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The investment ceiling for Taiwanese companies going to the mainland will gradually adjust. Yesterday, a spokesman for the Taiwan authorities publicly confirmed that the economic authorities had initially approved the relaxation of the mainland investment ceiling of Taiwanese enterprises, that is, from 20% to 40% of the net capital value to 60%.
At present, the plan still needs to pass the administrative approval for the day after tomorrow. If passed, it is expected to be formally implemented soon. This means that the biggest resistance to Taiwan investment in the mainland is becoming more and more relaxed. The IT giants in Taiwan have begun to respond positively to this move. TSMC, the world's largest semiconductor foundry company, told Zengjing Daily that the company is happy to see the policy open and more open to technical freedom.
Wu Changrong, assistant spokesperson of the global motherboard giant ASUS headquarters, expressed similar views and stressed that this is expected to drive a new wave of Taiwanese investment in the mainland.
60% single cap
The provisions on investment restrictions are concentrated in the so-called regulations in Taiwan. It was formulated in September 1992 and includes a number of implementation rules. Among them, for the indirect investment and technical cooperation management measures in the mainland, Taiwanese enterprises with a net capital value of less than NT$5 billion (about 1.25 billion yuan) must not invest more than 40% of their net capital. If the net capital value is higher than NT$5 billion, the portion invested in the mainland shall not exceed 20% or 30% depending on the industry, and this depends on the overall size of the investment enterprise.
Liu Fangrong, general manager of Flanders Consulting from Taiwan, told the China Business News that this restriction is actually equivalent to three standards. It is cumbersome in terms of application and review. It has long restricted the island's enterprises from entering the west. The actions of the mainland.
The change to the 60% ceiling means that the three standards will be unified into one and increase the 20% to 30% capital increase.
He stressed that this will allow Taiwanese companies in the gray area to go to the table. Because, in the past few years, many companies have taken covert measures in order to break through the 40% investment restrictions. For example, when it comes to equipment purchase, it is often used in the form of leases and is not reflected in the financial statements. And more companies are also lending from mainland banks, which has increased their operating costs.
Previously, in order to break through the restrictions, some companies have also tried to land in the Hong Kong capital market to detour westbound. Companies such as Foxconn have already achieved their goals, and semiconductor packaging test giant ASE has such plans last year. Liu Fangrong said that if realized, it will be able to circumvent investment restrictions and reduce investment costs, because the renminbi continues to appreciate, forcing them to adapt to the renminbi-based investment.
It is reported that in order to encourage enterprises in Taiwan to acquire M&A and promote Taiwan as an investment platform for cross-island investment, the establishment of operational headquarters or cross-island M&A enterprises in Taiwan will receive greater preferential treatment and the upper limit of investment amount will be abolished. Liu Fangrong said that in general, the operational headquarters refers to the strategic and financial departments, which has certain requirements on the scale of enterprises, generally refers to medium and large enterprises.
Looking forward to technical restrictions
Zeng Jinyu also expressed a hint of embarrassment. He said that even if the above policies are implemented immediately, they will not bring more substantial benefits to the company in the short term. Because Taiwan's investment in the semiconductor industry in the mainland, there are not only capital restrictions, but also technical restrictions. Up to now, in the semiconductor manufacturing industry, Taiwan has only opened up to 8 inches and 0.18 micrometers for the mainland, and this level is equal to the global giants such as TSMC and UMC. Because they have entered 12-inch semiconductor manufacturing many years ago.
If the technical level still maintains restrictions, even if the investment limit is cancelled, TSMC will not be able to invest large-scale in the mainland, otherwise it will only be a low-end circular layout and cannot enhance its competitiveness.
Relatively speaking, we also look forward to the continued openness of technology. Zeng Jinxuan revealed that at present, TSMC’s investment in the mainland is still very poor. Compared with the official construction of the Songjiang Plant in 2003, the amount has not increased significantly.
And Liu Fangrong also expressed a kind of embarrassment. Real openness is unrestricted. After all, this is in line with the will of the cross-strait industry. I can only say that the 60% ceiling is better than nothing. He said. Earlier, when talking about investment restrictions and the fate of the industry, he had some helplessness: Taiwan’s IT industry has fallen into an inescapable fate and sadness.
Ding Yuan, a spokesman for the global electronics foundry giant Hon Hai Group, did not answer this question. Notebook foundry giant Quanta did not comment on this.
In fact, according to the statistics of the Taiwan Stock Exchange, many companies have already set foot on the red line. In the first quarter of this year, more than 40% of the companies investing in the red line were about 52. More than 30% of the companies that exceeded 30% of the investment quota were about 110. After relaxing the restrictions, these 162 companies are expected to benefit immediately.
However, Zeng Jinyu added that although the policy is improving, but whether the specific enterprises increase their capital, they must consider other factors.
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