Terry Gou to Run for President of Taiwan

Foxconn billionaire founder Terry Gou’s surprise announcement Wednesday that he plans to run for president of Taiwan after being urged to do so by a sea goddess has raised to fever pitch the debate about the island’s fragile relations with China and the U.S.

The announcement came after Foxconn, known as Hon Hai Precision Industry, said on Tuesday that the self-made billionaire would be stepping back from daily management at the company. Taiwan will hold presidential elections in January 2020. Hong Kong-listed Foxconn unit FIH Mobile jumped as much as 58 per cent on Thursday, before pulling back to be 11.4 per cent higher. The stock is on track to gain 66.7 per cent for the week. Shanghai-listed Foxconn Industrial Internet Co climbed by the daily limit of 10 per cent on Thursday, after closing 10 per cent higher on Wednesday.

“Punters are excited by the news and that boosted the stocks of the group of companies,” said Alex Wong, a director at Ample Finance. However, he said, a correction – when a stock price falls as investors in tandem sell at a profit – could come at any time.

FIH’s stock ranked as the second-biggest percentage gainer in early trade, tracking a rally in its parent Foxconn. It has outperformed the Hang Seng Commerce & Industry Index sector by 55.2 percentage points in the past month.