Short-term Borrowings Surge by Over 2,000億元 in Half a Year
From 2025年底 to end-June 2026, borrowings at the top ten companies with the largest increases in short-term borrowings climbed rapidly. Wistron(3231) short-term borrowings rose from 2,351.7億元 to 4,253.6億元, a net increase of 1,901.9億元, up 80.9%; Quanta Computer(2382) rose from 2,417.2億元 to 3,399.4億元, an increase of 982.2億元, up 40.6%. The two combined added 2,884.1億元.
ASUS(2357) short-term borrowings rose from 296.8億元 to 1,007.4億元, an increase of 710.6億元, up 239.4%; Hon Hai(2317) short-term borrowings reached 8,453.5億元, a net increase of 508.9億元 in half a year, up 6.4%. Yageo(2327) added 396.5億元, up 462.8%, and Delta Electronics(2308) added 139.4億元, up 589.5%. For the top 50 tech companies, long-term borrowings and corporate bonds totaled 9,255.4億元, up 2,648億元 year-on-year, up 40.1% year-on-year, of which outstanding corporate bonds exceeded 2,250億元, up 84.3% year-on-year, with long-term bank borrowings up 30.1%.
High-Unit-Price Advances and Pressure From U.S. Plant Expansion
AI servers routinely cost over one million U.S. dollars per unit, far above the hundreds of thousands of New Taiwan dollars for traditional servers. Upstream chips require cash or extremely short prepayments, while downstream customers often take tens of days or even a quarter from acceptance and shipment to payment, so the faster revenue grows, the more cash must be advanced for materials. TSMC(2330) has committed to invest 2,650億美元 in Arizona, Wistron is investing nearly 7億美元 in Fort Worth, Texas to build the D1 AI smart factory, Quanta Computer has 2026年 capital expenditure of 400億元, with over 80% in California and Thailand, and Delta Electronics full-year capital expenditure is approaching 700億元.
Tightening Bank Funds and Cash-Flow-Resilient Groups
According to September statistics from the FSC, total loans by all domestic banks stood at 48.85兆元 at end-July, with a net monthly increase of 1兆399億元 in July, a single-month record high, of which working-capital loans rose 8,232億元 in a single month. The liquidity coverage ratio of domestic banks fell from 128.79% at end-August 2025 to 115.52% at end-July 2026, and was 120.57% in August, while the loan-to-deposit ratio rose to 72.96%, and new capital-expenditure loans by the five major banks reached 1,218.26億元 in August, a four-and-a-half-year high. Lending rates for some non-tech industries were raised by 0.5 to 0.9 percentage points, with rates on some AI syndicated loans rising to 2.3% to 2.5%. Delta Electronics posted third-quarter revenue of 1,970.59億元, up 31.1% year-on-year; TSMC posted third-quarter revenue of 1兆4,942.4億元, up 50.9% year-on-year, with net profit after tax of 7,630.6億元, EPS of 29.43元, gross margin of 66.4%, operating margin of 58.7%, and 2026年 capital expenditure of 600 to 640億美元. TrendForce forecasts 2026年 data-center installed power capacity at 155GW, up 29% year-on-year, with a global fiber-optic shortfall of 1.8億芯公里.