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.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the