Fujian equity center planned
China and Taiwan plan to set up a cross-strait equity exchange center in China’s Fujian Province as relations between the two sides improve. The center may be funded by 10 institutions, including China’s state-owned Xiamen Jinyuan Investment Group (金圓投資集團) and a unit of Taiwan’s SinoPac Financial Holdings Co (永豐金控), SinoPac chief financial officer Michael Chang (張晉源) said by telephone on Sunday. The plan is still at an early stage and SinoPac needs the Taiwanese financial regulator’s approval for the investment, Chang said. “From SinoPac’s standpoint, we aim to help mid to small Taiwan companies in China to raise funds by equity or debt, as it’s hard for Taiwanese companies to list A shares,” he said.
Nomura downgrades Asustek
Nomura Securities has downgraded shares of Asustek Computer Inc (華碩) to “underweight” from “buy” amid caution about global notebook computer shipments. Nomura Securities said that although Asustek has gained the upper hand in technology development, its advantage has failed to offset the impact of falling global demand for notebook computers and weakening pricing. The brokerage cut its forecasts for Asustek’s earnings per share (EPS) from NT$27.04 to NT$25.99 this year, from NT$29.63 to NT$21.57 next year and from NT$32.84 to NT$20.13 for 2015. Asustek reported EPS of NT$29.62 last year.