TPEX to hold HK conference
The Taipei Exchange (TPEX) yesterday said it is organizing a large overseas investors’ conference to attract more foreign institutional investors. Joining forces with Capital Securities Corp (群益金鼎證券), one of the nation’s largest securities houses, TPEX is to hold a two-day investor conference in Hong Kong on Thursday and Friday next week covering 17 companies listed on the local market, TPEX said. Representatives from a wide range of industries are to hold about 270 separate meetings with interested foreign institutional investors at the event, the exchange said. Foreign institutional investors that attend the meetings run investment funds worth about US$580 billion. After the conference in Hong Kong, the TPEX plans to hold similar events in Japan and Malaysia. Foreign institutional investors accounted for 22.6 percent of the market’s total value last year.
QST to acquire Chinese unit
QST International Corp (恒耀), which produces and distributes fasteners, yesterday said it would spend US$64 million to acquire its Chinese subsidiary Boltun BVI Corp to simplify its management structure. QST has a 55 percent stake in the Chinese unit, which last year generated revenue of 770 million yuan (US$122.7 million) and a net profit of 125.16 million yuan, company data showed. The acquisition is to be complete in the third quarter of this year, QST said in a filing with the Taiwan Stock Exchange. The fastener maker said in a separate filing that it is planning to take out a syndicated loan of between NT$2 billion and NT$3 billion (US$68.6 million and US$102.9 million).
FET unveils new rate plans
Far EasTone Telecommunications Co (FET, 遠傳電信) yesterday unveiled new rate plans for subscribers, who can get free membership at Fitness Factory (健身工廠) or free training programs. FET hopes the new offering would help boost average revenue per user. FET subscribers can choose to sign a service contract with a minimum monthly fee of NT$599, NT$999 or NT$1,399 for 30 months. Most telecoms used to subsidize the price of handsets to retain users, but they have shifted their subsidies to purchases of items beyond mobile phones. Hair dryers, Dyson vacuum cleaners and Gogoro electric scooters are all on FET’s subsidy list.
Shining opens Nanjing hotel
Shining Group (鄉林集團), the parent group of The Lalu (涵碧樓), a luxury hotel brand, yesterday opened a new property in Nanjing, China, as it seeks to boost its presence in the Chinese market and on the world stage. The Lalu Nanjing is the brand’s third outlet after the Lalu Sun Moon Lake in Nantou County and a property in China’s Qingdao. Shining Group chairman Lai Cheng-yi (賴正鎰) said the group is separating its property development from its hospitality business as the latter grows in scale and earnings contribution. The hospitality arm next plans to open an outlet in Chengdu and is mulling a Chinese initial public offering.
Yieh Phui proposes dividend
Yieh Phui Enterprise Co (燁輝) yesterday said its management team has proposed distributing a cash dividend of NT$0.2 based on last year’s net profit of NT$1.37 billion, or earnings per share of NT$0.75. The firm plans to hold its annual shareholders’ meeting on June 21 to discuss the dividend proposal. Yieh Phui shares yesterday edged up 0.47 percent to close at NT$10.8 in Taipei trading.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US