Mon, Jun 04, 2018 - Page 15 News List

Taiwan Business Quick Take

Staff writer, with CNA

COMMERCE

Record EU delegation visits

A delegation of more than 100 European business leaders are traveling to Taiwan for European Innovation Week, which is scheduled to run from today to Friday in Taipei and Tainan, the European Economic and Trade Office in Taiwan said. The delegation, led by Antti Peltomaki, deputy director-general of the European Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs, is to be the largest group ever organized by the commission to visit Taiwan. The five-day event is to feature a series of seminars, as well as presentations, start-up networking and company site visits, the office said. Topics discussed during the events are to include the circular economy, wind power, smart mobility, smart manufacturing, 5G connectivity and medical device regulations, it said.

STOCKS

IPO of Hon Hai subsidiary set

Foxconn Industrial Internet Co Ltd (富士康工業互連網), an Internet-focused subsidiary of Hon Hai Precision Industry Co (鴻海精密), is scheduled to launch an initial public offering (IPO) on the Shanghai Stock Exchange on Friday, Chinese tech Web site DeepTech quoted company chairman Timothy Chen (陳永正) as saying on Saturday. Last week, the company announced that it had completed the placement of part of its shares with a group of Chinese strategic partners. With an issue price of 13.77 yuan (US$2.14), the company is expected to raise about 27.11 billion yuan from the IPO by selling 1.969 billion shares, or about a 10 percent stake in the company, which would be the largest IPO in China in nearly three years. After the IPO, Hon Hai would retain about an 85 percent stake in the company.

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