PSMC shareholders virtually approve proceedings for OTC listing

Powerchip Semiconductor Manufacturing, or PSMC, held its 2021 shareholder meeting on Friday in a hybrid virtual-physical format. It became the first major chip company to convene its investors, after the COVID ban on shareholder meetings was lifted on June 30. Voting online, shareholders approved a motion to file for an over-the-counter listing by the end of the year.

Staff in protective suits and visors count up votes at this board of directors by-election. Even with so few people in the room, every measure is taken to prevent viral transmission. This is PSMC’s shareholder meeting, which is unfolding physically and on the internet.

Frank Huang
Powerchip Semiconductor Manufacturing
Since the outbreak occurred, it’s been very difficult to hold shareholder meetings, because there are so many votes, and shareholders have to come. But we insisted on holding it today. Only after the election today can we start preparing for our stock listing on the Taiwan Stock Exchange. There’s a chip shortage, and business has been very good for us. So this decision is the most beneficial one for our shareholders.

PSMC has become the first major chip player to hold a shareholder meeting after the COVID suspension. It plans to jump from the emerging stock board to the OTC market by the end of the year. This week, the electronics sector had a lackluster showing, with TSMC continuing its decline on Friday to close down 0.84% at NT$588. Hon Hai closed at NT$111.5, falling 0.45%. Only UMC and MediaTek ended slightly up.

Hsiao Jui-hsun
Analyst
Today the turnover on the market continued to focus on shipping, transport, and steel. Recently the electronics sector has accounted for less than 40% of total turnover. Its daily transaction volume has been on the low end, historically.

Transport and shipping headed for a correction on Friday, with Yang Ming, Evergreen Marine, and Wan Hai Lines losing more than 2%. The Taeix closed flat at 17,710.15 points, down 3.79 points or 0.02%, on turnover of NT$607 billion.