On the evening of April 29, Wingtech Technology issued a major announcement. Because the accounting firm issued a disclaimer audit report on the company's 2025 financial report and internal control report, the company's stocks will be superimposed on delisting risk warnings and other risk warnings.The company's stocks and Wingtech convertible bonds will be suspended for one day on April 30, and will be officially changed to *ST Wingtech from May 6. The daily price limit will be tightened to 5%. If the violations cannot be rectified and eliminated in 2026, the company's stocks may face the risk of being terminated from listing.
Financial report data shows that Wingtech Technology's revenue in 2025 will be 31.253 billion yuan, a sharp drop of 57.54% year-on-year; the net profit attributable to the parent company will be a loss of 8.748 billion yuan, which has further worsened significantly compared with the previous year's loss of 2.833 billion yuan. The company does not plan to distribute profits this year.
Entering 2026, Wingtech Technology's decline has not stopped. Revenue in the first quarter was only 816 million yuan, a year-on-year drop of 93.77%; net profit attributable to the parent company was a loss of 189 million yuan, turning from profit in the same period last year to a substantial loss.
The core reason for the performance collapse is that the company has successively divested its product integration business, and the control rights of Anshi's overseas entities are restricted and are no longer included in the financial consolidated statements, and the business scale has been almost halved.
As of the close of trading on April 29, Wingtech Technology's stock price was 28.12 yuan per share, with a total market value of only 35 billion yuan.
Who would have thought that this company, which once had a market value of more than 100 billion and was still the benchmark for cross-border semiconductor mergers and acquisitions in China, is now standing on the edge of the delisting cliff. The root cause of all changes cannot be circumvented from the core asset Nexperia.
Since Wingtech Technology spent 26.8 billion yuan to acquire Nexperia Semiconductor of the Netherlands in 2018, Nexperia has been the company's profit pillar. The semiconductor business accounts for a very high proportion of revenue, and the gross profit margin has been stable at around 35% for a long time. By 2021, the company's market value once exceeded 180 billion yuan.
However, the hidden dangers of cross-border mergers and acquisitions also broke out many years later. In December 2024, Wingtech Technology was included in the U.S. Entity List; in 2025, the U.S. introduced penetration control rules, and Nexperia’s overseas entities were included in the scope of control.
In October of the same year, the Dutch government froze all assets, intellectual property rights and global operations of Allianz on the grounds of safety. The local court also suspended the actual controller from relevant positions and handed over the shares to a third party for custody.
Since then, Wingtech Technology has completely lost control of Nexperia, and the audit agency has also issued non-standard audit opinions because it was unable to conduct complete verification of overseas entities, directly triggering the new hat-wearing regulations.
Although in February 2026, the Enterprise Tribunal of the Amsterdam Court of Appeal in the Netherlands ruled to maintain the interim measures against Nexperia, Wingtech's control over Nexperia's overseas entities is still limited.
Business has plummeted, and core assets have been left to others. The former billion-dollar semiconductor giant is in decline. We can only wait and see whether Wingtech Technology can make a comeback in the second half of 2026 and avoid the fate of delisting.
