Taiwan Stock Exchange (TWSE) chairman Schive Chi (薛琦) said on Sunday that the cross-listing of exchange-traded funds (ETFs) on stock exchanges in Taiwan, China and Hong Kong would take place soon, the Chinese-language Economic Daily News reported yesterday.
Schive, one of the Taiwanese delegates attending the Boao Forum for Asia annual conference held in Hainan Province, China, from last Friday to Sunday, said that collaboration between capital markets in Taiwan, China and Hong Kong would involve three steps.
First was the signing of a memorandum of understanding (MOU) on cross-strait financial supervision, Schive said, adding that the TWSE and the Shanghai Stock Exchange had exchanged a draft MOU.
Second was collaboration between stock exchanges in Taiwan, China and Hong Kong, and the cross-listing of ETFs.
And third was the establishment of a trade platform, with each side recommending between 30 and 50 stocks to be traded on it, Schive said.
Schive said the two stock exchanges in Taiwan and Shanghai were in close contact.
“The signing of the MOU across the Strait is expected to take place between the end of this month and the beginning of next month,” Schive was quoted as saying.
He said that Taiwan and Hong Kong had already signed a side agreement to cross-list ETFs and would make an announcement soon. The TWSE’s plan was to introduce the world’s best ETFs, including those listed on the London Stock Exchange and Tokyo Stock Exchange, into the local bourse, he said.
The TWSE will hold a seminar on May 21 in Taipei to discuss measures to facilitate the cross-listing of ETFs in three markets by inviting heads of stock exchanges in Shenzhen, Shanghai, Hong Kong and Tokyo, Schive said.
Meanwhile, Fubon Financial Holding Co (富邦金控) chairman Daniel Tsai (蔡明忠) said on Sunday that he hoped China would not treat Taiwanese financial institutions entering the China market like foreign financial institutions, a Central News Agency report said.
Although it would be impossible to ask the Chinese government to treat Taiwanese financial institutions entering China the same as Chinese firms, Tsai expressed his wish that Taiwanese financial institutions could at least be given a special status because of their origin in Taiwan.
Tsai said that bond markets in Asia were still underdeveloped.
WASHINGTON’S INCENTIVES: The CHIPS Act set aside US$39 billion in direct grants to persuade the world’s top semiconductor companies to make chips on US soil The US plans to award more than US$6 billion to Samsung Electronics Co, helping the chipmaker expand beyond a project in Texas it has already announced, people familiar with the matter said. The money from the 2022 CHIPS and Science Act would be one of several major awards that the US Department of Commerce is expected to announce in the coming weeks, including a grant of more than US$5 billion to Samsung’s rival, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), people familiar with the plans said. The people spoke on condition of anonymity in advance of the official announcements. The federal funding for
HIGH DEMAND: The firm has strong capabilities of providing key components including liquid cooling technology needed for AI servers, chairman Young Liu said Hon Hai Precision Industry Co (鴻海精密) yesterday revised its revenue outlook for this year to “significant” growth from a “neutral” view forecast five months ago, due to strong demand for artificial intelligence (AI) servers from cloud service providers. Hon Hai, a major assembler of iPhones that is also known as Foxconn, expects AI server revenues to soar more than 40 percent annually this year, chairman Young Liu (劉揚偉) told investors. The robust growth would uplift revenue contribution from AI servers to 40 percent of the company’s overall server revenue this year, from 30 percent last year, Liu said. In the three-year period
LONG HAUL: Largan Energy Materials’ TNO-based lithium-ion batteries are expected to charge in five minutes and last about 20 years, far surpassing conventional technology Largan Precision Co (大立光) has formed a joint venture with the Industrial Technology Research Institute (ITRI, 工研院) to produce fast-charging, long-life lithium-ion batteries for electric vehicles, mobile electronics and electric storage units, the camera lens supplier for Apple Inc’s iPhones said yesterday. Largan Energy Materials Co (萬溢能源材料), established in January, is developing high-energy, fast-charging, long-life lithium-ion batteries using titanium niobium oxide (TNO) anodes, it said. TNO-based batteries can be fully charged in five minutes and have a lifespan of 20 years, a major advantage over the two to four hours of charging time needed for conventional graphite-anode-based batteries, Largan said in a
Taiwan is one of the first countries to benefit from the artificial intelligence (AI) boom, but because that is largely down to a single company it also represents a risk, former Google Taiwan managing director Chien Lee-feng (簡立峰) said at an AI forum in Taipei yesterday. Speaking at the forum on how generative AI can generate possibilities for all walks of life, Chien said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) — currently among the world’s 10 most-valuable companies due to continued optimism about AI — ensures Taiwan is one of the economies to benefit most from AI. “This is because AI is