The board of China Life Insurance Co (中國人壽) last week said China Development Financial Holding Corp’s (CDFHC, 中華開發金控) bid to buy its shares at NT$23.6 per share is reasonable.
CDFHC, which holds a 34.82 percent stake in China Life, would buy an additional 21.13 percent stake in China Life.
Prior to the board’s announcement, accounting firms KPMG Certified Public Accountants (安侯建業) and BDO Taiwan (立本台灣聯合會計師事務所) had concluded their reviews of the bid on Wednesday.
Photo courtesy of China Life Insurance Co
KPMG had suggested the board to accept an offer at NT$23 to NT$27 per share, and BDO Taiwan had suggested to accept a bid at NT$22.24 to NT$27.18, China Life said in a regulatory filing on Thursday.
A BDO Taiwan accountant surnamed Chou (周) said that CDFHC aims to increase its stake in China Life to boost its return on equity by expanding its operation and asset size, adding that the financial holding’s overall sound condition allows for such a move.
The Fair Trade Commission last week approved the offer, which was publicized on Jan. 8.
CDFHC encouraged China Life shareholders to sell their shares until Tuesday next week, the financial holding said in a statement on Wednesday.
It aims to acquire up to 1 billion shares, or 21.13 percent of China Life shares, CDFHC said. The minimum number of shares it hopes to secure is set at 236.57 million shares, or a 5 percent stake, it added.
This week’s undoing of the TerraUSD algorithmic stablecoin and its sister token, Luna, has ramifications for all of crypto. First, there is the immediate impact: The rapid collapse of a once-popular pair of cryptocurrencies sent a ripple effect across the industry, contributing to plummeting coin prices that wiped hundreds of billions of market value from the digital-asset market and stoked worries over the potential fragility of digital-asset ventures. Then there are the knock-on effects. In addition to delivering punishing losses to individual users and investment firms, the spectacular failure of a market darling like Terra threatens to have a cooling effect
China’s biggest chipmaker has cut its outlook for the second quarter, joining a growing list of manufacturers warning about the fallout from lockdowns aimed at containing the country’s worst COVID-19 outbreak in two years. Semiconductor Manufacturing International Co (SMIC, 中芯) estimates a month-long lockdown in Shanghai could spur component shortages and logistics tangles, and erase about 5 percent of its output in the second quarter. “We are trying our best to mitigate the impact on product delivery,” SMIC Chairman Gao Yonggang (高永崗) told analysts on a call yesterday morning. “We are still assessing the actual impact as many suppliers restart their
DISRUPTIONS: The war in Ukraine, China’s lockdown measures, rising interest rates and inflation have thrown a wrench into business plans made years in advance Samsung Electronics Co is talking with foundry clients about charging as much as 20 percent more for making semiconductors this year, joining an industry-wide push to hike prices to cover rising costs of materials and logistics. Contract-based chip prices are likely to rise around 15 percent to 20 percent, depending upon the level of sophistication, people familiar with the matter said. Chips produced on legacy nodes would face bigger price hikes, while new pricing would be applied from the second half of this year, they said, adding that Samsung has finished negotiating with some clients and is in discussions with others. Samsung’s decision
material SHORTAGE: Even as workers are about to return, Quanta lacks operating supplies, while Pegatron reported its lowest revenues in 11 quarters, the companies said Taiwan’s major Apple Inc supplier cut its outlook for the second quarter, joining a growing list of manufacturers warning about the fallout from lockdowns aimed at containing China’s worst COVID-19 outbreak in two years. Quanta Computer Inc (廣達電腦), which assembles MacBooks, expects a 20 percent quarterly fall in notebook shipments and a squeeze on margins this quarter due to the lockdown, a company representative said on Friday during an earnings call. The impact from supply chain disruptions could last until the end of the year, she said. The company’s Shanghai factory has been operating under tight restrictions since the middle of last month,
RSS