Recently, amidst the loss of control over core assets overseas leading to an anticipated annual deficit of billions of RMB, Chinese electronics firm Wingtech Technology (Wingtech) announced in a statement on the Shanghai Stock Exchange that their Chief Financial Officer, Zhang Yanru, has resigned for personal reasons.
The announcement, signed by the Wingtech board of directors, was dated January 31st. Just a day before, the company had forecasted a substantial loss for the year 2025 due to losing control over its European chip manufacturing subsidiary, Nexperia. This performance prediction triggered a sell-off of Wingtech’s stocks.
Since the intervention of the Dutch government and courts in September and October of last year, Nexperia has experienced significant internal divisions. The production departments in Europe (mainly in the Netherlands and Germany) have ceased business collaboration with the assembly and distribution departments in China. Additionally, the European management has restricted Wingtech’s access to Nexperia’s financial system and technical data, thereby preventing Wingtech from consolidating their financial statements.
The statement clarifies that the resignation of the CFO will not affect the operations of Wingtech Technology. It is noteworthy that Zhang Yanru was initially scheduled to serve until January 2028, making this a premature departure by two years.
A spokesperson for Wingtech told Reuters that Zhang Yanru is not a relative of Zhang Xuezheng, the founder of Wingtech and former CEO of Nexperia, and declined further comment. Nexperia, on the other hand, declined to provide any comments.
The Dutch court is expected to make a ruling by February 11th on whether to investigate Nexperia for alleged mismanagement or return control of the company to Wingtech.
According to the performance forecast released by Wingtech on January 30th, the net profit attributable to shareholders for the year 2025 is expected to be a loss of 9 billion to 13.5 billion RMB. This is in stark contrast to the profit of 1.513 billion RMB reported by the company in the first three quarters of 2025.
The substantial loss is not due to operational issues but because of the company losing control over its subsidiary, Nexperia. This necessitated accounting adjustments in the fourth quarter of 2025 to recognize significant asset impairments and investment losses.
Although the announcement states that Zhang Yanru resigned for personal reasons, market analysts believe this is related to a major reshuffling within the company’s current management team.
As per the announcement of the board election turnover published by Wingtech in July 2025, several senior executives resigned, and subsequently, numerous post-90s managers with investment and financial backgrounds entered the core decision-making level. This indicates the company’s attempt to tackle overseas crises through a rejuvenation strategy.
Simultaneously with Zhang Yanru’s resignation, Wingtech announced its intention to change its accounting firm to RSM Hong Kong. According to the Securities Times and Caixin analysis, this change usually occurs when a company faces significant financial uncertainties or during restructuring to address more complex asset valuation needs.
At the heart of this dispute lies the Amsterdam Enterprise Chamber.
In October 2025, the court temporarily suspended Wingtech founder Zhang Xuezheng from his position as CEO of Nexperia citing “mismanagement.” This was due to allegations of his use of Nexperia’s funds to guarantee debts of other Wingtech entities, his failure to fulfill fiduciary duties towards Nexperia in crucial decisions, and “mismanagement” in the face of geopolitical supervision.
Currently, the voting rights of Nexperia have been transferred to an independent administrator appointed by the court, effectively sidelining Wingtech from the decision-making circle.
The court is deliberating on whether to initiate a formal “mismanagement investigation,” and a final ruling is expected before February 11th. If the court decides to continue the investigation, Wingtech may lose long-term control over this valuable overseas asset; if the previous restrictions are lifted, Wingtech may regain control.