Foxconn Technology Co (鴻準), a metal casing manufacturing arm of Hon Hai Precision Industry Co (鴻海), yesterday said it is to acquire a 24.37 percent share of IDG Energy Investment Group Ltd for about HK$1.49 billion (US$190.79 million), tapping into the liquefied natural gas (LNG) market.
The strategic investment is to be made through five Foxconn Technology subsidiaries, the company said in a filing with the Taiwan Stock Exchange.
Each subsidiary is to subscribe to an offering of 297 million new shares issued by Hong Kong-based IDG for HK$1 per share, which represents about a 27 percent discount from IDG’s closing share price of HK$1.37 yesterday.
IDG plans to use the proceeds to invest in the natural gas industry, LNG terminal projects and related business, the company said in a statement.
IDG also expects to expand its business scope to other oil and gas companies or projects, the statement added.
IDG swung into a gross profit of HK$9.3 million for the six months ending on Sept. 30, compared with a gross loss of HK$13.6 million for the same period the previous year.
In separate news, Hon Hai’s board on Wednesday approved the listing of its subsidiary Foxconn Industrial Internet Co Ltd (富士康工業互聯網) in Shanghai.
The unit is to apply for an initial public offering of yuan-denominated ordinary shares (A shares) on the Shanghai Stock Exchange, the company said in a filing with Taiwan Stock Exchange.
The time frame for the application remains uncertain and details about the terms of the issue are undecided.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained