China's Guoyuan Securities Co (國元證券) will become a publicly traded company by acquiring a China Petrochemical Corp (中國石化) subsidiary, the third Chinese brokerage to pursue a so-called ``backdoor listing'' this year.
Guoyuan Securities, based in Anhui Province, will purchase 1.36 billion shares issued by Beijing Huaer Co (北京化二), according to a statement filed with the Shenzhen Stock Exchange yesterday. The brokerage will shift its assets into the new company and Beijing Huaer will sell all its assets to Beijing Dongfang Petrochemical Co (
The maneuver enables Guoyuan to get around a rule requiring Chinese companies to have been profitable for at least three years before going public. China's brokerages, which lost money when the stock market hit a nine-year low in 2005, are seeking backdoor listings to help raise money for expansion in a nation where 46 million trading accounts have been opened this year.
Beijing Huaer's investors will get two Guoyuan shares for every 10 shares they hold. Beijing Huaer lost money in 2005 and last year, and the stock exchange warned the company in March that it faced a possible delisting. The transaction is part of Beijing Huaer's non-tradable share conversion plan, the statement said.
Haitong Securities Co. (
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
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
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new