Three Months of Management Vacuum

The management dispute over Dutch semiconductor company Nexperia, owned by Chinese firm Wingtech Technology (闻泰科技), continues to drag on. At a hearing held on January 14, 2026, at the Amsterdam Enterprise Court in the Netherlands, Wingtech systematically refuted allegations of 'mismanagement' leveled against it.

The dispute began in late September 2025 when the Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order temporarily 'freezing' Nexperia's operations. In early October, the Enterprise Court suspended CEO Zhang Xuezheng's duties and restricted Wingtech's management rights following an emergency petition. Although the Dutch government later withdrew the ministerial order, the court's decision remains in effect.

Refuting 'Asset Misappropriation' Claims

Wingtech faces two main allegations. The first is suspected 'asset misappropriation.'

At the hearing, Wingtech revealed that Nexperia's accounts held approximately $396 million (about 530 billion won) at the time the issues were raised. The company argued that "the fact that a company allegedly suffering from 'asset misappropriation' holds this much cash is itself contradictory to the allegations."

Wingtech also addressed 'Project Haven,' 'Project X,' and the 'Second Brand Plan' cited as evidence by the opposing side. The company explained that these projects were merely initial discussions to respond to supply chain risks and never reached the implementation stage. Specifically, 'Project X' was briefly considered as an extreme-scenario exercise from August to September 2025 before being discontinued.

The Truth Behind Technology Transfer Controversies

The second issue concerns alleged 'intellectual property transfer and production capacity transfer.'

Wingtech cited the views of Nexperia's audit committee member, Professor Schmitz. Schmitz, former dean of the Delft University of Technology's Electrical Engineering Department and former IP chief at NXP, assessed that "Nexperia's market success was made possible not by proprietary technology but by widely known industry technology and patent licenses."

Clarifications also addressed the establishment of WSS corporation. Wingtech explained that "WSS was established to address Nexperia's production capacity bottlenecks and supply chain pressures," citing "customer demands for production localization, technology gaps, and rising external foundry costs" as background.

WSS invested approximately 12 billion yuan (about 2.3 trillion won) to build its factory. Wingtech emphasized that "the total order amount Nexperia paid to WSS doesn't even reach 15% of the construction investment," adding that "the WSS project has independent business logic."

Five Years of Post-Acquisition Performance

When Wingtech acquired Nexperia in late 2019, the company was a standard products division spun off from NXP, facing insufficient R&D investment and stagnant growth.

Following the acquisition, Nexperia's performance improved noticeably. Revenue increased from approximately $1.43 billion in 2020 to $2.06 billion in 2024, while net profit more than tripled from $103 million to $331 million over the same period.

R&D investment also expanded. Annual R&D spending increased from about $63 million in 2019 to $156 million in 2024. Along with R&D team expansion, global annual patent applications surged from single digits to hundreds.

Progress was also made in production capacity and technology upgrades. Nexperia acquired the Newport Wafer Fab in the UK and pursued major construction projects including 12-inch wafer production lines. The company successfully transitioned from 6-inch to 12-inch advanced processes and established new product lines including IGBT and SiC.

The Cost of Chaos

Following the sudden management structure changes in the second half of 2025, Nexperia's upward momentum came to an abrupt halt.

The most direct impact is on the supply chain system. Some major customers faced risks of delays or interruptions in key product deliveries. This not only disrupted customers' production plans but is likely to prompt long-term consideration of supply source diversification.

Internal order has also been seriously damaged. The biggest problem is the suspension of salary payments. Reports indicate that Nexperia's Dutch operations stopped paying salaries to thousands of employees in China, placing these workers and their families in extreme uncertainty. Rumors of production allocation adjustments are also spreading, increasing anxiety among employees worldwide.

Wingtech's Demands

At the hearing, Wingtech expressed a strong sense of crisis. The company warned that "unless the Enterprise Court immediately withdraws its interim measures, Nexperia will continue to decline," adding that "corporate value, employee welfare, and the competitiveness of the Dutch semiconductor industry will all suffer irreparable losses."

Wingtech argued that the Dutch side's initial intervention contained errors in both fact-finding and legal application, with serious procedural unfairness. The company criticized that the measures not only directly violated property rights as a legitimate investor but also reflected discriminatory treatment toward Chinese investors and management.

Wingtech's proposed solution is clear: immediate and unconditional restoration of shareholder rights and the return of Zhang Xuezheng as CEO. The company emphasized that "Zhang Xuezheng's successful track record of comprehensively improving Nexperia's financial, technological, and market position over the past five years is the most persuasive evidence."

A spokesperson for China's Ministry of Commerce stated on December 22, 2025, that "the root of the Nexperia problem is inappropriate administrative intervention by the Dutch government," adding that "the key to resolution lies with those who created the problem." While urging the Dutch side to withdraw the administrative order and for Nexperia Netherlands' former management to drop their lawsuit, the spokesperson emphasized the importance of restoring global chip supplies, including to Chinese automakers.