How WenTai’s $26.8B Nexperia Bet Turned Into a Collapse – Audit Failures and Delisting Risk

On the evening of April 29, WenTai Technology (stock code *ST WenTai) was slapped with a *ST label, halted for the entire day on April 30, and resumed trading on May 6 with its daily price movement capped at 5 %, signaling an imminent delisting warning.

In 2019, WenTai spent roughly 268 billion yuan to acquire European power‑semiconductor leader Nexperia (Anshi), instantly elevating it from a mobile‑ODM supplier to a top‑tier global power‑device player and driving its market value past the 1 trillion‑yuan mark.

However, the fortunes reversed when the company was placed on China’s Entity List in December 2024, followed by a September 2025 Dutch government and court decision that forced the takeover of Nexperia’s overseas entities, stripping WenTai of control over the assets it had paid billions for.

The loss of overseas control triggered two critical audit failures: Ruocheng Certified Public Accountants issued an “unable to express opinion” on both the 2025 annual report and internal‑control report, citing a chaotic consolidation scope and the inability to verify data from Nexperia’s SAP, order and R&D systems now located abroad.

Financial fallout was severe: 2025 revenue fell to 312.53 billion yuan, a 57.54 % YoY decline; Q1 2026 revenue plummeted to 8.16 billion yuan, down 93.77 % YoY; net profit swung from a 2.61 billion‑yuan gain to a 1.89 billion‑yuan loss; goodwill was written down by 182.02 billion yuan; an investment loss of 89.48 billion yuan erased the full‑year profit, and the company recorded a 87.48 billion‑yuan loss, three times the previous year’s figure.

Looking ahead, if WenTai cannot resolve the Nexperia control and audit issues by 2026, a repeat “unable to express opinion” could trigger immediate delisting. The firm still holds a 14.08 billion‑yuan receivable from Nexperia overseas and is racing to rebuild SAP and data systems domestically while pursuing legal avenues to regain control of the acquired assets.