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Taiwanese tycoon in China in hot water over losing controlling stakes: Hsieh Chin Ho

The tycoon has been a friend of Chinese President Xi Jinping for more than 20 years

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(screenshot image of 謝金河)

(screenshot image of 謝金河)

TAIPEI (Taiwan News) - A Taiwanese tech tycoon in China was said to have suffered a setback from investing in China, despite a 20-year-old friendship with Chinese President Xi Jinping, and lost his controlling stake to a state-owned Chinese enterprise.

Hsieh Chin Ho (謝金河), founder of the magazine Business Today (今周刊), brought the story to his Facebook fans page on Monday. He recalled the good times and the fall of Jason Hsuan's (宣建生) company TPV Technology. Hsuan is a notable Taiwanese businessman in China and has been known for having good relations with the Chinese government.

Hsuan recently entered the media spotlight for being called "bro Jason" by Xi at a side event of Boao Forum for Asia in April.

Hsuan was born in China's province of Fujian during World War II, and moved to Taiwan to live with his parents at a young age. He was educated at a junior high school and at National Cheng Kung University in Taiwan, before heading to the U.S. in the 1970s for master and doctoral degrees. He founded the company TPV in his late 20s.

TPV is a CV monitor and TV manufacturer, and has been listed on both the Hong Kong and Singapore stock exchanges since 1999, according to the company website.

"Hsuan's company had been doing extremely well, until recent years," sighed Hsieh in the beginning of his Monday post.

"Hsuan and Xi first met each other when his company was building a plant in Fuqing City of Fujian Province 20 years ago, and since then they've become friends .... TPV had been doing extremely well until the 2008 financial crisis, with yearly revenue exceeding US$10 billion; TPV's stock price on the Hong Kong exchange once soared to HK$9.85 (US$1.26) with market cap closing NT$100 billion (US$3.38 billion)," said Hsieh.

Last year, the company suffered a loss of HK$394 million (US$50.23 million), when its share value nosedived to HK$0.98, merely one tenth from its prime. The company's majority shareholder has also changed. The state-owned China Electronics Corporation (CEC, 中國電子信息產業集團) now owns 55.25 percent of the shares, while Hsuan is not even on the list of its top ten shareholders, added Hsieh.

Hsuan is still acting as chairman and CEO of the company.