Ting Hsin’s Wei Ying-chiao buys over 17% stake in Taipei 101 from Itochu

Ting Hsin International Group (頂新國際集團) executive Wei Ying-chiao (魏應交) has bought an over 17 percent stake in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which operates the Taipei 101 skyscraper, from Japanese business group Itochu Corp.

TFCC said in a statement on Tuesday that Itochu had transferred its entire 17.274 percent stake in TFCC to Cheng Mei Capital Co (成美創投), a company owned by Wei.

According to corporation registration data compiled by the Ministry of Economic Affairs, Cheng Mei was founded on July 14 with Wei as its representative. Cheng Mei’s businesses include investments, venture capital and business consulting services.

People holding umbrellas walk past the Taipei 101 skyscraper on Friday last week.

Photo: Cheng-chia Huang, EPA

TFCC said it respected Itochu’s decision to sell its stake in Taipei 101 and welcomed Cheng Mei on board as one of the shareholders of the company.

It said it expected Cheng Mei and other shareholders to work together and help the commercial building continue to prosper and grow, creating a higher return for all shareholders.

In a separate statement from Wei’s office, he said he was upbeat about Taipei 101’s business outlook and would cooperate with the management team and other shareholders to enable Taipei 101 to grow at a stable pace.

Ting Hsin once had a major stake in Taipei 101, but it came under pressure to withdraw from the building’s management and give up that holding after it became embroiled in an edible oil scandal in 2014.

It eventually agreed to sell its 37.17 percent stake in the skyscraper to Itochu for US$665 million, and the transfer was completed in 2018.

However, Itochu began gradually unloading its stake in Taipei 101 in 2024, when it transferred a roughly 5 percent stake in Taipei 101 to subsidiary Nishimatsu Taiwan Investment Corp.

Last year, the Japanese group lowered its stake from 32.14 percent to 17.274 percent through a transfer of shares to six government-invested banks: Mega International Commercial Bank Co (兆豐國際商業銀行), First Commercial Bank Ltd (第一商業銀行), Taiwan Cooperative Bank Ltd (合作金庫商業銀行), Hua Nan Commercial Bank Ltd (華南商業銀行), Chang Hwa Commercial Bank Ltd (彰化商業銀行) and Taiwan Business Bank (臺灣企業銀行).

Currently, the government-led camp owns a roughly 70 percent stake in TFCC.