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Foxconn Chairman Terry Gou is considering running for President of Taiwan

Founder of Hon Hai Precision Industry, better known as Foxconn, (Listed in Taiwan, code: 2317.tw), Terry Gou, announced he will run for Taiwan’s 2020 President election.

Hon Hai Precision Industry owns Foxconn, a company which assembles the majority of the world’s mobile phones in mainland China and is one of Apple’s most important manufacturers.

Gou said that his presidential aspirations had been blessed by Mazu, the Sea Goddess who is one of the most important Taoist and buddhist deities. Furthermore, Mr. Gou said, “I have four grand-children and three children in Taiwan. What is their future? I think about what I can do for the young people.”

This news would greatly impact the world largest contract electronics manufacturer, as the company stated “His (Mr. Gou) wish is to withdraw from daily operations after having developed and mentored a new generation of talent to carry on Foxconn’s mission. As chairman, Mr. Gou will continue to provide strategic direction and guidance.”

The political issues among US, China and Taiwan are complex. More than 70% of revenues of Hon Hai Precision Industry come from Foxconn. It is said Mr. Gou has strong ties with the U.S. and Chinese government as Foxconn employees over 600,000 Chinese citizens and has been a strong company since 1970’s.

However, the traditional view of the younger generation in Taiwan are that they want be to be more independent from China. If Mr. Gou was elected President, he has to handle opposing views from within Taiwan for his business in China. 

Taiwan’s economy and complicated relationship with China will be at the heart of the 2020 presidential campaign. However, Gou’s lack of government experience may be balanced in the mind of voters by his relationship with Trump and the Chinese government. Foxconn has committed to building a $10 billion factory in Wisconsin.

Foxconn has struggled to grow in the past 2 years as sales of iPhone’s have dropped. It is said Foxconn has gained more deals from Huawei and Xiaomi, the booming Chinese phone makers. Foxconn might diversify its business faster out of the saturated smartphone assembling business. We are sure if Mr. Gou is elected as President of Taiwan, this may boost his business in both China and US.

Hon Hai Precision Industry (2317.tw) stock price surged after the news.

Stock chart is from Google.

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