Analog Devices wasn't "bought," it was "dismantled."

The Dutch government didn't seize the company, but instead took its "brain" and "hands" — the board of directors was gone, patents couldn't be moved, customer orders were blocked, and even the right to upgrade technology was handed over to a government foundation.

Wingtech still has the valuation on its balance sheet, but it can't even say a word.

This isn't a merger dispute; it's more like a precise surgical operation: you pay money, I give my life.

Even harsher is the new EU regulation, which uses Analog Devices as its first case — effectively telling the world openly: if Chinese capital is involved, even if it's just 25%, key production capacity must be "isolated."

The U.S. also tightened its regulations at the same time — if your chip factory uses U.S. technology, and if there's Chinese control, supply will be cut off immediately.

This isn't targeting one company; it's rewriting the global semiconductor access rules.

But China didn't sit idle.

On one hand, it added the Dutch government fund to the "Unreliable Entities List"; on the other hand, it blocked gallium and germanium — critical materials — which account for 90% of gallium used by Dutch chip factories coming from China.

You cut my equity, I cut your raw materials — neither side can pretend innocence.

The most intriguing part is that Analo Devices' factory in China had already secretly switched to domestic equipment.

The line in Shanghai Lingang now has detection machines made by North American Semiconductor, which the Dutch can't even touch.

They thought they had taken the shell in the Netherlands, but forgot that China has a complete "core" of its own.

This game is no longer about "who controls the company."

It's a full-scale clash of technological sovereignty, supply chain resilience, and resource control rights.

Wingtech wants to sue, but after the lawsuit, global car manufacturers may have already changed their suppliers.

The real loser isn't either side, but those who thought "paying money could buy technology."

Technology isn't a commodity; it's an extension of geopolitics.

You can buy a factory, but you can't buy people's hearts, nor can you move a nation's bottom line.

Original source: www.toutiao.com/article/1846256022476041/

Statement: This article represents the views of the author.