The Netherlands has nationalized chipmaker Nexperia amid growing global trade tensions<\/p>\n
The Dutch government has taken control of a Chinese-owned chipmaker based in the Netherlands, citing risk to the EU\u2019s economic and technological security. The firm called the move \u201cexcessive,\u201d saying it complied with all relevant laws and regulations.
\nThe Netherlands Economy Ministry revealed late on Sunday that it had invoked a never-before-used emergency law to take control of manufacturer Nexperia, owned by China\u2019s Wingtech Technology.
\nOnce part of Dutch electronics group Philips, Nexperia specializes in the high-volume production of chips used in the automotive, consumer electronics, and other industries.
\nAmsterdam said it wanted to prevent a situation in which Nexperia\u2019s chips could \u201cbecome unavailable in an emergency\u201d which \u201ccould pose a risk to Dutch and European economic security.\u201d
\nThe Dutch government called the move \u201chighly exceptional,\u201d citing \u201crecent and acute signals of serious governance shortcomings and actions\u201d within the company.
\nWingtech shares tumbled 10% in Shanghai on Monday, forcing a halt in trading after hitting the daily limit.<\/p>\n
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The tech firm decried the Dutch government\u2019s move as \u201cexcessive intervention driven by geopolitical bias, rather than a fact-based risk assessment,\u201d according to a now-deleted WeChat post, which was archived by the Chinese policy blog Pekingnology. Wingtech said it would take actions to protect its rights and would seek government support.
\nThe company later said in a filing to the Shanghai Stock Exchange that its control over Nexperia would be temporarily restricted due to the Dutch order and court rulings affecting decision-making and operational efficiency.
\nThe Dutch takeover of Nexperia comes at a time of escalating global trade tensions. Over the past year, China and the EU have clashed over what the bloc claims is Beijing\u2019s dumping of certain key goods and its industrial overproduction. China has accused the EU of protectionism.
\nLast week, China tightened its restrictions on the export of rare earth elements and magnets, a step that could further hurt the EU\u2019s struggling auto industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Netherlands has nationalized chipmaker Nexperia amid growing global trade tensions The Dutch government has taken control of a Chinese-owned chipmaker based in the Netherlands, citing risk to the EU\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":20293,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-20292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t