Shareholders Question Energy 'Black Hole'; Chairman Chang An-ping: Industrial Investment Takes Time

Central News Agency (Taipei) May 22. TCC held its shareholder meeting today, where shareholders questioned the acquisition of European new energy subsidiary NHOA Energy in 2021, noting that its market value has evaporated by over 90% since privatization. Chairman Chang An-ping responded to accusations of a "black hole" by stating that industrial investment requires time to develop and that "it is not the case that today's investment yields tomorrow's profit." He emphasized that TCC entered the energy storage market from scratch and that NHOA's EBITDA will be positive this year. Regarding concerns about a potential European listing, TCC President Cheng Yao-hui explained that raising capital in Taiwan's current low-stock-price environment would dilute shareholder equity. Therefore, listing in Europe is a strategic choice to attract international funds without diluting existing shares. While some shareholders suggested rebranding as an "AI stock," Chang expressed his attachment to the current stock code but noted that a European listing could consider such positioning.