Taipei:Ting Hsin International Group executive Wei Ying-chiao has purchased a significant stake of over 17 percent in Taipei Financial Center Corp. (TFCC), which operates the iconic Taipei 101 skyscraper, from the Japanese business conglomerate Itochu.
According to Focus Taiwan, the entire 17.274 percent stake held by Itochu in TFCC has been transferred to Cheng Mei Capital Co., a company owned by Wei Ying-chiao. The Ministry of Economic Affairs' corporation registration data reveals that Cheng Mei was established on July 14, with Wei as its representative. The company's activities include investments, venture capital, and business consulting services.
TFCC acknowledged Itochu's decision to divest its stake and expressed its welcome to Cheng Mei as a shareholder. The company anticipates collaborative efforts among Cheng Mei and other shareholders to enhance the growth and prosperity of the commercial building, thereby increasing returns for all parties involved.
In a separate statement, Wei expressed optimism about the future business prospects of Taipei 101 and committed to working alongside the management team and fellow shareholders to ensure the skyscraper's stable growth. Ting Hsin previously held a major stake in Taipei 101 but withdrew following pressure related to an edible oil scandal in 2014, selling its 37.17 percent stake to Itochu for US$665 million, with the transaction finalized in 2018.
Itochu began reducing its involvement in Taipei 101 in 2024, starting with the transfer of approximately 5 percent of its stake to the subsidiary Nishimatsu Taiwan Investment Corp. By 2025, Itochu further decreased its holdings from 32.14 percent to 17.274 percent by transferring shares to six government-invested banks Mega International Commercial Bank, First Commercial Bank, Taiwan Cooperative Bank, Hua Nan Commercial Bank, Chang Hwa Commercial Bank, and Taiwan Business Bank. Currently, these government-led entities collectively own about 70 percent of TFCC.
