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19 August
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Asia

Taiwan’s richest man to take part in presidential run

Analysts see this as a threat to relationships between Foxconn and Apple

Photo: EPA

/NOVOSTIVL/ Foxconn chairman Terry Gou’s decision to make a run for Taiwan’s presidency creates "uncertainty" for the world’s largest iPhone assembler, and could threaten Apple’s long term relationship with the company, analysts have said. This article appeared in the South China Morning Post.

The 68-year-old Gou, Taiwan’s richest man with a net worth of US$7.6 billion, said on Wednesday that he would take part in the opposition Kuomintang’s (KMT) primaries for the 2020 race to challenge current president Tsai Ing-wen.

In a statement, Foxconn said that Gou wished to “withdraw from daily operation” but will “continue to provide strategic direction and guidance”.

The price of shares in Foxconn Industrial Internet, Foxconn’s smart factory and cloud computing division, which was listed on the Shanghai Stock Exchange in 2018, soared for two consecutive days after Gou’s announcement. FIH Mobile Limited, a Hong Kong listed subsidiary of Foxconn, also soared for over 50 per cent on Thursday morning.

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