UPDATED: Taiwan Stock Exchange takes action against two offshore wind companies

Having undertaken what is known as a ‘formality review’ on 1 April 2026, the Taiwan Stock Exchange announced that it had placed Shinfox Energy, the EPC company for the Taipower Phase 2 offshore windfarm, under its ‘altered trading mechanism.’ According to a statement from the exchange, "financial statements recently filed by Shinfox Energy have been audited by an accountant who issued a report indicating significant uncertainty regarding its ability to continue as a going concern."

The second company to be sanctioned, Yeong Guan Energy, a leading provider of castings for the offshore wind industry, will be suspended from trading.

A statement from the Taiwan Stock Exchange said Shinfox Energy "had been found in violation of provisions listed under Article 49 Paragraph 1, Subparagraph 3 of the Operating Rules." As a result, the exchange said the company’s listed securities will be under the altered trading method from 7 April 2026. 

The same statement said Yeong Guan Energy Technology Group "had previously been found in violation of provisions under Article 49-1, Paragraph 1, Subparagraphs 7 and Article 49-3, Paragraph 1, Subparagraph 2 of the Operating Rules." As a result, trading of its securities was also placed under an altered trading method and subject "to a periodic call auction trading method." More recently, as a result of the review, the castings company has now been found in violation of the provisions listed under Article 50-3, Paragraph 1, Subparagraph 1 of the Operating Rules, having failed to deliver financial statements on time. As a result, the Taiwan Stock Exchange said trading of the company’s securities will be suspended from 7 April 2026.

Shinfox Energy is understood to have experienced significant financial challenges in recent months and is reportedly seeking to sell assets and raise funds. In its most recent filing, it reported a significant loss. At the end of 2025, SFE Hercules, a heavy-lift crane vessel working for a subsidiary of the company, was seized as a result of a dispute over unpaid bunkering fees. A subsidiary of the company is installing offshore infrastructure for 300-MW Taipower Phase 2, one of the country’s most important offshore windfarms. The deal was the first occasion that a Taiwanese company had been awarded an EPC contract in the industry in Taiwan. Shinfox Energy is also believed to have been contracted as the O&M contractor for the project. Installation work on the flagship Taipower 2 project is understood to have been suspended indefinitely. 

In a recent statement, Yeong Guan Energy said it faced "short-term funding allocation challenges" regarding an unsecured convertible bond, and was actively engaging with investors in debt restructuring discussions. The company also stated that, based on its financial information as of the end of 2025, "total assets significantly exceed total liabilities, and normal operations remain unaffected." 

The castings company said it would implement three response measures and three operational strategies, while actively engaging with bondholders in debt restructuring discussions. Yeong Guan Group emphasised that its financial structure and operations "remain stable."