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.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in