Chang Gung Hospital Emerges as Major Shareholder in Taiwan's Tech Giants

The Chang Gung Medical Foundation stands as one of Taiwan's most formidable "invisible shareholders," wielding significant influence in the capital market beyond traditional financial institutions. As a core holding entity of the Formosa Plastics Group, the foundation possesses substantial stock in the group's four major companies: Formosa Plastics, Nan Ya Plastics, Formosa Chemicals & Fibre, and Formosa Petrochemical.

While the foundation's investments in these petrochemical giants have faced challenges, with their value shrinking by 40% over the last three years due to industry pressures, its other strategic holdings have yielded impressive returns. Notably, its stake in Taiwan Semiconductor Manufacturing Company (TSMC) has seen a remarkable surge. The foundation holds approximately 14,600 shares of TSMC, and their book value has grown 4.5 times, exceeding NT$35 billion (approximately $1.1 billion USD) as of June this year.

This growth in TSMC shares contrasts sharply with the performance of its Formosa Plastics holdings. The total fair value of its investments in the four Formosa companies, which peaked at NT$235.47 billion in 2022, dropped to NT$96.33 billion by 2024 before recovering to NT$137.53 billion in 2025. This fluctuation led to a substantial paper asset evaporation of NT$140 billion over two years.

Beyond TSMC, the Chang Gung Medical Foundation has also increased its investment in MediaTek, with holdings rising from 621 shares to 805 shares, boosting its book value from NT$388 million to NT$1.15 billion. However, its investment in China Steel has seen a decline, with book value shrinking from NT$1.17 billion to NT$1.07 billion.

The foundation's financial strength is further underscored by its substantial cash reserves, which surpassed NT$100 billion by the end of 2025. This has led to a significant increase in annual interest income, more than doubling from NT$253 million in 2022 to NT$1.325 billion in 2025. While primarily known for its healthcare services, the foundation's substantial non-medical income, particularly from dividends and interest, highlights its powerful position as a financial investor.