Zhang Ronghua Takes Charge, Shifts Strategy: Indonesian Carbon Credit Seller Involved in Fundraising Scandal — Tatung Group Divests from Fu-Hwa Smart Equity

In June 2023, Tatung Group appointed Hong Qichang, a former political heavyweight from the New Tide faction, as chairman of Fu-Hwa Electronics. Subsequently, the group partnered with 'Asia Asset Development' to actively develop forest carbon credits in Indonesia. This 'Green New Southbound' initiative, however, began to falter amid shifting global dynamics—particularly after Sanlih Group took control of Tatung and former U.S. President Trump returned to power, declaring once again that 'green energy is a hoax.'

Originally driven by Tatung’s grandson company 'Fu-Hwa Smart,' the project saw its equity transferred in March this year to the Indonesian partner 'Asia Asset Development.' Notably, the latter’s principal, Qi Yongwen, had previously been implicated in the Asia Mining fundraising scandal.

Prior to Sanlih Group’s takeover last year, Tatung endured nearly eight years of bitter ownership battles. After market-oriented forces led by Wang Guangxiang of Sanyuan Construction took control in 2020, internal disagreements among major shareholders—including Taiwanese businessman Zheng Wenyi and Junmao Group’s Wu Zhenlong—coupled with Wang’s personal financial troubles, led to repeated leadership changes. Although the group later announced plans to expand into cross-border carbon trading initiatives such as 'blue carbon' and 'green hydrogen,' many of its partners, including Tianyi Group, were themselves mired in controversy.