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).