Terry Gou’s Taiwan presidential run fuels rally in Foxconn shares

HONG KONG: Shares of Foxconn and its Shanghai and Hong Kong-listed units soared on Thursday as investors cheered news that the chairman of the world’s largest contract manufacturer will run for president of Taiwan.

Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, said on Wednesday he would join the already competitive presidential race, and take part in the opposition, China-friendly Kuomintang (KMT) primary elections.

Foxconn in a statement on Tuesday said Gou would remain chairman, though he planned to withdraw from his company’s daily operations.