United Microelectronics (UMC) stock soared 5.04% during the night session on Wednesday, marking a significant upward movement for the semiconductor manufacturer.

The surge follows the company's annual shareholders meeting where CFO Liu Qidong announced plans for selective price increases in the second half of the year due to higher expansion costs at its Singapore fabrication plant. Additionally, UMC reported exceptional first-quarter results with net profit surging 108% year-over-year to NT$16.17 billion, significantly exceeding market expectations.

Further bolstering investor confidence were details of the company's improved operational metrics, including gross margin reaching 29.2%, capacity utilization rising to 79%, and average selling prices growing 8% year-over-year in Q1. The company expects Q2 selling prices to increase an additional 5-7%, potentially pushing gross margins above 30%. UMC also reinforced its growth trajectory with a NT$1.03 billion acquisition of mechanical equipment from Tokyo Electron for production capacity expansion.