Shanghai-based Wingtech insisted that work was continuing normally in a stock market briefing that followed a crash last week. It comes as pressure mounts on ministers to reverse the 63 63m sale of Newport Wafer Fab to Nexperia, a Dutch company owned by Wingtech. On Monday, lawmakers wrote to ministers asking them to arrange a security review for last summer’s takeover. Wingtech, which is partly owned by the Chinese government, issued a statement noting recent “fluctuations” in its share price, but said the business was moving at a steady pace. He said Nexperia was enjoying record profits and that profitability at Wingtech’s manufacturing company, which assembles electronics such as mobile phones for Chinese manufacturers such as Xiaomi, was improving. However, the company’s shares, worth about 100 billion yuan (12 12 billion), have fallen by more than 40% since peaking in December. Wingtech issued the update after its shares fell by a one-day high of 10% at the end of March. Production in China has been disrupted in recent weeks by lockdowns in major cities as Beijing struggles to maintain its zero-Covid policy. On Tuesday, members of the Foreign Affairs Committee wrote to the government saying that it appeared that Boris Johnson had not ordered a security review of the agreement. The commission said the takeover “represents the sale of one of the UK’s valuable assets to a strategic competitor and potentially involves national security”. The prime minister said shortly after the announcement of the deal that he had ordered Sir Stephen Lovegrove, the national security adviser, to reconsider the deal. However, committee chairman Tom Tugendhat said lawmakers had sent a letter to the government asking for clarification, saying there were no details about such a review. Mr Tugendhat said: “The Prime Minister’s assurances that work is in progress are welcome. However, so little detail has been given to the committee that we are left with the unfortunate conclusion that no revision has been made. “Today, the committee calls on the government to clarify the reasons why the Prime Minister requested a review at the Newport Wafer Fab and why this review has not started. “The government has the tools, it just has to use them.” The government has said it has not made any decision on the future of the plant, which means it could block the deal.
