Chi Mei Optoelectronics Corp (
The ministry's Investment Commission approved the company's application to invest US$1 million to open a company at Ningbo in the China's eastern province of Zhejiang, Emile Chang (張銘斌), deputy executive secretary of the commission, said by phone today.
"We gave our consent yesterday after the company presented more data to prove it has the financial means to support the investment," Chang said.
Authorities had demanded the company to submit more documents to complement a previously filed application.
A spokesman for Chi Mei Optoelectronics, Eddie Chen (
Chi Mei Optoelectronics shares were lifted NT$0.60 to NT$51.40 yesterday on the Taiwan Stock Exchange.
But some industry watchers suspected the demand was politically motivated to show Taipei's anger after Chi Mei Group (
Hsu, who is a senior advisor to independence-leaning President Chen Shui-bian (陳水扁), stunned his traditional allies by backing Beijing's "one China" policy on the day of the March 26 rally in Taipei against the adoption of the "Anti-Secession" Law by China.
China last year singled out Hsu as the kind of pro-independence Taiwan businessman whose investments weren't welcome on the mainland.
The Chi Mei Group, which includes electronics, petrochemical, frozen food and health-care interests, operates three petrochemical units in China.
Chi Mei plants in China have run afoul of tax auditors and other regulators since Hsu endorsed Chen for president in 2000, China's official Xinhua News Agency said on March 31. Hsu must recognize the "one China" policy before he can settle matters with China, it said.
Tainan-based Chi Mei Optoelectronics has customers, including notebook computer makers, with production lines in China. Domestic rivals including AU Optronics Corp (
The new business will handle procurement and customer services and other business, Eddie Chen said.
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