1. Background and Motivation for the Netherlands Freezing Anshi Semiconductor's AssetsImplementation of Freeze Measures: On September 30, 2025, the Netherlands froze the assets of 30 global subsidiaries of Anshi Semiconductor for one year, citing national security reasons. The freeze included suspensions of patent technology activities and employee reallocations.US Influence and Coordination: This move closely followed the US placing Wentai Technology on its blacklist in December 2024 and subsequent policies expanding sanctions, aiming to assist the US in curbing China's technological rise.Protecting European Interests: Through this action, the Netherlands sought to control Anshi Semiconductor, safeguarding the local semiconductor industry's interests. European executives and the Dutch government shared goals, coordinating to implement the asset freeze.
2. Direct Impact of Asset Freeze on Anshi Semiconductor and Chinese EnterprisesLoss of Control: Chinese shareholders' rights were significantly reduced, with decision-making powers handed over to foreign supervisors appointed by the Dutch government and a third-party trustee for equity.Economic and Market Shock: Wentai Technology's stock plummeted, affecting the global automotive chip supply chain. The investment risks for European companies in Chinese enterprises were exposed, potentially prompting other countries to follow suit and issue risk warnings.Weakening of Corporate Autonomy: Chinese shareholders were left only with the right to dividends, while core assets were severely impacted, affecting the company's long-term development and global market competitiveness.
2. China's Multi-Level CountermeasuresDiplomatic and Legal Responses: Strong protests were raised through diplomatic channels, publicly opposing the politicization of trade and economics. Wentai Technology also filed appeals within Dutch and EU legal frameworks, considering challenges to the legality of the freeze under WTO rules and international investment arbitration.Industrial and Economic Countermeasures: Rare earth extraction and smelting technologies were included in export restrictions, directly threatening Dutch lithography capabilities. Investigations into Dutch companies regarding taxes and antitrust issues were launched, key product imports and exports were restricted, third-generation semiconductor independent innovation was promoted, and reliance on Dutch technology was reduced.Corporate and Social Level Measures: Strengthening compliance management for overseas investments, encouraging global investors to jointly sue the Netherlands for harming its international image; official guidance aimed to reduce dependence on Dutch products and services, placing Dutch companies and individuals on the unreliable entities list.
3. Economic Lessons from Semiconductor Export Restrictions in South Korea and JapanSouth Korea's Economic Setback: In 2023, semiconductor exports declined for five consecutive months, with a single-month drop reaching 44.5%. The industry chain has been tapped by the United States, resulting in weakened capacity and industrial cluster advantages, undermining a key pillar of the economy.Japan's Industry Struggles: After joining restrictions on semiconductor equipment to China, orders from China sharply declined, industry profits fell, technological advantages were lost, and Japan remains reliant on limited U.S. support. The future of Japan's semiconductor industry under export restrictions is worrying.Industry Chain Interconnections: South Korea and Japan are constrained by U.S. policies toward China, forcing related industries to bear heavy economic and technological pressures, losing both market share and autonomy.
4. Potential Risks of the Netherlands Enforcing Semiconductor Restrictions on ChinaHigh Market Dependence on China: Dutch chip equipment firms rely heavily on exports to the Chinese market. Restricting exports leads to a sharp decrease in orders, damaging industrial clusters and economic indicators.
GDP and Employment Impact: Disruptions in the industry chain cause economic and employment pressures, posing major challenges for Dutch society and businesses.Severe Consequences of Chinese Retaliation: If China implements rare earth export restrictions, the production of lithography machines in the Netherlands would be hindered, harming economic and technological autonomy. Corporate leaders warn that completely severing ties with China would lead to the loss of competitive advantages, making the Netherlands a U.S. dependency. Cooperation is the path to win-win outcomes, a consensus born from long-term international practice. Any attempt to challenge boundaries or restrict another country's development will ultimately isolate oneself and lead to difficulties. In the global semiconductor industry's development, only by upholding openness, cooperation, and mutually beneficial principles, and by strengthening technological exchanges and industrial collaboration, can the entire industry achieve sustainable growth and maximize the interests of all parties.
+86 133-3799-6611
