let’s see who cries first in the end!
