Legislator Exposes Former Hsinchu Magistrate Cheng Yung-chin's Family for Involvement in Green Energy Speculation

On August 29, 2023, Kuomintang Legislator Wang Hung-wei held a press conference titled 'Green Energy Web' to publicly accuse the family members of former Hsinchu County Magistrate Cheng Yung-chin (father of Chupei Mayor Cheng Chao-fang) of using the green energy industry for stock speculation and benefit-seeking. Wang pointed out that Cheng Yung-chin's son, Cheng Chao-han, collaborated with Ku Sheng-hui, deputy secretary-general of the Hsinchu Tsai Ing-wen Friends Association and chairman of Li-Yang Energy, to establish several green energy companies, including 'Jiutian Green Energy,' between 2016 and 2019. These companies started with capitals of only NT$50,000 to NT$100,000 but saw their capitals surge to tens of millions within a short time before reselling shares for cash, a tactic dubbed the 'green energy alchemy.' The allegation revealed the extensive green energy business empire of the Cheng family and its financial links with DPP-aligned figures, sparking public criticism over green energy policies being used for crony capital speculation and casting doubt on the Cheng family's political integrity.