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Nexperia Faces Asset Freeze Amid China Ownership Dispute
(MENAFN) A Chinese court freezes more than 2.14 billion yuan ($300 million) worth of assets linked to Dutch semiconductor manufacturer Nexperia and its equipment subsidiary as a legal dispute with its Chinese parent company Wingtech Technology continues.
The Dongguan Intermediate People’s Court orders the assets to be seized, detained or frozen following a request from Wingtech and its subsidiary Yucheng Holding, according to a regulatory filing by Wingtech with the Shanghai Stock Exchange.
The court action covers Nexperia’s complete ownership stakes in Nexperia Semiconductor China, Nexperia Semiconductor Wuxi and Nexperia Semiconductor Shanghai. It also includes the company’s 99% interest in Nexperia Semiconductor Technology Shanghai.
The ruling additionally freezes the equipment subsidiary’s entire stake in a Wuxi-based company.
The asset restrictions take effect between Aug. 20 and Aug. 25 and are set to remain in place until August 2029, according to the filing.
The dispute escalates after Wingtech and Yucheng file a lawsuit in May against Nexperia, its holding and equipment subsidiaries, as well as three executives. The Chinese companies seek 8 billion yuan in damages.
Wingtech and Yucheng accuse the defendants of introducing or helping enforce what they characterize as “discriminatory restrictive measures” imposed by the Netherlands.
The Dongguan Intermediate People’s Court orders the assets to be seized, detained or frozen following a request from Wingtech and its subsidiary Yucheng Holding, according to a regulatory filing by Wingtech with the Shanghai Stock Exchange.
The court action covers Nexperia’s complete ownership stakes in Nexperia Semiconductor China, Nexperia Semiconductor Wuxi and Nexperia Semiconductor Shanghai. It also includes the company’s 99% interest in Nexperia Semiconductor Technology Shanghai.
The ruling additionally freezes the equipment subsidiary’s entire stake in a Wuxi-based company.
The asset restrictions take effect between Aug. 20 and Aug. 25 and are set to remain in place until August 2029, according to the filing.
The dispute escalates after Wingtech and Yucheng file a lawsuit in May against Nexperia, its holding and equipment subsidiaries, as well as three executives. The Chinese companies seek 8 billion yuan in damages.
Wingtech and Yucheng accuse the defendants of introducing or helping enforce what they characterize as “discriminatory restrictive measures” imposed by the Netherlands.
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