Hua Nan wins China approval
Hua Nan Commercial Bank (華南銀行), the banking arm of state-run Hua Nan Financial Holdings Co (華南金控), has won approval from China to operate yuan--denominated businesses, the lender said in a statement yesterday.
The development will allow its branch in Shenzhen, China, to strengthen services to Taiwanese firms there, the lender said, adding that it would increase the branch’s capital from 300 million yuan (US$47.4 million) to 500 million yuan to meet demand.
Wintek posts revenue growth
Wintek Corp (勝華), one of Apple Inc’s touch panel suppliers, yesterday posted 35.64 percent year-on-year growth in revenue for last month at NT$10.49 billion. That was a 11.37 percent expansion from February’s NT$9.42 billion.
In the first three months of this year, Wintek accumulated NT$28.8 billion in revenue, up 35.64 from NT$21.23 billion in the same period of last year.
Fubon fund manager resigns
Fubon Asset Management Co (富邦投信) said in a statement yesterday that the resignation of fund management chairman Thomas Tsao (曹幼非) had been approved by the board. Fubon Securities Co (富邦證券) vice chairman Gang Shyy (史綱) has been selected for the post.
With a doctoral degree in economics from National Taiwan University, Shyy is familiar with the Chinese market and will be well placed to help fund mangers expand there, the statement said. The statement did not detail the reasons for Tsao’s resignation.
TransAsia recruits staff
TransAsia Airways (復興航空) is set to recruit an unusually high number of flight attendants this year in anticipation of higher demand from China and the launch of new flights to Japan.
The carrier announced plans yesterday to hire 70 attendants after the government confirmed on Sunday that it would expand its Free Independent Traveler program that allows Chinese tourists into the country without requiring them to be part of a tour group.
The program, which is currently restricted to residents of Beijing, Shanghai and Xiamen, will soon be open to people from 10 other cities, and the number of tourists allowed in per day will increase from 500 to 1,000 soon and probably to 4,000 in the near future.
To deal with the potential increase in demand, TransAsia plans to launch new routes to China every month from now until June, according to the company, which typically recruits 25 to 30 new attendants every year.
Yuanta approves merger
Yuanta Financial Holding Co (元大金控) said in a stock filing yesterday that the board of its brokerage unit approved the merger of its Hong Kong subsidiary with that of Polaris Securities Co (寶來證券) to strengthen operations there.
The integration is slated to take effect on June 1 if regulators give the go-ahead, the filing said.
NT dollar rises slightly
The New Taiwan dollar rose against the US dollar yesterday, up NT$0.024 to close at NT$29.506 as the local currency extended momentum in line with its counterparts in the region, dealers said.
Turnover totaled US$525 million.
Regional currencies showed their optimism after China reported better-than-expected manufacturing activity for last month. China’s purchasing manager’s index rose to a one-year high of 53.1 last month from 51 the previous month, higher than the market had expected.