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Home Business

Taiwan to fine Foxconn for unauthorised China investment

by Sumbul Farid
December 18, 2022
in Business, Mobile, Tech, Trending, World
Reading Time: 1 min read
0
File photo: Apple's supplier -- Foxconn

File photo: Apple's supplier -- Foxconn

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On Saturday, Taiwan’s government said it would fine Foxconn, the world’s largest contract electronics maker, for an unauthorised investment in a Chinese chip maker even after the Taiwanese firm said it would be selling the stake.

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Foxconn banner seen at a factory
Source: Tech Crunch

Taiwan has turned a conscious eye on China’s ambition to boost its semiconductor industry and is enforcing legislation to prevent what it says is China stealing its chip technology.

A major Apple Inc supplier and iPhone maker, Foxconn, disclosed in July it was a shareholder of castellated Chinese chip conglomerate Tsinghua Unigroup.

Late Friday, Foxconn said in a filing to the Taipei stock exchange its subsidiary in China had agreed to sell its entire equity stake in Tsinghua Unigroup.

Foxconn
Source: Live mint

Taiwan’s Economy Ministry said in response that its investment commission, which has to approve all foreign investments, will ask Foxconn on Monday for a “complete explanation” about the investment.

Tags: AppleChinaFoxconnTaiwan
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