MOEA (Ministry of Economic Affairs) said that Taiwan's listed companies in the manufacturing industry on average spent 2.5% of revenues on R&D in the second quarter of 2015, marking the highest single-quarter share of R&D spending to revenues in history, reported Economic Daily News on August 26. In the first half of 2015, TSMC (Taiwan Semiconductor Manufacturing Company) was the top spender with over NT$30 billion (US$927 million; US$1=NT$32.355) invested in advanced manufacturing processes, up over 30% year on year. Foxconn ranked second with around NT$22.7 billion (US$702 million) invested in R&D, followed by MediaTek's NT$21.7 billion (US$671 million), Innolux's NT$7.6 billion (US$235 million), and HTC's NT$7.1 billion (US$219 million). Overall, Taiwan's listed manufacturing companies' R&D expenditures reached NT$270.9 billion (US$8.4 billion) in the first half of the year, growing 8.3% year on year.