Wed, Jan 13, 2016 - Page 14 News List

Taiwan Business Quick Take

Staff writer, with CNA


AUO shares rise

AU Optronics Corp (AUO, 友達光電) shares yesterday gained 5.65 percent to reach NT$9.53 amid speculation that Apple Inc plans to help finance the construction of an LCD production line with the nation’s No. 2 LCD-panel maker. AUO declined to comment on the reports, which said AUO had a good chance to become the third active-matrix organic light-emitting diode (AMOLED) screen supplier to the US-based consumer electronics giant after South Korea’s Samsung Electronics Co and LG Display Co.


TWSE unveils new rule

The Taiwan Stock Exchange (TWSE) announced that a new mechanism to suspend transactions of an individual stock is to be launched on Friday. The TWSE said that listed or over-the-counter enterprises can apply to suspend trading if they take action or are put in a situation that could greatly affect shareholders’ interests. Those actions include seriously cutting production or halting operations, filing for bankruptcy or restructuring, engaging in a merger, spinoff, acquisition or share swap, or developing a new product or technology. Companies can also apply to suspend trading of shares if they cannot fully explain media reports that affect their share price, TWSE said. If a company needs to suspend trading, but does not apply to do so, the TWSE can take the initiative to suspend the trading of that stock, it added. The TWSE said that due to the short stock trading hours per day in Taiwan, suspensions would be based on one trading session, with no mid-session actions allowed.


Digital Domain to seek staff

Digital Domain, a US visual effects and digital production company, on Monday announced that it is to launch a recruitment drive in Taiwan. Because of a growing need for talent spurred by Digital Domain’s increased emphasis on virtual reality (VR), the company is to hire 20 to 50 people in the first phase of the plan, with a focus on creative personnel, company CEO Daniel Seah (謝安) said. Currently, the company’s branch office in Taiwan has 15 people, he said. Besides introducing a VR version of Here comes Kangsi, a popular talk show, in cooperation with CtiTV, there is to be further cooperation with the TV station, he said.


Ko Wen-chang starts term

WK Technology Fund (普訊創業投資) chairman Ko Wen-chang (柯文昌) yesterday began a nine-year prison sentence for insider trading. He was taken to Taipei Prison in Taoyuan after reporting to the Taipei District Prosecutors’ Office. In a statement issued yesterday, Ko said he never engaged in insider trading and he expressed gratitude for the support of the business sector and his friends. He said he still has faith in the judicial system and believes his name could be cleared. Before his departure for the prison, he called on his staff “get down to good work” and “stay until I get out.” The Supreme Court on Dec. 18 rejected an appeal by Ko, known as the godfather of venture capital in Taiwan, and upheld a nine-year sentence and a NT$100 million (US$2.97 million) fine against him for insider trading. The nine-year sentence was the heaviest ever meted out in Taiwan for an insider trading conviction. In 2006, Ko — then a director of Green Point Enterprise Co (綠點科技) — learned that Jabil Circuit of the US had issued a non-binding letter of intent to buy Green Point and he invested heavily in the company’s shares over several sessions, according to the court’s ruling.

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