China Cosco Holdings Co (
China Cosco sold 2.24 billion shares at HK$4.25 each, the bankers said, asking not to be identified. The Beijing-based company offered the shares to investors at between HK$4.25 and HK$5.75 each, said the bankers. The company plans to start trading its shares in Hong Kong on June 30.
China Cosco, which more than doubled its profit last year, raised less than the maximum it sought because of concerns shipping rates will fall next year on excess capacity, said investors such as Tim Leung at IG Investment Management (Hong Kong) Ltd. The company is betting more trade to and from China will spur demand for sea freight and boost container traffic."We're not interested in China's shipping industry because the growth cycle is almost stretched to the limit and a profit slowdown is expected" said Leung, who helps manage US$370 million of Asian stocks and didn't buy the shares. "Overall, the sector isn't attractive."
Freight rates, which soared during a four-year boom in Chinese exports to the US and Europe, may decline next year as fleets expand, London-based Drewry Shipping Consultants Ltd forecasts. Capacity may grow 16 percent next year, almost twice as fast as demand, Drewry said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
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