Flat-screen component maker Sintek Photronic Corp (和鑫光電) yesterday said that a statement filed with the Taiwan Stock Exchange on Tuesday about its deal with Samsung Mobile Display was “partially misleading.”
The case prompted the exchange to say it would look into the timing of listed companies’ disclosure of information to avoid a recurrence of such an incident.
Sintek said in the statement that it had struck a deal with Samsung, in which the two firms would jointly set up a display plant, and that Sintek would also start supplying its South Korean partner with touch screens and related products using a new technology called active matrix organic light emitting diode, or AMOLED.
Sintek’s stock surged by the daily limit of 7 percent the following day amid extensive media coverage.
Shortly after 1am on Thursday, Sintek posted a statement on the stock exchange to clarify that it is building a factory to supply touch sensors — not panels — sparking speculation that the company might have been involved in stock manipulation.
Yesterday, Sintek chairman W. Y. Chang (張文毅) told reporters that parts of the statement on Tuesday were indeed misleading, but the company had taken the initiative to quickly amend its content.
Taiwan Stock Exchange senior vice president Michael Lin (林火燈) said the exchange would fix the loopholes in the information disclosure requirements for listed firms to stop similar incidents from happening.
Despite Sintek’s failure to amend its statement earlier, Lin said the company didn’t violate regulations and it would not be fined.
The exchange sent staff to Sintek’s offices yesterday morning to clarify the deal, including contract details and the decision-making process.
It also asked Sintek executives to show up at the exchange in the afternoon to clarify the issue with the media.
Sintek’s stock inched up 0.4 percent to close at NT$25 in Taipei yesterday.
BUSINESS UPDATE: The iPhone assembler said operations outlook is expected to show quarter-on-quarter and year-on-year growth for the second quarter Hon Hai Precision Industry Co (鴻海精密) yesterday reported strong growth in sales last month, potentially raising expectations for iPhone sales while artificial intelligence (AI)-related business booms. The company, which assembles the majority of Apple Inc’s smartphones, reported a 19.03 percent rise in monthly sales to NT$510.9 billion (US$15.78 billion), from NT$429.22 billion in the same period last year. On a monthly basis, sales rose 14.16 percent, it said. The company in a statement said that last month’s revenue was a record-breaking April performance. Hon Hai, known also as Foxconn Technology Group (富士康科技集團), assembles most iPhones, but the company is diversifying its business to
Apple Inc has been developing a homegrown chip to run artificial intelligence (AI) tools in data centers, although it is unclear if the semiconductor would ever be deployed, the Wall Street Journal reported on Monday. The effort would build on Apple’s previous efforts to make in-house chips, which run in its iPhones, Macs and other devices, according to the Journal, which cited unidentified people familiar with the matter. The server project is code-named ACDC (Apple Chips in Data Center) within the company, aiming to utilize Apple’s expertise in chip design for the company’s server infrastructure, the newspaper said. While this initiative has been
GlobalWafers Co (環球晶圓), the world’s No. 3 silicon wafer supplier, yesterday said that revenue would rise moderately in the second half of this year, driven primarily by robust demand for advanced wafers used in high-bandwidth memory (HBM) chips, a key component of artificial intelligence (AI) technology. “The first quarter is the lowest point of this cycle. The second half will be better than the first for the whole semiconductor industry and for GlobalWafers,” chairwoman Doris Hsu (徐秀蘭) said during an online investors’ conference. “HBM would definitely be the key growth driver in the second half,” Hsu said. “That is our big hope
The consumer price index (CPI) last month eased to 1.95 percent, below the central bank’s 2 percent target, as food and entertainment cost increases decelerated, helped by stable egg prices, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. The slowdown bucked predictions by policymakers and academics that inflationary pressures would build up following double-digit electricity rate hikes on April 1. “The latest CPI data came after the cost of eating out and rent grew moderately amid mixed international raw material prices,” DGBAS official Tsao Chih-hung (曹志弘) told a news conference in Taipei. The central bank in March raised interest rates by