Taiwan-listed companies reported a record-high profit from their investment projects on the mainland in the first half of this year, the island’s financial regulatory agency said on Wednesday.
Their investment projects on the mainland earned a total profit of 154.3 billion new Taiwan dollars (5.26 billion U.S. dollars) in the first six months, up by 41.7 billion dollars year on year, the agency said in a press release.
The agency attributed the profit hike to the increasing demand for consumer electronics and other IT products used for long-distance communication amid the COVID-19 epidemic.
A total of 1,191 Taiwan-listed firms have invested in the mainland, accounting for 74.02 percent of the total, according to the agency.
They have invested 2.52 trillion new Taiwan dollars in the mainland in the first six months, up by 13.4 billion dollars from the figure at the end of last year.
The new investment went to new branches and affiliated firms on the mainland or was used to expand business there, the agency said, adding that manufacturers of computer and related products, as well as electronic components, contributed to the biggest investments.