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User:Vycl1994/Douglas Hsu

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Douglas Hsu (Chinese: 徐旭東; born 24 August 1941) is a Taiwanese business executive.

Early life

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Douglas Hsu was born in 1941, to business magnate Hsu You-hsiang [zh] and his second wife. Douglas Hsu attended the University of Notre Dame and graduated from Columbia University, with a master's degree in economics.[1]

Career

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Hsu took control of the Far Eastern Group upon his father's death.[1] The FEG formed a business alliance with the Bank of Chongqing in 2009, securing a five-year loan with RMB4 billion.[2][3]

Telecommunications

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Under his leadership, FarEasTone began a joint venture with China Steel in 2000.[4] FarEasTone's initial public offering on the Gretai Securities Market was announced in 2001.[5] FarEasTone explored the utilization of General Packet Radio Service for use in 3G devices.[6] After a merger between KG Telecom [zh] and FarEasTone,[7] Hsu announced that FarEasTone would work with KG Telecom's former parent company NTT Docomo on the technology.[8] FarEasTone opened on the Taiwan Stock Exchange in August 2005.[9] Starting in 2007, FarEasTone partnered with Google to offer free email.[10] In June 2007, FarEasTone bid for a regional WiMAX license,[11] and launched 4G service with the technology in 2009.[12] In April 2009, China Mobile agreed to buy a twelve percent stake in FarEasTone, although Chinese companies were forbidden by law to invest in large Taiwanese wireless companies.[13] Despite Hsu strong support of the transaction and shareholder approval,[14][15] the government did not make Taiwanese telecommunications open to China until the signing of an economic cooperation framework agreement in 2010.[16][17][18] In October 2009, FarEasTone launched an app store called the S Mart.[19]

Hsu also served as chairman of New Century InfoComm, jointly owned by FarEasTone and Singapore Telecom.[20] New Century began service in August 2001, after five months of delay.[21] In 2006, Hsu said that New Century InfoComm was exploring expansion to television.[22] Hsu considered merging FarEasTone and New Century InfoComm in early 2007.[23]

Retail

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Far Eastern Department Stores acquired Pacific Sogo in late 2002,[24][25] and Hsu named Chung Chin chairwoman of Sogo.[26][27] With Sogo's license to operate in China,[25] Far Eastern Department Stores announced expansion to Shanghai and Beijing in 2004.[28] That same year, Ho stated that another subsidiary, A.mart, could merge with RT-Mart,[29][30] a claimed denied by company president Charles Kruse.[31] In January 2005, Hsu announced a membership card for use across Far Eastern Group businesses.[32]

In 2006, the China Times reported that Wu Shu-jen had received Sogo vouchers from a number of people, including Hsu, in 2003.[33] Sun Ta-chien alleged that Wu's husband, Chen Shui-bian, also used the vouchers.[34] Hsu,[35] Wu,[36] and the Chen's family doctor,[37] Huang Fang-yen were questioned in a subsequent investigation. In October 2006, Hsu was indicted on charges of bribery and breach of trust.[1][38] Reports from Next Magazine continued to question Hsu's acquisition of Sogo through 2008.[39] The Taipei District Court ruled on the case in August 2008,[40] and acquitted Hsu of all charges.[41] The Taiwan High Court upheld Hsu's acquittal in September 2010.[42] Sogo's former owner continued to contest Hsu's ownership of the company via court action.[43]

Banking

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Far Eastern International Bank [zh], founded in 1992 and owned by Hsu's Far Eastern Group,[44] has explored several mergers. Discussions have been held with HSBC,[45][46] among others.[47][48] By mid-2007, Far Eastern International elected to raise funds,[49] and considered expansion to China.[50] Hsu stepped down as bank chairman in June 2008, in accordance with a law making it illegal for a bank chairman to hold equivalent positions at non-financial institutions.[44] The next year, Far Eastern International Bank bought AIG Credit Card Company.[51]

Construction and public projects

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In August 2005, Hsu was appointed chairman of the Far Eastern Electronic Toll Collection Company, a joint operation between Far EasTone, TECO Electric and Machinery, Systex Corporation, and MiTAC.[52] The company completed a cashless electronic toll collection system set to launch in January 2006.[53] Introduction of the new system was delayed, as the Taipei High Administrative Court ruled in February 2006 that Far Eastern's bid had been disqualified.[54][55] The Ministry of Transportation and Communications renegotiated the contract and Far Eastern continued work.[56]

Asia Cement (China) Holdings Corporation, a subsidiary of Asia Cement Corporation owned by Hsu,[57] made an initial public offering on the Hong Kong Stock Exchange in May 2008.[58]

Political activity

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In 1999, he commented on the influence of China on Taiwan's business leaders, regarding it as too large to ignore, but also politically uncertain.[59] In 2001, he advised president Chen Shui-bian to lower tariffs on textiles and allow more investment from China into Taiwan's textile industry.[60][61] Hsu reiterated this stance throughout Chen's administration.[62][63][64] Hsu has served on multiple governmental trade delegations, which have been to Africa and Germany.[65][66] He attended the 2005 World Forum[67] and suggested later that year, that a minimum tax rate on businesses be set at five percent.[68] He also attended the gathering in 2006.[69]

Personal life

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Hsu was elected to the board of the Chiang Ching-kuo Foundation in 2000.[70] He is credited with helping Suntory expand to Taiwan.[71] Hsu's former residence in Dinghao, Taipei, was redeveloped and opened in December 2002 as Bistro 98.[72]

References

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  1. ^ a b c Lin, Jackie (9 October 2006). "Newsmaker: Daring Douglas Hsu's spectacular fall from grace". Taipei Times. Retrieved 19 December 2018.
  2. ^ "Far Eastern Group forms alliance with Bank of Chongqing". Taipei Times. 30 May 2009. Retrieved 19 December 2018.
  3. ^ "Bank to write off losses". Taipei Times. 11 June 2009. Retrieved 19 December 2018.
  4. ^ Chuang, Sharon (3 February 2000). "China Steel, Far Eastern partner in Web venture". Taipei Times. Retrieved 19 December 2018.
  5. ^ Nystedt, Dan (16 February 2002). "Far EasTone says profits up 147%, plans stock listing". Taipei Times. Retrieved 19 December 2018.
  6. ^ Nystedt, Dan (16 October 2001). "Far EasTone says GPRS launch hurt by lack of handsets". Taipei Times. Retrieved 19 December 2018.
  7. ^ Ho, Jessie (9 October 2003). "Telecoms merger spices up market for 3G services". Taipei Times. Retrieved 19 December 2018.
  8. ^ "Far EasTone teams up with DoCoMo for Taiwan service". Taipei Times. 13 March 2003. Retrieved 19 December 2018.
  9. ^ Lin, Jackie (25 August 2005). "Far EasTone shares slide after making TAIEX debut". Taipei Times. Retrieved 19 December 2018.
  10. ^ Tan, Jason (31 July 2007). "FarEasTone to offer e-mail to users". Taipei Times. Retrieved 19 December 2018.
  11. ^ Wang, Lisa (13 June 2007). "Shareholders agree to capital reduction plan for Far EasTone". Taipei Times. Retrieved 19 December 2018.
  12. ^ Wang, Lisa (23 December 2009). "Far EasTone debuts 4G service using WiMAX technology". Taipei Times. Retrieved 19 December 2018.
  13. ^ Chii, Elizabeth (28 August 2009). "China Mobile chair lobbies ministry". Taipei Times. Retrieved 19 December 2018.
  14. ^ "Deal will go through: Hsu". Taipei Times. 12 May 2009. Retrieved 19 December 2018.
  15. ^ Wang, Lisa (17 June 2009). "Far EasTone shareholders approve share sale plan". Taipei Times. Retrieved 19 December 2018.
  16. ^ Tchii, Elizabeth (21 August 2009). "Yiin denies China Mobile meeting". Taipei Times. Retrieved 19 December 2018.
  17. ^ "Far EasTone to sell stake". Taipei Times. 8 May 2010. Retrieved 19 December 2018.
  18. ^ "Far Eastern chief sees opportunities in cross-strait pact". Taipei Times. 16 June 2010. Retrieved 19 December 2018.
  19. ^ Wang, Lisa (25 March 2010). "Far EasTone boosts capital spending". Taipei Times. Retrieved 19 December 2018.
  20. ^ Nystedt, Dan (3 March 2003). "New Century set to wage phone battle". Taipei Times. Retrieved 19 December 2018.
  21. ^ Lue, Annabel (8 August 2001). "Cost of calls to US, China to plummet". Taipei Times. Retrieved 19 December 2018.
  22. ^ Wang, Lisa (15 July 2006). "Telecom firm eyes cable market". Taipei Times. Retrieved 19 December 2018.
  23. ^ Wang, Lisa (14 March 2007). "Far EasTone considering merge with New Century". Taipei Times. Retrieved 19 December 2018.
  24. ^ Lue, Annabel (19 October 2002). "Far Eastern to buy Pacific Sogo". Taipei Times. Retrieved 19 December 2018.
  25. ^ a b Lue, Annabel (14 November 2002). "Far Eastern Group buys into China". Taipei Times. Retrieved 19 December 2018.
  26. ^ "Pacific Sogo gets new chief". Taipei Times. 25 February 2003. Retrieved 19 December 2018.
  27. ^ Ko, Shu-ling (10 March 2003). "Chung Chin turns a page as new Sogo chairwoman". Taipei Times. Retrieved 19 December 2018.
  28. ^ Ho, Jessie (7 April 2004). "Far Eastern looks at expanding". Taipei Times. Retrieved 19 December 2018.
  29. ^ Lin, Jackie (8 April 2004). "Hypermarts may merge". Taipei Times. Retrieved 19 December 2018.
  30. ^ Lin, Jackie (10 April 2004). "Carrefour shifts strategy with Taipei hypermarket". Taipei Times. Retrieved 19 December 2018.
  31. ^ Lin, Jackie (26 April 2004). "Far Eastern Geant chief puts a stop to merger talk". Taipei Times. Retrieved 19 December 2018.
  32. ^ "'Happy Go' card launched". Taipei Times. 8 January 2005. Retrieved 19 December 2018.
  33. ^ Ko, Shu-ling (14 April 2006). "Chen denies Sogo voucher charges". Taipei Times. Retrieved 19 December 2018.
  34. ^ Shih, Hsiu-chuan (23 June 2006). "Legislator accuses Chen of using Sogo vouchers". Taipei Times. Retrieved 19 December 2018.
  35. ^ "Hsu questioned over Sogo purchase". Taipei Times. 14 July 2006. Retrieved 19 December 2018.
  36. ^ "First lady quizzed, investigators say". Taipei Times. 12 July 2006. Retrieved 19 December 2018.
  37. ^ Chang, Rich (1 July 2006). "First family's doctor talks to investigators". Taipei Times. Retrieved 19 December 2018.
  38. ^ Chang, Rich; Ko, Shu-ling (3 October 2006). "First lady cleared, tycoon Hsu indicted". Taipei Times. Retrieved 19 December 2018.
  39. ^ Wang, Lisa (28 August 2008). "Far Eastern boss denies bribe claims". Taipei Times. Retrieved 19 December 2018.
  40. ^ Chen, Kevin (29 August 2008). "Far Eastern, subsidiaries' shares suffer on legal woes". Taipei Times. Retrieved 19 December 2018.
  41. ^ Chang, Rich (30 August 2008). "Court clears Hsu and convicts Lin in Sogo lawsuit". Taipei Times. Retrieved 19 December 2018.
  42. ^ Chang, Rich (8 September 2010). "Hsu acquitted in Sogo controversy". Taipei Times. Retrieved 19 December 2018.
  43. ^ Tan, Jason (16 April 2010). "Court rules in Sogo ownership claims". Taipei Times. Retrieved 19 December 2018.
  44. ^ a b "New chair for Far Eastern bank". Taipei Times. 17 June 2008. Retrieved 19 December 2018.
  45. ^ Chung, Amber (25 October 2006). "HSBC could hold off for now on bank acquisitions". Taipei Times. Retrieved 19 December 2018.
  46. ^ "Far Eastern shares surge". Taipei Times. 4 November 2006. Retrieved 19 December 2018.
  47. ^ "Far Eastern Bank's share price soars on takeover rumor". Taipei Times. 26 January 2007. Retrieved 19 December 2018.
  48. ^ "Far Eastern Bank possibly seeking a merger partner". Taipei Times. 8 November 2004. Retrieved 19 December 2018.
  49. ^ "Bank okays fundraising plan". Taipei Times. 21 June 2007. Retrieved 19 December 2018.
  50. ^ "Far Eastern mulls ceding control to grow in China". Taipei Times. 17 July 2007. Retrieved 19 December 2018.
  51. ^ Chen, Kevin (22 May 2009). "Jih Sun Financial OKs restructuring plan for bank unit". Taipei Times. Retrieved 19 December 2018.
  52. ^ Ho, Jessie (12 August 2004). "JV promises new freeway toll plan". Taipei Times. Retrieved 19 December 2018.
  53. ^ Chung, Amber (28 December 2005). "E-toll system dispute escalates". Taipei Times. Retrieved 19 December 2018.
  54. ^ Shan, Shelley (26 February 2006). "Ruling on ETC dispute leaves motorists hanging". Taipei Times. Retrieved 19 December 2018.
  55. ^ Shan, Shelley; Shih, Hsiu-chuan (26 February 2006). "Court ruling throws toll project into turmoil". Taipei Times. Retrieved 19 December 2018.
  56. ^ Shan, Shelley (25 March 2005). "Ministry hails new deal with toll firm". Taipei Times. Retrieved 19 December 2018.
  57. ^ "Far Eastern to sell shares of PRC businesses in HK". Taipei Times. 21 March 2008. Retrieved 19 December 2018.
  58. ^ "Post-quake expectations fuel Asia Cement debut". Taipei Times. 21 May 2008. Retrieved 19 December 2018.
  59. ^ Friedman, Thomas L. (1 September 1999). "Two countries, one stock market". Taipei Times. Retrieved 19 December 2018.
  60. ^ "Taiwan `solid,' `vibrant' says President Chen". Taipei Times. 12 July 2001. Retrieved 19 December 2018.
  61. ^ Chen, Kevin (10 August 2001). "Local textile makers look to China". Taipei Times. Retrieved 19 December 2018.
  62. ^ Ho, Jessie (7 April 2005). "More liberal cross-strait policy urged". Taipei Times. Retrieved 19 December 2018.
  63. ^ Ho, Jessie (1 February 2005). "Businesses call for lifting of China investment bans". Taipei Times. Retrieved 19 December 2018.
  64. ^ Chung, Amber (4 September 2009). "Delisting necessary: Kong". Taipei Times. Retrieved 19 December 2018.
  65. ^ "Lin Hsin-yi talks up high-tech firms at German workshop". Taipei Times. 4 September 2001. Retrieved 19 December 2018.
  66. ^ Lin, Chieh-yu. "African investments encouraged". Taipei Times. Retrieved 19 December 2018.
  67. ^ "Foreign minister finishes up his trip to New York". Taipei Times. 29 June 2005. Retrieved 19 December 2018.
  68. ^ Lin, Jackie (16 July 2005). "Don't make us lose our edge, businesses ask". Taipei Times. Retrieved 19 December 2018.
  69. ^ "Taiwan Quick Take: Huang attends US forum". Taipei Times. 15 June 2006. Retrieved 19 December 2018.
  70. ^ "Infighting rocks academic foundation". Taipei Times. 17 December 2000. Retrieved 19 December 2018.
  71. ^ Chang, Ju-ping (27 July 2001). "Restaurant of the week - Suntory Restaurant (燦鳥日本餐廳)". Taipei Times. Retrieved 19 December 2018.
  72. ^ Chen, Kevin (12 December 2002). "Dinghao to get trendy fun-spot". Taipei Times. Retrieved 19 December 2018.


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