Global Markets
Home›Global Markets›China›China court freezes US$318m in Nexperia-linked assets…
China court freezes US$318m in Nexperia-linked assets for three years
The Dongguan Intermediate People’s Court froze equity interests in four Nexperia subsidiaries, with the order set to run until August 2029.
A Chinese court has ordered a three-year freeze of 2.14 billion yuan, about US$318 million, in assets linked to Nexperia-affiliated companies as part of a custody dispute involving Wingtech, according to a Monday filing to the Shanghai Stock Exchange. The Dongguan Intermediate People’s Court in Guangdong froze equity interests in four subsidiaries owned by the Dutch firm Wingtech, and it also froze equity interests in another Chinese entity owned by Itec BV, a chip tool maker spun off from Nexperia in 2021, the filing said. The affected assets, spanning Dongguan, Shanghai and Wuxi, are intended to prevent Chinese subsidiaries’ assets from being transferred or pledged as collateral, while the daily operations of those units would not be affected, according to legal analysis cited by SCMP Economy. The freeze is scheduled to last until August 2029.