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In
a statement released late Sunday, the Dutch ministry of economic
affairs said it had invoked the rarely used Goods Availability
Act because the concerns about Nexperia's governance “posed a
threat to the continuity and safeguarding on Dutch and European
soil of crucial technological knowledge and capabilities. Losing
these capabilities could pose a risk to Dutch and European
economic security.” The statement did not elaborate.
Nexperia, based in the Dutch city of Nijmegen, is owned by the
Chinese company Wingtech. The Dutch company did not immediately
respond to a request for comment.
Wingtech said in a statement to the Shanghai Stock Exchange that
the decision led to the Chinese company's holding firm, Yucheng
Holding, having its control over Nexperia "temporarily
restricted, but the company’s right to economic benefits as a
shareholder remained unaffected.” Wingtech's stock slumped 10%
on Monday on the Shanghai exchange.
Wingtech said in its statement that it is in talks with lawyers
"on legal remedies and means, and will take all actions to
maximize the protection of the legitimate rights and interests
of the company and all shareholders; at the same time, it is
actively contacting relevant government departments to seek
support.”
The Dutch government said that based on its intervention,
“company decisions may be blocked or reversed by the Minister of
Economic Affairs if they are (potentially) harmful to the
interests of the company, to its future as a Dutch and European
enterprise, and/or to the preservation of this critical value
chain for Europe.”
Late last year, the U.S. Commerce Department included Wingtech
in an expanded list of Chinese technology companies subject to
export controls. Commerce Secretary Gina Raimondo said the move
was intended to impair China’s ability to use advanced
technologies that “pose a risk to our national security.”
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AP researcher Chen Shihuan in Beijing contributed.
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