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Taiwan to let chip, LCD makers invest on mainland

(Agencies)
Updated: 2009-09-29 10:30

TAIPEI: Taiwan will allow contract chipmakers and flat-panel companies to acquire rivals on Chinese mainland, an official with the island's economic agency said on Tuesday, sending semiconductor stocks higher.

The official confirmed an Economic Daily report quoting the agency's chief Shih Yen-shiang as saying panelmakers and chip companies using advanced 0.13 micron process technology would be able to directly invest and buy stakes on Chinese mainland.

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"This is the direction we're taking, but we don't have a timetable yet," Huang Hsien-lin, a section chief, said. "Timing is the most crucial thing. We need to maintain Taiwan's leadership in the technologies."

At about 20 minutes into trade, the semiconductor sub-index was up 2.45 percent, with TSMC and UMC, the world's top two contract chipmakers, up more than 3 percent.

AU Optronics, the world's No.3 LCD maker after South Korea rivals, climbed 2.4 percent. All the shares outperformed the main TAIEX index's 1.3 percent gain.

Taiwan firms, including AU Optronics, TSMC and UMC, have urged the island's authorities to allow them to invest on the mainland or use more advanced technologies to help cut costs and compete with global rivals.