China’s Wingtech faces setback as Dutch court keeps Nexperia CEO suspended, orders probe

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A Dutch court upheld the suspension of Zhang Xuezheng, former CEO of Nexperia, a Dutch chipmaker owned by China's Wingtech. The court also ordered an investigation into Nexperia's governance, citing doubts about the company's policy and business conduct amidst geopolitical complexities. The investigation, expected to last six months, will examine governance from late 2023, recent supply chain issues, and the separation from Nexperia China. The court maintained Zhang's suspension and the appointment of a temporary director to restore stability, repair internal relationships, and secure the supply chain. Wingtech expressed regret and vowed to pursue the restoration of its shareholder rights through legal means, stating the measures negatively impact business.
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