Two companies wholly owned by the daughter of the founder of Hon Hai Precision Industry Co (鴻海精密) on Monday reported to the Taiwan Stock Exchange that they would dispose of all of the Hon Hai shares they hold.
In filings with the exchange, Hong Wei Investment Co (鋐維) said it would sell the 2.771 million Hon Hai shares it holds and Frontier Investment Corp (承鋒投資) said it would sell its 2.409 million Hon Hai shares from tomorrow until Jan. 3 next year.
The two companies are wholly owned and chaired by Shirley Gou (郭曉玲), the eldest daughter of Hon Hai founder Terry Gou (郭台銘). The elder Gou is still a big shareholder in the company, but is no longer involved in its daily operations.
Photo: Ann Wang, Reuters
The two companies serve as institutional shareholders of Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), and given that they are owned by Terry Gou’s daughter, their disposal of shares could be seen as an important indicator of investor sentiment.
Terry Gou held almost 1.74 billion Hon Hai shares as of the end of October, while “an interested party” related to him owned 5.18 million shares, exchange data showed.
Given that the two companies owned by Shirley Gou held 5.18 million shares, the “interested party” is thought to be her and that the shares represent all of her holdings in Hon Hai.
Based on the NT$222 closing price of Hon Hai shares on Monday, the two companies are expected to pocket about NT$1.15 billion (US$36.58 million) through the sale of the shares.
Analysts said the disposal plan was understandable, given that Hon Hai shares have risen significantly due to market enthusiasm over artificial intelligence (AI) development.
Hon Hai is a leading assembler of AI servers.
Hon Hai shares had soared almost 40 percent since the beginning of July.
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