{"id":15193,"date":"2023-07-06T17:00:00","date_gmt":"2023-07-06T09:00:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=15193"},"modified":"2024-06-19T16:36:12","modified_gmt":"2024-06-19T08:36:12","slug":"abocom-2444-tw-ownership-change","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/","title":{"rendered":"AboCom (2444.TW): Pioneering Transformation through Multiple Generations of Leadership"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1fQm8SXf3JtNzEYGEEzpG8A.png\" alt=\"Ownership Transition: AboCom 2444.TW\"\/><\/figure>\n\n\n\n<div style=\"height:0px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:32px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69fa57b9c678f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69fa57b9c678f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#Preface\" >Preface<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#D-Link_Corporation_G2332\" >D-Link Corporation (G2332)&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#The_Birth_of_AboCom_ZhongWang_Tech_from_mentors_support\" >The Birth of AboCom: ZhongWang Tech from mentor\u2019s&nbsp;support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#D-Link_Corporation_Official_Inclusion\" >D-Link Corporation Official Inclusion<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#AboCom_YoWang_System_Inc_G2444\" >AboCom (YoWang) System Inc.&nbsp;(G2444)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#The_Beginning_of_Slump_Disagreement_among_the_Management_Team\" >The Beginning of Slump: Disagreement among the Management Team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#Strategic_Collaboration_with_Memory_Giant_ADATA_3260TWO\" >Strategic Collaboration with Memory Giant ADATA (3260.TWO)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#AboCom_System_Inc_G2444A\" >AboCom System Inc.&nbsp;(G2444A)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#Fake_transaction_isnt_the_first_time\" >Fake transaction isn\u2019t the first&nbsp;time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#Venturing_into_the_biotechnology_field\" >Venturing into the biotechnology field?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tejwin.com\/en\/insight\/abocom-2444-tw-ownership-change\/#Summary_of_Current_AboCom\" >Summary of Current&nbsp;AboCom<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Preface\"><\/span>Preface<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>On May 26, 2023, a company attracted market attention due to suspected unconventional transactions, potentially violating several provisions of the Securities and Exchange Act. That company is AboCom (2444.TW), a well-established Taiwanese networking equipment manufacturer with business interests spanning six major areas: networking manufacturing, advanced precision manufacturing, IoT applications, advanced laser chips and wafer materials, and memory business.<\/p>\n\n\n\n<p>Among these six areas, AboCom\u2019s primary value lies in the networking industry, where it initially thrived and even became the world\u2019s largest PCMCIA manufacturer. However, with ever-changing technologies, the PCMCIA market gradually declined, leaving AboCom struggling to find its identity and profitability. Since going public in 2000, the company only managed to remain profitable for a mere 10 years.<\/p>\n\n\n\n<p>Throughout its transformation journey, AboCom experienced multiple changes in leadership, as various parties vied for control in pursuit of maximizing the company\u2019s and shareholders\u2019 interests. This resulted in prolonged instability in AboCom\u2019s management. This article focuses on AboCom\u2019s efforts to maintain its core product competitiveness and undergo a proactive transformation while enduring the turbulent changes in leadership and operational conditions. Additionally, the article introduces how TEJ assesses group attribution amidst the turmoil in leadership, enabling readers to gain a comprehensive understanding of AboCom\u2019s history and to analyze the company\u2019s profitability and operational status from a group perspective.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"D-Link_Corporation_G2332\"><\/span>D-Link Corporation (G2332)&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Birth_of_AboCom_ZhongWang_Tech_from_mentors_support\"><\/span>The Birth of AboCom: ZhongWang Tech from mentor\u2019s&nbsp;support<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AboCom (known as ZhongWang at that time) was established on June 12, 1995, by three individuals: Chen Bing-Yi, Ouyang Zi-Kun, and Hsu Chih-Jen. The company\u2019s primary focus at the time was the manufacturing and sales of network cards. Bing-Yi, Chen served as the Chairman, primarily responsible for research and development; Zi-Kun, Ouyang was the General Manager, overseeing management and marketing; and Chih-Jen, Hsu held the position of Deputy General Manager in charge of research and development.<\/p>\n\n\n\n<p>Both Bing-Yi, Chen and Zi-Kun, Ouyang had previously worked at D-Link Corporation (2332.TW). Chen joined D-Link in 1987 and served as the Deputy General Manager, while Ouyang was Factory Manager. Luckily, Ouyang\u2019s mentor at Tamkang University, Her-Hsuan, Kao, was also associated with D-Link Corporation. After graduating, Ouyang entered D-Link Technology in 1988, and at the beginning of ZhongWang\u2019s venture, he received support from Kao. At that time, ZhongWang was a single company and had not yet formed a corporation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"D-Link_Corporation_Official_Inclusion\"><\/span>D-Link Corporation Official Inclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the early stages of its operation, the company faced losses in its first year with an operating profit of -2,96 million NTD. Struggling with a lack of funds, they sought help from Kao at D-Link Corporation. Kao not only contributed from his own pocket but also convinced his younger brother, who was the Chairman of D-Link Technology, to participate in the cash increase of ZhongWang Technology in 1997. The investment amounted to 50,000 million NTD, increasing their ownership stake to 51%. As a result, ZhongWang Technology was renamed to YoWang Technology and became part of the D-Link family, specializing in the manufacturing of PCMCIA cards.<\/p>\n\n\n\n<p>YoWang Tech went public on April 26, 1999, and was listed as a high-tech stock on December 8, 2000. In April 2001, the stock price reached its historical high of 116 NTD. TEJ included YoWang Technology as part of the D-Link Corporation in April 1997.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AboCom_YoWang_System_Inc_G2444\"><\/span>AboCom (YoWang) System Inc.&nbsp;(G2444)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Beginning_of_Slump_Disagreement_among_the_Management_Team\"><\/span>The Beginning of Slump: Disagreement among the Management Team<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 1999, there were differences in opinions among the top executives of YoWang Tech. Chairman Bing-Yi, Chen and major shareholder D-Link Technology were bullish on Home PNA (Personal Network Alliance), while General Manager Zi-Kun,Ouyang favored Router technology. Ultimately, the decision-making power rested with D-Link Technology, which chose to fully commit to the development of Home PNA, sowing the seeds of future division.<\/p>\n\n\n\n<p>However, the product choice turned out to be a misstep. Despite a promising initial development, Home PNA\u2019s transmission speed still could not meet market demands. In 2003, it was surpassed by the growth of ADSL. At that time, ADSL\u2019s price competitiveness caused Home PNA to gradually fade away, resulting in YoWang\u2019s operating profit plummeting from 103 million NTD in 2002 to -272 million NTD in 2003.<\/p>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1yAJMi3q6Pgq4QFcpgP4r6Q.png\" alt=\"Ownership Transition: AboCom Operating Profits 2001~2004\"\/><figcaption class=\"wp-element-caption\">AboCom (YoWang) Tech. Operating Profits 2001~2004. Source: TEJ&nbsp;Dataset<\/figcaption><\/figure>\n\n\n\n<p>At this time, on December 24, 2002, Bing-Yi, Chen, citing personal financial reasons, transferred more than half of his shares, thereby relinquishing his position as a director and going to the D-Link Group. In June 2003, Ouyang succeeded him as the Chairman. D-Link Group had already started divesting its shares in YoWang Tech since the end of 2001. During a shareholders\u2019 meeting, the Chairman of D-Link Technology stated that YoWang Tech had become a non-core investment business, leading to a gradual distancing of the relationship between YoWang and the D-Link Group. However, due to D-Link Group\u2019s continued majority ownership and board seats, YoWang Tech was still considered to belong to the D-Link Group, as shown in the table below:<\/p>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1qm0AWleiLYFcsxC1yRDlEQ.png\" alt=\"Ownership Transition: Change in D-Link\u2019s Control\"\/><figcaption class=\"wp-element-caption\">Change in D-Link Corp.\u2019s Control in AboCom 2000~2007. Source: Annual Report &amp;<em> TEJ&nbsp;GCRI<\/em><\/figcaption><\/figure>\n\n\n\n<div style=\"border: 1px black; border-style: solid none; text-align: center; border-color: #296580; padding: 24px; margin-top: 24px; margin-bottom: 24px;\">\n<p style=\"margin: 0px; font-size: 24px; font-weight: bold; line-height: 1.5;\">Want to Learn More?<br \/>Check Out Our Comprehensive data on Corporate Governance!<\/p>\n<div style=\"margin-top: 32px;\"><a style=\"border: none; border-radius: 4px; background-color: #296580; color: white; font-size: 20px; width: fit-content; text-decoration: none; padding: 12px 30px 12px 30px;\" href=\"https:\/\/www.tejwin.com\/en\/solution\/credit-risk-solution\/\">Credit Risk Solution<\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Collaboration_with_Memory_Giant_ADATA_3260TWO\"><\/span>Strategic Collaboration with Memory Giant ADATA (3260.TWO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After undergoing a two-year transformational period, YoWang Tech decided to develop new products related to Flash technology. In July 2005, they conducted a private placement worth 198 million NTD, bringing in a new major shareholder, ADATA Technology Co., Ltd. (3260.TWO), with a stake of 15.79%. ADATA was already well-established in the memory module and Flash development industry. The two companies joined forces to venture into digital photo frame products, which was initially seen as a promising opportunity for YoWang\u2019s transformation. Following the investment, YoWang Tech also received contract orders from ADATA as a partner.<\/p>\n\n\n\n<p>At this point, D-Link Group was no longer the largest shareholder, and as of June 2005, only held one director seat. ADATA Group did not have any director seats, while YoWang Tech Group held one Chairman seat. According to TEJ\u2019s assessment, when the number of seats is the same, it should be determined by the Chairman. Therefore, in July 2005, YoWang Tech underwent a change of ownership to become YoWang Tech Group, with managerial governance.<\/p>\n\n\n\n<p>As seen from the table below, as of April 2007, ADATA Group primarily held a combined ownership of 15.57% through ADATA Technology, \u5146\u9686 Investment, \u5b8f\u7426 Investment, Li-Bai, Chen, and Ling-Juan, Chen. ADATA Group also held one corporate director seat, while the Chairman of YoWang Tech remained Ouyang Zi-Kun, indicating that ADATA Group had no controlling power and no intention to take over the management rights. Hence, TEJ did not consider changing the group structure.<\/p>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/13E7_mfb_weodYMBvGyEzrQ.png\" alt=\"Ownership Transition: AboCom Control Table\"\/><figcaption class=\"wp-element-caption\">AboCom (YoWang) Group Control Table. Source: TEJ&nbsp;GCRI<\/figcaption><\/figure>\n\n\n\n<p>After the strategic collaboration with ADATA, YoWang Tech saw a significant increase in operating profit, reaching a peak of 142 million NTD in 2007. However, following this period, YoWang Tech&#8217;s profitability was still negatively impacted by the industry environment, resulting in several years of losses. Only in 2012, the company managed to generate a profit of 13.89 million NTD. In April of the same year, the ADATA Group divested its holdings in YoWang Tech, bringing an end to the seven-year strategic cooperation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AboCom_System_Inc_G2444A\"><\/span>AboCom System Inc.&nbsp;(G2444A)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fake_transaction_isnt_the_first_time\"><\/span>Fake transaction isn\u2019t the first&nbsp;time<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2015, after experiencing a two-year transformational period, YoWang Tech considered handing over the management rights and approached YangHwa Technology for discussions. However, due to the financial constraints, YangHua could only obtain director and supervisor positions through their controlled companies. Realizing that he could not exit the company, Ouyang became involved in a cycle of false transactions with them, earning a 4% profit margin. Unfortunately, on June 16, 2015, YangHwa Technology was searched by the authorities and unable to make payments, leading YoWang Tech to recognize 132 million NTD as bad account. As a result, the operating profit shifted from 29 million NTD profit in 2014 to a loss of 36.54 million NTD in 2015. In April 2017, the Insurance Bureau sued to remove Ouyang from his director position for failing to fulfill his responsibilities. However, Ouyang was later successfully re-elected as the Chairman.<\/p>\n\n\n\n<p>In November 2017, the market-oriented supervisor, Shi-Fu, Tsai (representative of Benefits UP), called an extraordinary shareholders\u2019 meeting to remove the originally biased company-appointed 5 directors and 2 supervisors, of which YoWang Group held 3 seats. In response, the company-appointed party also held an extraordinary shareholders\u2019 meeting the day before to counter-remove market-oriented supervisors. Unexpectedly, the meeting called by the company-appointed faction failed, and the market-oriented faction succeeded in passing a vote of no confidence against the company-appointed faction the next day, heralding a change in YoWang Tech\u2019s management.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venturing_into_the_biotechnology_field\"><\/span>Venturing into the biotechnology field?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2018, YoWang Tech filled the vacancies for 3 directors and 2 supervisors. The new members appointed to the board had mostly backgrounds in the biotechnology field (such as Xiang-Chuan, Yang, Kai-Yan, Zhang, Li-Ren, Zhang etc.). The significant gap in expertise between the company\u2019s business and its management raised suspicions about whether YoWang Tech was transitioning to the biotechnology industry, leaving uncertainty about the company\u2019s future direction. In the same year,<strong> \u201cYoWang\u201d changed its name to \u201cAboCom,\u201d<\/strong> indicating a change in direction from the previous management team.<\/p>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1mRGtAG-IVQ1CEdbr_jlgug.png\" alt=\"Ownership Transition: AboCom Control Table\"\/><figcaption class=\"wp-element-caption\">AboCom Group Control Table. Source: <em>TEJ GCRI&nbsp;Dataset<\/em><\/figcaption><\/figure>\n\n\n\n<p>Based on the shareholding and board seat data in April 2018, as shown in the table, YoWang Tech lost control over its board seats and shareholding. According to TEJ\u2019s rules for group leadership succession, the largest shareholder in April 2018 was Yoko Tech Corp., but Yoko Tech Corp. did not have control over board seats. Therefore, AboCom should be considered part of the new group, AboCom Group, which held 3 director seats with only 0.05% shareholding.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Summary_of_Current_AboCom\"><\/span>Summary of Current&nbsp;AboCom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Since its establishment, AboCom once secured a place in the industry with the success of PCMCIA. However, due to differing views on the future market among the management team during the early stages, the company\u2019s long-term competitiveness declined, and the seeds of management disintegration were sown.<\/p>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1lc2zSoOqZbQzYaqtBcNBJg.png\" alt=\"Ownership Transition: AboCom History\"\/><figcaption class=\"wp-element-caption\">The historical operating profits and annual stock prices of AboCom (2444.TW). Source: TEJ&nbsp;Dataset<\/figcaption><\/figure>\n\n\n\n<p>Nevertheless, AboCom\u2019s management still actively sought to enter broader markets through alliances with other industries. However, from a financial perspective, the profits brought about by AboCom\u2019s active transformation were fleeting; the industry\u2019s competition intensified, making survival even more challenging. In these circumstances, the last founding veteran, Zi-Kun, Ouyang, also attempted to leave the management team in 2015, but instead found himself entangled in a fake transaction scandal.<\/p>\n\n\n\n<p>Now, the original founding members have completely left the management team, and the baton of leadership has been passed to individuals with a background in biotechnology. AboCom continues to progress on its transformation journey, and after expanding its business scope and developing new products, it returned to profitability since 2021. However, whether this momentum of profitability can be sustained or if it will be short-lived like in the past remains a question, and this question again raised due to the recent fake transaction incident.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 has-custom-font-size\" style=\"font-size:23px\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/solution\/credit-risk-solution\/\" style=\"border-radius:13px;background:linear-gradient(135deg,rgb(233,216,141) 0%,rgb(102,215,177) 50%,rgb(28,101,158) 100%)\"><strong>Want to Learn More? <br>Check Out Our Comprehensive data on Corporate Governance!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:24px\"><strong>Read More<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"lcc4SqpHGN\"><a href=\"https:\/\/www.tejwin.com\/en\/insight\/networking-communication-industry\/\">Analyzing the Current State and Trends of Taiwan\u2019s Networking Communication Industry<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Analyzing the Current State and Trends of Taiwan\u2019s Networking Communication Industry&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/insight\/networking-communication-industry\/embed\/#?secret=UrhlLRvVS1#?secret=lcc4SqpHGN\" data-secret=\"lcc4SqpHGN\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:24px\"><strong>Want to know&nbsp;more?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-9193781b wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-fe9cc265 wp-block-group-is-layout-flex\">\n<p class=\"has-text-align-left has-text-color\" style=\"color:#328ec4;font-size:18px\">TEJ, with nearly 20 years of experience in corporate governance recognition, provides a consistent and verifiable basis for identifying the ultimate controllers of groups. By incorporating the TCRI (Taiwan Corporate Credit Rating Index), which has nearly 30 years of company credit rating data, TEJ introduces a quantified model to unveil the credit risk levels of these groups.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-left has-text-color\" style=\"color:#328ec4;font-size:18px\">Through TEJ GCRI Index, you can access information about the affiliation of each company to its respective group, inclusion and withdrawal dates, and reasons for such actions. Additionally, comprehensive annual financial data and group credit risk levels (GCRI) are available for each group.&nbsp;<br><mark style=\"background-color:#f9e4ab\" class=\"has-inline-color\"><strong>For more information, please refer to <\/strong><span style=\"background-color:#00000000\" class=\"has-inline-background\"><a href=\"https:\/\/www.tejwin.com\/en\/solution\/credit-risk-solution\/\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"ek-link\"><strong>TEJ Credit Risk Solution<\/strong><\/a>!<\/span><\/mark><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p>If you have any questions about this article or want to obtain further access to the TEJ database, please feel free to leave a comment, call, or mail us.<\/p>\n\n\n\n<p><strong>About us<\/strong><\/p>\n\n\n\n<p>\u2b50\ufe0f <a href=\"https:\/\/www.tejwin.com\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">TEJ Website<\/a><br>\u2b50\ufe0f <a href=\"https:\/\/www.linkedin.com\/company\/taiwan-economic-journal-co-ltd-\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u2709\ufe0f E-mail\uff1a <a href=\"mailto:%20tej@tej.com.tw\" target=\"_blank\" rel=\"noreferrer noopener\">tej@tej.com.tw<\/a><br>\u260e\ufe0f Phone\uff1a +886-2-87681088<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Once a dominant player in the global PCMCIA market, AboCom lost its core competitiveness due to a market misjudgment. Furthermore, it recently involved in an unconventional transaction\u2026<\/p>\n","protected":false},"featured_media":14601,"template":"","tags":[2911,2913,2360,2940],"insight-category":[689],"class_list":["post-15193","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-company-control","tag-corporate-governance","tag-gcri","tag-group-ownership-transition","insight-category-market-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/15193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":7,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/15193\/revisions"}],"predecessor-version":[{"id":24384,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/15193\/revisions\/24384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/14601"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=15193"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=15193"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=15193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}