Wed, Apr 19, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

BANKING

Branch opens in Changsha

State-run Taiwan Cooperative Bank (合庫銀行), the main subsidiary of Taiwan Cooperative Financial Holding Co (合庫金控), on Monday opened a new branch in Changsha, China, to better serve Taiwanese companies based in the city and areas nearby. Taiwan Cooperative Financial chairman Jason Liao (廖燦昌) and top officials flew to Changsha for a commencement event. The new branch could help the lender strengthen yuan-related operations and meet the financing demands of Taiwanese firms in the region. Changsha ranks first in terms of competitiveness in midwestern China and ninth overall in the Chinese market, the bank said.

SMARTPHONES

HTC to establish China unit

HTC Corp (宏達電) yesterday said it plans to spend 450 million yuan (US$65.36 million) to establish a fully owned subsidiary in Shanghai to conduct research and development, industrial design and sales of mobile devices. The investment is part of HTC’s long-term development strategy, it said in a filing with the Taiwan Stock Exchange. The announcement followed the firm’s board on March 15 approving a sale of plots of land and facilities in Shanghai for 630 million yuan as part of an asset rationalization plan, with HTC expected to book disposal gains of 147.6 million yuan from the transaction.

DISPLAY MAKERS

Lextar to build in Chuzhou

Lextar Corp (隆達), an LED manufacturing arm of AU Optronics Corp (友達光電), yesterday said it inked an agreement with the Chuzhou city government in China’s Anhui Province to build a manufacturing plant for LED products in the city’s industrial park. Lextar said it would hold a ground-breaking event before the end of this year and expects the new plant to become operational in 2019 with an estimated 3,000 employees. The new plant is to focus on manufacturing blue/white LED products, backlights and automotive lighting products, the firm said. Cumulative revenue totaled NT$3.14 billion (US$103.27 million) in the first three months of this year, dropping 7.36 percent from NT$3.39 billion in the same period last year, company data showed.

AIRLINES

Ex-EVA boss registers firm

Former EVA Airways Corp (長榮航空) chairman Chang Kuo-wei (張國煒) on Tuesday last week registered an investment company with NT$10 million in capital as part of preparations for his return to the airline industry, data from the Ministry of Economic Affairs’ Department of Commerce showed. The company, wholly owned by Chang, is to oversee the founding of his new carrier, Star Airlines (星宇航空), former EVA spokesperson Nieh Kuo-wei (聶國維) was quoted as saying by local media yesterday. Chang was ousted from EVA in March last year following a family feud over business succession.

RETAIL

Hyundai to make local debut

Eastern Home Shopping & Leisure Co Ltd (東森購物) yesterday said it was working with South Korea’s Hyundai Home Shopping Network Corp to introduce Hyundai’s best-selling products into the local market, in a bid to boost its sales growth. The Taiwanese company told a news conference that the two firms would also exchange TV shopping program production information and techniques. Eastern Home Shopping & Leisure, established in 1999, was the first TV shopping operator in Taiwan and has more than 8.8 million registered members and five TV channels in the nation, company data show.

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