Fri, Nov 21, 2008 - Page 12 News List

Winston Wang to fight for father’s legacy, reports say

STAFF WRITER

The oldest son of the late Formosa Plastics Group chairman Wang Yung-ching (王永慶), Winston Wang (王文洋), plans to fight for his father’s legacy by facilitating his own China-based Grace T.H.W. Group’s (宏仁集團) listing on the TAIEX, local media said yesterday.

Grace Group had previously planned to go public in Hong Kong, whose stock market performance Wang believed was better than that of the TAIEX. Also, the nation’s unclear policy on enticing overseas Taiwanese firms to return and list on the TAIEX was another reason that Grace stayed out.

However, following the government’s relaxation of China-bound investments this year and the death of Wang senior last month, the group decided to “come home” and list Shanghai Grace Fabric Co (宏和電子) on the local bourse, the Chinese-language Economic Daily News reported.

Shanghai Grace Fabric, the largest electronic fiber glass fabric manufacturer in China, is the flagship company of the group’s four electronic companies based in Shanghai and Guangzhou.

Grace Group was reported to have met representatives from the Taiwan Stock Exchange (TWSE) in Taipei last Wednesday and a reciprocal trip was scheduled to Shanghai next month.

Aside from the Taiwan stock market, the group also has plans to list its Dongguan Hongxin Plastics Co (宏信塑膠) on China’s A share market, which will help the group hold a strong position in both markets across the Taiwan Strait.

Speculation exists that Wang has not ruled out the possibility of returning to Formosa Plastics Group (台塑集團), which he opted to leave in November 1995 after a family dispute, the report said.

In related news, Winston Wang, the eldest son of Wang Yung-ching’s second wife, is said to have sent out letters to the children of his father’s third wife Lee Pao-chu (李寶珠), demanding they declare his father’s assets, media reports said.

Formosa Plastics Group denied the reports, while an unnamed Grace T.H.W. Group official said Wang tried to obtain more detailed information from Lee, including the assets his father left behind.

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