Countermeasures! The Ministry of Commerce of China has imposed export restrictions on Nexperia.
Nexperia has announced that the Ministry of Commerce of China has issued an export control notice, prohibiting its subsidiaries and subcontractors within China from exporting specific finished electronic components and assemblies.
In October 2025, the global power semiconductor industry leader Nexperia was embroiled in regulatory disputes among China, the Netherlands, and the United States, causing a shock to the global chip supply chain landscape. This incident not only exposed the geopolitical risks in the operations of multinational enterprises, but also reflected the complexity and sensitivity of global high-tech industry competition.
Asset control measures based on the legal framework of the Cold War
In October 2025, the global power semiconductor industry leader Nexperia was embroiled in regulatory disputes among China, the Netherlands, and the United States, causing a shock to the global chip supply chain landscape. This incident not only exposed the geopolitical risks in the operations of multinational enterprises, but also reflected the complexity and sensitivity of global high-tech industry competition.
Asset control measures based on the legal framework of the Cold War
The incident originated from the administrative intervention of the Dutch government. On September 30th, the Dutch Ministry of Economic Affairs and Climate Policy, based on the "Material Supply Law" formulated during the Cold War era, imposed asset freezes on 30 global affiliated entities of Wintai Technology, including An Shi Semiconductor. These entities were prohibited from making asset adjustments, transferring intellectual property rights, or changing personnel configurations. The control period lasted for one year.
Within the following week, the Dutch Enterprise Court made three consecutive emergency rulings: Firstly, it suspended the management positions of Zhang Xuezheng, the founder of Wintek, at Anstie Semiconductor; Secondly, it temporarily entrusted the company's equity held by Hong Kong Yu Cheng Holdings to a third party for custody; Finally, by appointing independent foreign directors, it obtained the decisive voting rights for major company matters, effectively achieving the long-term custody of the core equity of the company.
The Dutch government used "deficiencies in corporate governance" and "maintaining supply chain security" as administrative grounds, but this explanation failed to dispel market doubts. As the core asset of Wintek Technology's acquisition in 2019, An Shi Semiconductor achieved an operating revenue of 14.715 billion yuan in 2024, providing key power semiconductor products to many internationally renowned enterprises and maintaining a stable operational status for a long time.
It is worth noting that the timing of the Dutch government's actions (September 30th) coincided with the release of new regulations on rare earth exports by the Chinese Ministry of Commerce (October 9th). This timing coincidence has led to extensive speculation in international media about the strategic intentions behind the Dutch measures.
The cross-border regulatory chain reaction triggered by the jurisdictional power of long arms
It is worth noting that the timing of the Dutch government's actions (September 30th) coincided with the release of new regulations on rare earth exports by the Chinese Ministry of Commerce (October 9th). This timing coincidence has led to extensive speculation in international media about the strategic intentions behind the Dutch measures.
The cross-border regulatory chain reaction triggered by the jurisdictional power of long arms
The aggressive regulatory measures of the Dutch government are significantly related to the export control policies of the United States. In December 2024, Wintek Technology was included in the US Department of Commerce's Entity List; in September 2025, the US Department of Commerce's Bureau of Industry and Security (BIS) issued the "Affiliate Rules", extending the scope of export control to subsidiaries of entities listed on the Entity List where the holding exceeds 50%. As an wholly-owned subsidiary of Wintek Technology, Anstalt Semiconductors immediately became subject to this rule, and its global supply chain system and technology procurement activities were subject to comprehensive restrictions.
This policy directly led to internal decision-making disputes within the enterprises. The chief legal officer of An Shi Semiconductor, along with two senior managers, filed a lawsuit with the court, demanding that Wintai Technology reduce its shareholding ratio below 50% in order to avoid US regulations and obtaining support from the Dutch judicial authority. This move highlights the indirect influence of the US through the "long-arm jurisdiction" mechanism on European regulatory policies, exacerbating the strategic choice dilemma faced by global semiconductor enterprises under the international rule system.
Effective strategies for implementing export control measures
The practical challenges faced by various stakeholders
Effective strategies for implementing export control measures
In response to external regulatory pressure, the Ministry of Commerce of China promptly took countermeasures. On October 14th, An Shi Semiconductor issued a statement, stating that on October 4th, 2025, the Ministry of Commerce of China released an export control announcement, prohibiting An Shi Semiconductor's subsidiaries and subcontractors within China from exporting specific finished components and assemblies.
This measure precisely targeted the key link of the enterprise's supply chain - An Shi Semiconductor has an 80,000-square-meter packaging and assembly production base in Guangdong, and its domestic production capacity holds an important position in the global supply chain system. The implementation of the export ban directly undermined the actual effectiveness of the Dutch government's policy of "ensuring supply chain security".
The semi-annual report of Wintek Technology shows that in the first half of this year, the revenue of An Shi Semiconductor in the Chinese market accounted for 48%, which is already close to half.
An Shi Semiconductor immediately activated its crisis response mechanism and announced that it would fully communicate with Chinese government departments to seek exemptions, and simultaneously coordinate with multiple governments to alleviate the impact of the policy. The capital market reacted strongly to this incident. Since October 10th, related products of An Shi Semiconductor have experienced phenomena such as market hoarding and suspension of quotations; Wintai Technology's stock fell to a halt on the first trading day after resuming trading on October 13th, and its market value has significantly shrunk.
The practical challenges faced by various stakeholders
This incident has triggered a chain reaction throughout the global semiconductor industry. For the European market, An Shi Semiconductor, as a core component supplier in the automotive electronics and consumer electronics sectors, the dual impacts of equity trusteeship and export bans may cause many international enterprises to face the risk of chip supply disruptions.
For Chinese enterprises, this is another major regulatory challenge that Chinese technology companies have faced overseas following the British government's mandatory requirement for An Shi Semiconductor to divest its British operations in 2022. The intervention by the Dutch government has set a bad precedent for European countries to interfere with the assets of Chinese enterprises under the pretext of "supply chain security".
Currently, the equity custody process for An Shi Semiconductor is still ongoing, the US-China trade negotiations are about to resume, and the global semiconductor industry competition is still ongoing. Against the backdrop where key industrial links such as rare earth resources, lithography technology, and power semiconductors have increasingly become strategic bargaining chips in geopolitics, promoting the "de-politicization" of the global semiconductor supply chain has become an industry consensus and urgent need.
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