Uni-President Enterprises Corp (統一企業), the nation’s largest food producer, has decided to launch a joint venture with a Japanese partner to tap into China’s fast-growing investment management market.
The Tainan-based company said in a stock exchange filing on Saturday that its Chinese unit, Uni-President China Holdings Ltd (統一企業中國控股), planned to transfer half of its 80 percent shareholding in an investment management company in Shanghai to Orix (China) Investment Co, which is a wholly owned subsidiary of Japan-based Orix Corp.
Shanghai-based Uni-President China made the same announcement in a Hong Kong stock exchange filing on Friday.
Unit-President announced on May 25 that it and Shanghai International Group Asset Management Co (上海國際集團資產管理) would jointly establish the US$2 million investment management company, with Uni-President owning an 80 percent shareholding and the Shanghai company the remaining 20 percent.
Following the latest shareholding transfer, Uni-President, Shanghai International and Orix will hold 40 percent, 20 percent and 40 percent of the company respectively, the exchange filing said.
Uni-President operates a wide range of businesses, including food production, retail, securities and merchandise trading. The company’s new partnership with Orix comes just before a government-sponsored investment forum in Tokyo tomorrow, aimed at boosting Taiwanese-Japanese collaboration in China.
The planned forum indicates that Japanese enterprises are more willing to form partnerships with Taiwanese firms when planning investment projects in China, since Taiwan and China signed the Economic Cooperation Framework Agreement (ECFA) in late June, because that agreement grants Taiwan preferential tariff status and easier market access to China, Ling Chia-yuh (凌家裕), director of the Ministry of Economics Affairs’ Department of Investment Services, said on Saturday.
In particular, with the Japanese yen rising sharply against the US dollar, many small and medium-sized enterprises in Japan are eager to investigate investment opportunities overseas, Ling said.
With the assistance of Japan’s Mizuho Bank, the investment forum is expected to attract approximately 450 Japanese firms, while about 10 involved in semiconductors, content design for cellphones, solar energy and LED businesses, are said to want to hold talks with Taiwanese companies during the forum.
Uni-President Group (統一集團) chief executive Jason Lin (林蒼生) will address the forum, Ling said.
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