Sat, Jul 14, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

TUTORING SERVICES

Bexcellent up 34% on IPO

Shares of Bexcellent Group Holdings Ltd (精英匯集團控股), whose top tutor earns more than HK$40 million (US$5.1 million) a year, yesterday surged as much as 34 percent on their first day of trading in Hong Kong. The provider of tutoring services to Hong Kong secondary-school students was so popular that individual investors placed orders for about 289 times the stock initially available to them. Bexcellent raised HK$135 million in its initial public offering (IPO) after pricing the shares near the top of a marketed range. This was in contrast to Xiaomi Corp (小米), which two weeks ago priced its IPO at the low end. Bexcellent shares closed at HK$1.32, a 22 percent gain from the IPO price of HK$1.08.

RANKINGS

Largan tops Asia300 list

Smartphone camera lens supplier Largan Precision Co (大立光) topped Nikkei’s Asia300 list of the 325 fastest-growing and most valuable companies in the region, excluding Japan. The Nikkei Asian Review, which produced the list, said it used five criteria to determine the ranking: average revenue and net profit growth, return on equity, net profit margin and the ratio of shareholder equity to total assets over the past five years. India’s TCL Technologies Holding Ltd came in second, ahead of Indonesian property developer Bumi Serpong Damai, while Taiwan Semiconductor Manufacturing Co (台積電) tied with Tencent Holdings Ltd (騰訊) in fourth place, Nikkei said.

PLASTICS

FPC executive out on bail

Taipei prosecutors yesterday released former high-ranking Formosa Plastics Corp (FPC, 台塑) executive Lee Sun-ju (李孫儒) on NT$5 million (US$163,634) bail as he faces allegations of receiving tens of millions of New Taiwan dollars in kickbacks from the firm’s suppliers. Lee was questioned yesterday at the Taipei District Prosecutors’ Office for suspected contraventions of the Securities and Exchange Act (證券交易法). He was in charge of procurement in his role as deputy general manager of the information technology department.

TRADE

TAITRA official upbeat

Taiwan has spent the past few years diversifying its export markets and promoting industrial transformation, which should help minimize the effects of the ongoing trade dispute between the US and China, a Taiwan External Trade Development Council (TAITRA, 外貿協會) official said on Thursday. “Even if the US-China trade war drags on, Taiwan must be prepared, but not panic,” TAITRA vice chairman Liu Shih-chung (劉世忠) said at a seminar sponsored by the Stimson Center on the impact of the trade dispute. TAITRA contacted China-based Taiwanese businesses before the trade dispute began and several forecast that it would take three to six months to gauge its impact, Liu said. “Taiwan will unavoidably be affected if the US-China trade war develops into a long drawn-out affair,” Liu said.

INVESTMENT

Green loans, bonds surge

As of the end of May, domestic banks’ total outstanding loans to the green energy sector stood at NT$1.089 trillion, while insurance companies’ investment in power plants using renewable energy sources reached NT$7.48 billion, Financial Supervisory Commission statistics showed. In addition, NT$41.8 billion of green bonds were sold in Taiwan. The numbers were up by NT$44.2 billion, NT$2.13 billion and NT$21.2 billion respectively from the levels recorded at the end of last year.

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