Wingtech rejects Nexperia restructuring, cites ‘discrimination’ towards Chinese investors

Wingtech Technology, a Shanghai-listed owner of the Dutch chipmaker Nexperia, has rejected a restructuring proposal. This plan, put forward by court-appointed administrators overseeing Nexperia, outlines a “two circles” structure under which Wingtech would lose control of Nexperia’s assets located outside of China. Wingtech has explicitly condemned this outcome as “expropriation” driven by “discrimination.”

This rejection escalates an ongoing dispute between Wingtech and Dutch authorities, which has persisted for over a year. The situation also unfolds as Wingtech faces an impending delisting deadline in its home market and coincides with Dutch Prime Minister Rob Jetten's upcoming official visit to Beijing in the spring, adding a diplomatic context to the corporate stand-off.

The core of the disagreement appears to be Wingtech's interpretation of the proposed asset separation. By labeling the loss of control over Nexperia's non-Chinese assets as discriminatory expropriation, Wingtech frames the restructuring as an unfair seizure of its property rather than a neutral business or regulatory maneuver. The article does not detail the specific rationale provided by the court-appointed administrators for the “two circles” structure.