Risk warnings have been implemented since May 6th. The stock abbreviation has been changed from "Wentai Technology" to "*ST Wentai". However, the delisting risk faced by Wentai Technology remains high. According to the rules, if the relevant circumstances are not eliminated in the 2026 fiscal year, the company's stock may be delisted. 

Wintai Technology suffered a huge loss of 8.748 billion yuan in 2025, and its performance continued to deteriorate in the first quarter: In 2025, Wintai Technology achieved a revenue of 31.253 billion yuan, a year-on-year decrease of 57.54%; the net profit attributable to shareholders of the listed company was a loss of 8.748 billion yuan, compared with a loss of 2.833 billion yuan in the same period of the previous year, with the loss amount significantly expanding. In 2026, the decline in Wintai Technology's performance continued, and the first-quarter report showed that the revenue was only 816 million yuan, a year-on-year drop of 93.77%; the net profit attributable to the parent company was a loss of 189 million yuan, compared with a profit of 261 million yuan in the same period of the previous year, with a year-on-year change from profit to loss. 

After its account was blocked on March 2026, An Shi China immediately activated the emergency mechanism and prioritized ensuring the operation of the production and manufacturing process. Subsequently, the company will restructure the information management system, gradually expand the SAP system to all business areas, and all data of the system will be stored within An Shi's territory. The company has full access and management rights. Wintai Technology emphasized that it will continue to strive through all legal means to fully restore the complete legal control and governance rights over An Shi Semiconductor. 

Wintai Technology is deeply mired in difficulties. 

The current problem that Wintai is facing stems from the crisis of control over its core asset - the overseas entity of Nexperia. Nexperia is a European semiconductor giant that Wintai Technology acquired for approximately 26.8 billion yuan in 2019. It enabled Wintai Technology to leap into the forefront of the global power device market and its market value once exceeded 100 billion yuan. 

In December 2024, after Wintek Technology was added to the Entity List, the situation took a sharp turn for the worse. On September 30, 2025, due to the ruling of the Dutch government and the temporary control measures imposed by the court, Wintek Technology's control over and ownership of the relevant entities of An Shi outside the country were forcibly taken over. Currently, it remains under restrictions. 

Meanwhile, the supply of Anstek semiconductor's European wafers to China was interrupted. Wintai Technology could only operate independently relying on Anstek's China branch. In the fourth quarter of 2025, the revenue of Wintai's semiconductor business plummeted, and the shipment volume of key products such as MOSFETs dropped significantly. 

Wintek was forced to sell its ODM business and retained only On Semiconductor as its main operation. As of October 1, 2025, the overseas entities of On Semiconductor will no longer be included in the consolidated financial statements. Their equity will be reclassified as "other equity instruments investment" and remeasured at fair value, resulting in an investment loss of 8.948 billion yuan. This loss is a one-time accounting treatment that directly wiped out the entire annual profit - the consolidated net loss for 2025 was 8.760 billion yuan. It can be said that almost all the losses were caused by this. 

After the separation of the overseas part of An Shi, the goodwill allocated to the overseas part of An Shi also decreased by 18.202 billion yuan. Although this does not directly result in a loss in profits, the total assets of Wintai have significantly shrunk (total assets at the end of 2025 decreased by 44.04% compared to the previous year), and the net assets have also decreased by 27.55%. It is worth noting that as of the end of 2025, the balance of "receivables from An Shi overseas" in Wintai's accounts receivable was 1.408 billion yuan, and Wintai has not yet made provisions for bad debts.