Fri, May 16, 2008 - Page 12 News List

Commission gives green light to 20 China investments

GO AHEAD The projects include investments by leading companies such as Hon Hai and ASE in the electronics field and Fubon and Cathay in finance


The Investment Commission yesterday approved 20 China-bound investment applications worth US$721.79 million, it said in a statement.

The commission gave the green light to Hon Hai Precision Industry Co (鴻海精密), the world’s largest electronics component maker, to invest US$47.95 million in its Chinese affiliate Foxconn Precision Electronics (Langfang) Co (富士康精密電子廊坊).

Local chip tester and packager Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) also received the go-ahead to invest US$90 million in its Shanghai subsidiary, ASE Assembly and Test (日月光封裝測試), while Powertech Technology Inc (力成科技) was approved to invest US$100 million in its Chinese subsidiary Powertech China Ltd (力成中國科技).

In the field of finance, the commission approved an application by Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial services company by market value, to indirectly invest US$25.5 million in China’s Xiamen City Commercial Bank (廈門市商銀).

The Financial Supervisory Commission gave the green light last month to Fubon Financial’s application to take a 19.99 percent stake in Xiamen City Commercial Bank for US$34 million via its Hong Kong-based subsidiary Fubon Bank (Hong Kong) Ltd.

Cathay Life Insurance Co (國泰人壽), the nation’s largest life insurer, was also approved to inject US$59 million into its Chinese life insurance joint venture to increase its capital, the statement said.

The Shanghai-based Chinese subsidiary is a joint venture established by Cathay Life and China Eastern Air Holding Co (中國東方航空) in 2005.

Separately, the commission approved a proposal by United Microelectronics Corp (聯電), the world’s second-largest contract chipmaker, to invest US$390 million in its branch in Singapore, the statement said.

As for inbound investment, the commission gave the go-ahead to AIG Life Insurance Co and Delaware American Life Insurance Co’s applications to invest US$360.39 million in their local subsidiary, Nan Shan Life Insurance Co (南山人壽).

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