HocMon Trade Joint Stock Company (HASTC:HTC) (HTC) plans to spin off its nascent VR business into a new company, HTC's native Taiwan reported. According to some unnamed sources in the industry, HTC Chief Executive Officer Cher Wang will soon create a new entity that will only handle VR products such as the upcoming HTC Vive headset. For starters, this new company will be wholly owned by Wang and HTC.

HTC shares went up by more than 5% following the news. HTC hasn't issued an official statement on the matter, at least not yet.