A Chinese court has frozen assets worth up to 2.14 billion yuan, around 300 million dollars, belonging to Nexperia and its equipment arm Itec. The measures took effect between 20 August and 25 August and will remain in place until August 2029. The case stems from a lawsuit filed by parent company Wingtech Technology, which is seeking 8 billion yuan in damages from Nexperia.
In practice, the order doesn’t change much, as the Dutch chipmaker had already lost control over the assets. It may, however, strengthen Wingtech’s position ahead of a trial that has yet to begin. Wingtech alleges its parent company, its equipment arm and three executives helped enforce what it describes as discriminatory Dutch measures.
