Wingtech seeks over $1b in damages from Dutch chipmaker Nexperia

Chinese electronics maker Wingtech Technology is seeking 8 billion yuan ($1.12 billion) in damages from Dutch chipmaker Nexperia and other defendants, alleging that they unlawfully implemented or assisted in enforcing "discriminatory restrictive measures" imposed by the Dutch side that caused the company massive and irreparable losses.

The lawsuit marked a further progress in Wingtech's cross-border battle to regain full control of Nexperia, its Netherlands-based semiconductor subsidiary.

A court in Dongguan, Guangdong province, has frozen 2.14 billion yuan worth of assets linked to Dutch chipmaker Nexperia BV and equipment maker ITEC BV, after an application by Shanghai-listed Wingtech Technology Co Ltd and its subsidiary Yuching Holding Limited, Wingtech said in a notice on Monday.

The preservation measures include freezing Nexperia BV's stakes in four China-based subsidiaries. The court also froze ITEC BV's 100 percent stake in ITEC Technology (Wuxi) Co Ltd. The freezes are set to remain in place for roughly three years through August 2029.

The Chinese company said it would "exhaust all legal means" to restore full control over Nexperia and safeguard investors' interests.