Explosive global demand for artificial intelligence (AI) and high-performance computing drove Taiwan-listed companies’ overall first-half profits to a record NT$3.42 trillion (approximately $107.1 billion), with China investment income also setting a new high — yet its share of total profits actually fell to a historic low of 8.48%. According to the latest data from CRIF Taiwan, Taiwanese listed companies’ reliance on China earnings continues to decline, with “non-China” markets demonstrating stronger profit momentum.
Based on data from the Market Observation Post System, cumulative China investment income from listed companies reached NT$289.95 billion (approximately $9.1 billion) in the first half of 2026, up 11.12% year-over-year, reversing the downtrend seen in 2022 and 2023 caused by global supply chain restructuring, inflation, and interest rate hikes. Looking at the five-year trajectory, China investment income declined 12.91% and 13.26% in the first halves of 2022 and 2023 respectively, with H1 2023 briefly falling below the NT$200 billion mark to NT$194.94 billion (approximately $6.1 billion).
Since 2024, buoyed by AI chip demand, server upgrade cycles, and the end of electronics industry destocking, China investment income began to rebound sharply, surging 22.59% to NT$238.99 billion (approximately $7.5 billion) in H1 2024. This high-growth momentum carried through 2025 and 2026, setting records for three consecutive first halves.
Hon Hai Remains Top China Earner; Elite Material Emerges as Biggest Dark Horse
Among individual parent companies, Hon Hai (2317.TW) retained the top spot with China investment income of NT$117.62 billion (approximately $3.7 billion) in the first half, up 27.85% year-over-year. A single company accounted for 40.57% of all listed companies’ total China investment income, underscoring the “big get bigger” dynamic.
The most closely watched dark horse was AI play Elite Material (2383.TW). Benefiting from robust demand for high-end halogen-free materials and server laminates, its H1 China investment income surged to NT$25.55 billion (approximately $800.3 million), a staggering 130.29% year-over-year increase, overtaking TSMC’s (2330.TW) NT$20.74 billion (approximately $649.7 million) to claim second place for the first time.
Several other dark horses emerged in the top 10. Traditional industry giant Nan Ya Plastics (1303.TW) saw its China investment income reach NT$5.01 billion (approximately $156.9 million), up a blistering 370.93% year-over-year, rocketing from 42nd place last year to 8th, driven by its electronic materials investments and inventory restocking benefits. Semiconductor packaging and testing leader ASE Technology Holding (3711.TW) and thermal solutions maker Auras Technology (3017.TW) also posted strong growth of 82.26% and 79.28% respectively, breaking into the top 10.
At the China subsidiary level, Hon Hai’s A-share listed Foxconn Industrial Internet (FII) topped all subsidiaries with investment income of NT$71.59 billion (approximately $2.2 billion), up 59.84% year-over-year, reflecting strong global AI server assembly demand. Elite Material’s subsidiary Elite Electronic Material (Kunshan) ranked third with NT$16.22 billion (approximately $508.1 million), up 110.52%; TSMC’s Nanjing subsidiary contributed NT$14.91 billion (approximately $466.9 million), placing fourth.
Consumer staples leader Uni-President Enterprises (1216.TW) saw its subsidiary Uni-President Enterprises (China) Investment contribute a steady NT$4.83 billion (approximately $151.4 million) in the first half, up 11.67% year-over-year, ranking ninth — demonstrating that China’s consumer market continues to play a balanced offensive-defensive role for Uni-President.
Notably, while existing China production bases continue to generate profits, Taiwanese companies’ appetite for new China investment has clearly cooled. In the first half of this year, Taiwan-approved investment into China fell to just $400 million (approximately NT$13 billion), a 30.31% decline from the same period in 2025.
CRIF analysis points out that China investment income hitting record highs for three consecutive first halves shows that Taiwanese companies’ highly efficient manufacturing bases and R&D clusters, built over many years in China, still hold advantages that are difficult for the “red supply chain” to fully replace amid the AI, high-end smartphone, and cloud computing upgrade wave. Taiwanese firms have successfully transformed from low-cost contract manufacturing to high-value-added core component production, continuing to deliver returns to parent companies.
However, due to the dilution effect of overall listed company profits also hitting record highs, the share of China investment income in H1 has fallen to 8.48%, breaking below the 10% threshold for the first time and setting a historic low. This data indicates that Taiwanese companies, while maintaining production efficiency in China, have achieved significant results in diversifying single-market risk and pursuing greater global profits — with profit growth momentum from “non-China” regions now clearly outpacing the China market.
Below are the top 10 listed companies by China investment income in H1 2026:
RankCompanyChina Investment Income (NT$100M)YoY Growth1Hon Hai1,176.1827.85%2Elite Material255.50130.29%3TSMC207.41—4Nan Ya Plastics50.08370.93%5Uni-President48.3311.67%6ASE Technology Holding—82.26%7Auras Technology—79.28%
Note: Detailed income figures for ASE Technology Holding and Auras Technology were not fully disclosed in public filings; however, their year-over-year growth rates of 82.26% and 79.28% respectively placed both firmly within the top 10.