Tag: restrictions

The post Wingtech jumps 6% as China signals easing com. Wingtech Technology’s stock rallied again on Monday in Shanghai, surging by as much as 6. 4%, according to LSEG data, after Beijing agreed to hold more talks with a Dutch delegation regarding the ongoing dispute around Nexperia. This rally follows a late spike of 9. 7% on Friday, which hit in the final minutes of trading when signs appeared that the standoff was starting to cool. The dispute started when the Dutch government seized control of Nexperia on September 30, citing national security concerns and claiming the company could move technology and operations to China, since Wingtech is the parent company. In response, Beijing blocked exports of certain components made in Nexperia’s Chinese facility, leaving carmakers worried. But then the Chinese Commerce Ministry said on Sunday that it had started allowing shipments of some chips produced at Nexperia’s China facility, while also calling on the European Union to pressure the Dutch government to lift its restrictions on the company. The ministry said the situation must move toward resolution and asked the EU to play a role in reducing tension and keeping supply chains stable, as was reported by Cryptopolitan. Beijing agrees to host Dutch officials for further talks China’s statement said Beijing expects the Dutch side to bring “constructive solutions” and take “concrete actions” so the dispute can be resolved soon. This response came after Dutch Economic Affairs Minister Vincent Karremans said on Thursday that chips made by Nexperia would start reaching customers in Europe and beyond within days. He pointed to the “constructive nature of our talks with the Chinese authorities” and linked the progress to cooperation between China, the United States, and the European Commission. According to Karremans, both China and the U. S. had told the Netherlands that the recent trade agreement they reached would allow the restart of shipments.