Court backs ST Wingtech in lawsuit against Nexperia, freezes 2.139 billion yuan in assets

Regulation
โดย 证券时报·CNNL·Read original
Summary · why it matters

The tort liability dispute between ST Wingtech and its subsidiary Yucheng Holdings on one side, and Nexperia Holdings and other defendants on the other, has reached a new stage. The court has ordered the sealing, seizure, and freezing of assets worth 2.139 billion yuan belonging to Nexperia Limited and ITEC Limited. ST Wingtech received the civil ruling from the Dongguan Intermediate People's Court of Guangdong Province on August 28. Based on the property preservation application, the court froze equity held by Nexperia Limited in multiple Nexperia semiconductor subsidiaries in China, as well as equity held by ITEC Limited in ITEC Technology Wuxi Limited, with the freeze lasting until 2029. The plaintiffs allege that the defendants unlawfully executed or assisted in executing discriminatory restrictive measures by the Dutch side, causing massive losses, and are seeking joint compensation tentatively calculated at 8 billion yuan. ST Wingtech said the case has not yet gone to trial and the impact on profits remains uncertain, but it will continue to exhaust all legal means to restore full control over Nexperia. On August 31, ST Wingtech shares closed at 19.12 yuan, down 3.39 percent.

Impact on stocks 1

Others▲ · 1 stocks
Wingtech Technology Co Ltd
600745
▲ PositiveRegulationrelevance

Court froze 2.139 billion yuan of Nexperia assets in Wingtech's tort lawsuit, advancing its bid to regain control of Nexperia.

Off-coverage companies 2

Yucheng Holdings LimitedPrivate▲ Positive
Regulationrelevance

Yucheng Holdings is a co-plaintiff with Wingtech and stands to benefit from the court's asset freeze against Nexperia.

安泰可技术（无锡）有限公司Private▼ Negative
Regulationrelevance

ITEC Technology Wuxi's equity held by ITEC Limited was frozen by the court as part of the asset preservation order.

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