Smartphone maker HTC Corp (宏達電) yesterday said that it has set up a company to develop new technology.
HTC made the announcement after local media reported that a company was set up at the end of last year for developing the virtual reality (VR) business.
The report said that the company is planning to spin off the new company eventually.
HTC did not directly respond to the report.
The report hurt market sentiment on the local bourse, as many investors fear that the company will lose momentum in the VR business due to the departure of the new unit. HTC shares fell 9.93 percent to close at NT$74.4.
According to the report, after HTC unveiled its first VR headset Vive early last year, the company started to consider the possibility of setting up a separate company for VR technology development and product marketing.
After the establishment of the VR company at the end of last year, HTC is expected to spin off the firm, which would be 100 percent controlled by HTC chairwoman Cher Wang (王雪紅), the report said.
According to the Ministry of Economic Affairs’ business and industry inquiry services, the new company has a paid-in capital of NT$1 million (US$30,886) and Wang is its chairwoman.
Government data show that HTC founder Cho Ho-tu (卓火土) and Wang’s husband, Chen Wen-chi (陳文琦), are on its board of directors.
Data also indicates that the company conducts a wide range of businesses, including the sale of computer equipment, information software, electronics material and precision machinery and telecom equipment development, as well as online retail sales.
In addition, the company is involved in international trade and warehousing business, according to the data.
The new company is located on the eighth floor of HTC’s headquarters in New Taipei City’s Xindian District (新店).
By extending its reach into the VR business with the launch of the Vive headset, HTC has ambitions to take advantage of the emerging market to reduce the impact of escalating competition in the global smartphone market in both high-end and budget models.
Market analysts said that HTC has gained the upper hand in VR technology development over its peers.
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