Hon Hai Precision Industry Co (鴻海精密), a major supplier of Apple Inc’s iPhone and iPad, saw its ranking drop one notch to No. 5 on the top 1,000 listed firms in the Greater China area, a survey released by the Chinese-language CommonWealth Magazine (天下雜誌) yesterday showed.
Last year, Hon Hai’s revenue grew 13.1 percent to NT$3.9 trillion (US$130.04 billion), making it the only technology firm in the top 10, most of which are natural resources companies and banks, the survey showed.
To seek new revenue growth, Hon Hai has expanded into the communications and automotive sectors, the magazine said.
China Petrochemical Corp (中國石油化工集團), China National Petroleum (中國石油天然氣) and Glencore Xstrata PLC are the three biggest companies listed on the Taiwan, Hong Kong, Shanghai and Shenzhen stock markets, according to the survey.
Among the top 1,000 companies by revenue, only 185 firms are listed on Taiwan’s stock market, down from 204 companies last year, while 530 companies are listed on the Shanghai and Shenzhen stock markets, up from last year’s 507, the survey showed.
The aggregate revenue of the top 1,000 companies expanded by 15.89 percent to NT$190.4 trillion (US$6.34 trillion) last year, from NT$164.3 trillion (US$5.48 trillion) in 2011, data showed.
Taiwan Semiconductor Manufacturing Co (TSMC) (台積電) was the most profitable company listed on Taiwan’s stock market with a net income of NT$166.16 billion (US$5.54 billion) last year, the survey showed. In terms of profitability, TSMC seized the 16th spot among the top 1,000 firms, and ranked No. 56 by revenue.
Chunghwa Telecom Co (中華電信) and Fubon Financial Holding Co (富邦金控) ranked No. 2 and No. 3 with net profits of NT$39.9 billion (US$1.33 billion) and NT$28.98 billion (US$966.31 million) respectively, according to the magazine’s tallies.
Separately, Hon Hai yesterday denied a report saying the company is scheduled to introduce new products running on Mozilla’s Firefox operating system next week.
On Monday, the Central News Agency said in a report that Mozilla would announce the partnership with Hon Hai on Monday next week, and the two companies would introduce a new Firefox OS device, citing an invitation sent to media outlets.
One industry insider said the new Firefox OS product to be unveiled that day is likely to be a tablet. Mozilla had announced at the Mobile World Congress in February its partners for the Firefox OS project, which include telecom operators and manufacturers such as Deutsche Telekom, Sprint, SingTel, LG and Huawei (華為). The software maker also began selling two preview versions of mobile phones running the Firefox OS, which are manufactured by Spanish company GeeksPhone last month.
Hon Hai’s denial comes as the company is looking for new revenue sources other than Apple, since the US company has seen its iPhones and iPads lose market share.
The Wall Street Journal also said in a report on Monday that Hon Hai was revamping its retail operations, which generate higher margins than contract manufacturing, while planning to invest in media content and software.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to