Taiwan's main stock market held talks on selling shares to Borse Dubai Ltd, which has been expanding with its purchases of NASDAQ OMX Group Inc and the London Stock Exchange Group PLC.
Taiwan Stock Exchange Corp (TSE, 證交所) plans an initial public offering (IPO) early next year, chairman Wu Rong-i (吳榮義) said in an interview yesterday in Vietnam's financial center, Ho Chi Minh City. The exchange plans to sell as much as a 25 percent holding to overseas bourses and has held initial talks with the New York Stock Exchange, Deutsche Boerse AG, the CME Group Inc, and NASDAQ OMX, it said in December.
"We have had talks with the Dubai bourse," Wu said. "I met the chairman. We want to sign a memorandum of understanding first and we both want to go further."
The discussions were held at a meeting of the World Federation of Exchanges in Cairo last month, Wu said.
Borse Dubai owns the sheikdom's two stock exchanges, is a shareholder in the London Stock Exchange and will get an almost 20 percent stake in NASDAQ OMX, the world's second-largest stock exchange by volume of shares traded, through a joint takeover of the Nordic stock market operator OMX.
"We don't deny we were in general dialogue" with the Taiwanese exchange, Borse Dubai chairman Essa Kazim said yesterday in a telephone interview from Dubai. Kazim declined to comment further.
Kazim said in August that Borse Dubai had a "general interest in expanding" and was "looking at other stock exchanges."
The Dubai exchange may bid for a stake in the Karachi Stock Exchange should the Pakistani bourse be put up for sale, he said at the time.
Borse Dubai owns 80 percent of the Dubai Financial Market. It also owns the Dubai International Financial Exchange Ltd, the Gulf's first bourse open to issuers and investors of any nationality.
The TSE is waiting for an amendment to current laws to allow it to merge with the GRETAI Securities Market for bonds and unlisted stocks, the Taiwan Futures Exchange and Taiwan Depository & Clearing Corp, Wu said. After that, shares may be sold to as many as three foreign companies, he said.
"We hope that this amendment can be quickly passed, perhaps first quarter or second quarter at the latest," he said.
After consolidating the markets, the exchange will "launch an IPO, maybe at the beginning of next year."
The TSE may be interested in buying shares in the Ho Chi Minh City Stock Exchange when Vietnam's main bourse holds an initial public offering, Wu said.
The Taiwanese bourse and its Vietnamese counterpart signed a memorandum of understanding (MOU) in Ho Chi Minh City on Tuesday on cooperation in areas such as the exchange of information and in unspecified joint research projects.
Taiwan’s exports soared 56 percent year-on-year to an all-time high of US$64.05 billion last month, propelled by surging global demand for artificial intelligence (AI), high-performance computing and cloud service infrastructure, the Ministry of Finance said yesterday. Department of Statistics Director-General Beatrice Tsai (蔡美娜) called the figure an unexpected upside surprise, citing a wave of technology orders from overseas customers alongside the usual year-end shopping season for technology products. Growth is likely to remain strong this month, she said, projecting a 40 percent to 45 percent expansion on an annual basis. The outperformance could prompt the Directorate-General of Budget, Accounting and
Two Chinese chipmakers are attracting strong retail investor demand, buoyed by industry peer Moore Threads Technology Co’s (摩爾線程) stellar debut. The retail portion of MetaX Integrated Circuits (Shanghai) Co’s (上海沐曦) upcoming initial public offering (IPO) was 2,986 times oversubscribed on Friday, according to a filing. Meanwhile, Beijing Onmicro Electronics Co (北京昂瑞微), which makes radio frequency chips, was 2,899 times oversubscribed on Friday, its filing showed. The bids coincided with Moore Threads’ trading debut, which surged 425 percent on Friday after raising 8 billion yuan (US$1.13 billion) on bets that the company could emerge as a viable local competitor to Nvidia
BARRIERS: Gudeng’s chairman said it was unlikely that the US could replicate Taiwan’s science parks in Arizona, given its strict immigration policies and cultural differences Gudeng Precision Industrial Co (家登), which supplies wafer pods to the world’s major semiconductor firms, yesterday said it is in no rush to set up production in the US due to high costs. The company supplies its customers through a warehouse in Arizona jointly operated by TSS Holdings Ltd (德鑫控股), a joint holding of Gudeng and 17 Taiwanese firms in the semiconductor supply chain, including specialty plastic compounds producer Nytex Composites Co (耐特) and automated material handling system supplier Symtek Automation Asia Co (迅得). While the company has long been exploring the feasibility of setting up production in the US to address
OPTION: Uber said it could provide higher pay for batch trips, if incentives for batching is not removed entirely, as the latter would force it to pass on the costs to consumers Uber Technologies Inc yesterday warned that proposed restrictions on batching orders and minimum wages could prompt a NT$20 delivery fee increase in Taiwan, as lower efficiency would drive up costs. Uber CEO Dara Khosrowshahi made the remarks yesterday during his visit to Taiwan. He is on a multileg trip to the region, which includes stops in South Korea and Japan. His visit coincided the release last month of the Ministry of Labor’s draft bill on the delivery sector, which aims to safeguard delivery workers’ rights and improve their welfare. The ministry set the minimum pay for local food delivery drivers at
RSS