A total of 124 listed companies have announced a repurchase of their shares on the open market in the past month, accounting for about one-tenth of companies listed on either the Taiwan Stock Exchange or the GRETAI Securities Market, stock exchange statistics showed.
The companies made the buyback announcements after the Cabinet said on June 28 that it would launch eight measures to boost market sentiment and investor confidence, including encouraging listed companies to buy back shares to boost their share prices.
Based on stock exchange filings from the listed companies in the last 30 days, 67 companies listed on the main bourse, including Chunghwa Picture Tubes Ltd (中華映管), said they would act in response to the Cabinet’s policy.
Another 57 firms listed on the GRETAI Securities Market, the over-the-counter market, such as Powerchip Semiconductor Corp (力晶半導體) and Etron Technology Inc (鈺創科技), said they would take similar action.
While share prices of these companies surged in the days after their buyback announcements and a Morgan Stanley report last week suggested the TAIEX could gain on such buyback plans, only 11 out of the 124 companies have actually begun their buybacks, stock exchange tallies show.
Chunghwa Picture Tubes, the nation’s third-largest liquid-crystal-display (LCD) panel maker, said in a filing on June 30 that it would buy back as many as 410 million shares on the open market, but it did not specify when it would do so or at what price.
Stock exchange data showed that the 11 listed firms who have begun to buy back shares have spent nearly NT$3 billion (US$98.7 million) doing so, with Yuanta Financial Holdings Co (元大金控) leading the way with NT$956 million so far.
Yuanta Financial, owner of the nation’s largest brokerage, said on July 15 that it planned to spend as much as NT$6 billion to buy back 300 million shares at between NT$14 and NT$20 apiece. The buyback began on July 16 and will end today.
State-run Taiwan Cooperative Bank (合作金庫銀行) said early last week that it would consider buying back 80 million of its shares for NT$2.5 billion.
The Ministry of Finance has yet to approve the plan, ministry officials said last week.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS