Shinfox Energy (森崴能源) was delisted because subsidiary Fuwei Energy (富崴能源) ran up excessive costs on Taipower's (台電) offshore wind Phase 2 projectCITE:E2. Fuwei Energy signed the engineering-procurement-construction contract plus a five-year operation-and-maintenance agreement for the project in June 2020, building its own Pao-Wei marine engineering fleet and crew as Taiwan's first offshore wind contractor with in-house design, construction, and installation capabilityCITE:E3. The company said it encountered a series of setbacks after construction began that drove engineering costs up, though it still completed 96% of constructionCITE:E3. Facing the resulting financial strain, Shinfox Energy said it has been actively seeking new investors to help the company through the difficultyCITE:E2.
Shinfox Energy's losses widened from an already large FY2025 annual shortfall into a net-worth-erasing Q1 2026 result. Based on accounting rules requiring recognition of expected additional costs on the Fuwei Energy contract, the FY2025 annual report showed a net loss of NT$15.865 billion, a loss per share of NT$60, with net worth still at NT$1.54 billionCITE:E4. In the first quarter of 2026, net loss attributable to parent-company owners was NT$1.848 billion, with basic loss per share of NT$6.73CITE:E5.
| Metric | FY2025 annual report | Q1 2026 |
|---|---|---|
| Net loss | NT$15.865 billion | NT$1.848 billion |
| Loss per share | NT$60 | NT$6.73 |
| Net worth | NT$1.54 billion | Turned negative |
Shinfox Energy's (stock code 6806) net worth turned negative in the first quarter, which triggered a delisting provision under Taiwan Stock Exchange operating rulesCITE:E6. The company said the negative net worth stemmed from Fuwei Energy's cost overruns on the Taipower Phase 2 offshore wind contractCITE:E6. As a result, Shinfox Energy's shares were terminated from listing on June 23CITE:E6, matching the delisting date the company separately confirmed while searching for new investorsCITE:E2.
Hu Cheng-chieh (胡正杰) is conducting a public tender offer to acquire 50.98% to 72.82% of Shinfox Energy at NT$0.05 per share, starting August 18, according to a filing on Taiwan's Market Observation Post SystemCITE:E1. Shinfox Energy said on Monday, August 17, that it had received Hu's tender offer filing, offer statement, and related documentsCITE:E7. The company will convene a review committee within 15 days of receiving the offer notice to examine the acquirer's identity and financial standing, the fairness of the offer terms, and the reasonableness of the offer's funding source, and will retain independent experts to give an opinionCITE:E7.
| Tender offer detail | Value |
|---|---|
| Buyer | Hu Cheng-chieh |
| Offer price | NT$0.05 per share |
| Target stake range | 50.98%–72.82% |
| Offer start date | August 18, 2026 |
| Review committee deadline | Within 15 days of receiving offer notice |
The numbers show how fast Shinfox Energy's position deteriorated: its FY2025 annual report still recorded positive net worth of NT$1.54 billion, but the subsequent first quarter of 2026 flipped that net worth negative and triggered delisting under exchange rulesCITE:E4CITE:E6. That reversal traces back to a single contract — Fuwei Energy's 2020 win of Taipower's Phase 2 offshore wind project at NT$62.888 billion, undercutting Taipower's NT$64 billion budget after the tender had failed eight previous times, followed by cost overruns severe enough that turbine supplier Vestas stopped coordinating installation with Fuwei EnergyCITE:E8. Hu Cheng-chieh's tender offer, filed the same week Shinfox Energy disclosed its FY2025 and Q1 figures, now goes through the company's 15-day review process before any resolution of the ownership questionCITE:E1CITE:E7.
NT$0.05 per share, for a stake of 50.98% to 72.82%, starting August 18.
June 23, after its first-quarter net worth turned negative, triggering a Taiwan Stock Exchange delisting provision.
Eight times, before Fuwei Energy won the contract in 2020 at NT$62.888 billion, below Taipower's NT$64 billion budget.
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