Shanghai-listed Wingtech Technology has rejected a restructuring proposal under which it would lose control of Dutch chipmaker Nexperia’s assets outside China, condemning the plan as an “expropriation” driven by discrimination.

The stand-off deepens a year-long dispute between Wingtech and Dutch authorities, as the company faces an impending delisting deadline at home, while Dutch Prime Minister Rob Jetten prepares for an official visit to Beijing in the spring.

In a statement on Tuesday, Wingtech said the court-appointed administrators overseeing Nexperia had submitted a proposal based on a “two circles” structure.

Under this model, Wingtech would retain ownership and control of Nexperia’s China operations, while an external investor would assume control of its global business, reducing the Chinese group to a minority shareholder abroad.

“The administrators’ aim has throughout been to deprive Wingtech of its lawful investment rights in Nexperia, out of discrimination against Chinese investors,” Wingtech said, claiming that they never “seriously” considered any plan allowing the Chinese firm to regain control.

Wingtech said it remained open to further negotiations to reach a “fair and constructive” resolution.

The dispute has now become a two-way legal battle, with each side suing the other in its home court.

In the Netherlands on Tuesday, Nexperia filed a €2 billion (US$2.3 billion) lawsuit against Wingtech, founder Zhang Xuezheng and Nexperia’s Chinese subsidiaries.

Nexperia claimed the damages stemmed from the breakaway of its China operations and the establishment of a separate supply chain, according to Wingtech.

Wingtech had previously filed a lawsuit in the Dongguan Intermediate People’s Court against Nexperia and its three executives, seeking 8 billion yuan (US$1.2 billion) in damages.

In a response to the South China Morning Post, Nexperia confirmed the legal action at the Amsterdam District Court, saying the proceedings “seek to hold the defendants accountable for actions that Nexperia believes have caused significant harm to the company and its business”.

Meanwhile, Wingtech said the Dongguan court had barred Nexperia’s Dutch entities and three executives from selling, transferring or pledging company shares, intellectual property or assets via a ruling on Monday. Nexperia said it was reviewing the ruling.

The conflict dates back to September last year, when the Dutch government seized control of the Nijmegen-based semiconductor manufacturer over national security concerns. The dispute has since placed Wingtech, which acquired Nexperia in late 2018, in financial and regulatory jeopardy.

In April, Wingtech’s auditors issued a “disclaimer of opinion” after being restricted from verifying Nexperia’s overseas financial records, prompting the Shanghai Stock Exchange to issue a delisting risk warning in May. If the audit impasse was not resolved by April 2027, allowing Wingtech to file its 2026 annual report, the firm will be delisted under the exchange’s listing rules.

The saga triggered a diplomatic rift between Beijing and The Hague last year, though ties have gradually recovered since the new Dutch government took office in February.

The SCMP previously reported that Prime Minister Jetten was scheduled to visit China in the spring, following trips by food security, fisheries and horticulture minister Silvio Erkens in May and trade minister Sjoerd Sjoerdsma in July.