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.
‘SHORT-TERM ECONOMIC PAIN’: A military takeover would only temporarily weigh on wafer production on both sides of the Taiwan Strait, IC Insights said Taiwan has more chip manufacturing capacity than any other economy in the world, US-based market information advisory firm IC Insights said in a research paper last week, cautioning that the nation’s strength could prompt China to attempt to take over Taiwan. Taiwan commanded 21.4 percent of global installed IC capacity, ahead of South Korea’s 20.4 percent, Japan’s 15.8 percent and China’s 15.3 percent, North America’s 12.6 percent and Europe’s 5.7 percent, IC Insights said. Taiwan is one of two countries that uses 10-nanometer technology or better to produce wafers, holding 62.8 percent of global capacity, with South Korea holding the remaining 37.2
SELF-SUFFICIENCY: Alibaba is one of a number of Chinese firms that has answered Beijing’s call to invest in the development of cutting-edge technologies Alibaba Group Holding Ltd (阿里巴巴) yesterday unveiled a new server chip that is based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. The Chinese tech giant’s newest chip is based on micro-architecture provided by the SoftBank Group Corp-owned Arm Ltd, it said. Alibaba, which is holding its annual cloud summit in Hangzhou, China, said that the chip is to be used in its own data centers in the “near future” and would not, for the time being, be sold commercially. “Customizing our own server chips is consistent with our ongoing efforts toward boosting our computing capabilities with better
AGGRESSIVE STEP: With the new processors, Apple is aiming at the high-end chips Intel has provided for the MacBook Pro and other top-end Macs for about 15 years Apple Inc on Monday took the most aggressive step yet to strip Intel Corp chips from its computers, announcing more powerful homegrown Mac processors alongside a total revamp of its MacBook Pro laptop computers. The company showcased the chips at an event called “Unleashed,” which also included its latest audio products. The new components, called the M1 Pro and M1 Max chips, are 70 percent faster than its M1 predecessors, Apple said. It also unveiled a redesigned MacBook Pro, adding larger screens, MagSafe charging and better resolution. With the new processors and devices, Apple is aiming squarely at the high-end chips that Intel has
PRICE SPREAD: Oil trading under the Brent futures contract is giving the US a hefty edge in pricing, increasing the rush to secure cheap fuel as winter approaches Asian demand for US oil is rising as the energy crisis boosts prices for other crudes that are priced against the global Brent futures contract. China and other Asian buyers have been snapping up supertankers of US oil for delivery next month and seeking more for December, some traders have said. Most buyers are seeking US grades that had recently slumped to the lowest levels in more than a year, with an added incentive after Beijing awarded millions of tonnes of crude oil import quotas. A wide spread between Brent and West Texas Intermediate (WTI) oil futures is accommodating higher US crude