{"id":17671,"date":"2023-08-17T17:00:00","date_gmt":"2023-08-17T09:00:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=17671"},"modified":"2024-06-06T15:35:33","modified_gmt":"2024-06-06T07:35:33","slug":"chung-fus-delisting-crisis-1","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/chung-fus-delisting-crisis-1\/","title":{"rendered":"Chung Fu\u2019s Delisting Crisis \u2160: Repeated Financial Reporting Errors Bring Delisting Closer!"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image alignfull\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1r105DAl2190BfxnW_vX4TQ.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<div style=\"height:40px\" 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-69e06cc87172a\" 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-69e06cc87172a\"  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\/chung-fus-delisting-crisis-1\/#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\/chung-fus-delisting-crisis-1\/#What_Happens_If_Financial_Reports_are_Delayed\" >What Happens If Financial Reports are Delayed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/chung-fus-delisting-crisis-1\/#Key_Events_in_Chung_Fus_Financial_Reporting_Issues\" >Key Events in Chung Fu&#8217;s Financial Reporting Issues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/chung-fus-delisting-crisis-1\/#Managements_Divergent_Statements\" >Management&#8217;s Divergent Statements<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/chung-fus-delisting-crisis-1\/#What_Jian_Chen_said_on_May_5th_Shareholder_Meeting\" >What Jian Chen said on May 5th Shareholder Meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/chung-fus-delisting-crisis-1\/#What_LiZhong_Huang_said_in_the_Letter_to_Chung_Fu_on_August_7th\" >What LiZhong Huang said in the Letter to Chung Fu on August&nbsp;7th<\/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\/chung-fus-delisting-crisis-1\/#What_Shareholder_Self-Help_Association_said_on_their_Website\" >What Shareholder Self-Help Association said on their&nbsp;Website<\/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\/chung-fus-delisting-crisis-1\/#The_Importance_of_Timely_Financial_Reporting_in_Corporate_Governance\" >The Importance of Timely Financial Reporting in Corporate Governance<\/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>Chung Fu (1435.TW), founded by GuoZhang Huang in 1961, initially focused on textiles. In 1970, anticipating industrial changes, Huang expanded operations by acquiring 20,000+ square meters of land in Zhongli District, Taoyuan City. Over 60 years, this land became a highly valuable asset, potentially worth billions when sold. Consequently, the stock hit a 2022 Q1 peak of 70.8 yuan.<\/p>\n\n\n\n<p>However, since Q2 2022, repeated financial report delays and an auditor&#8217;s inability to opine on the 2022 annual report led to a trading suspension on April 10, 2023. Amidst this crisis and stagnant financials, over 20,000 small shareholders are anxious; and thus aroused their most-caring questions: Will management continue or have the company be delisted? This article explores Chung Fu&#8217;s recent ownership events, delves into report delays, and underscores timely reporting and governance&#8217;s importance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happens_If_Financial_Reports_are_Delayed\"><\/span>What Happens If Financial Reports are Delayed?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Timely financial disclosure reflects a company&#8217;s transparency and provides investors with vital information for informed decisions. The Financial Supervisory Commission (FSC) actively promotes transparency and timeliness in corporate financial reporting.<\/p>\n\n\n\n<p>Per the Securities Exchange Act, Article 36, Section 1, companies issuing securities must, unless exempted by the competent authority due to exceptional circumstances:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Announce and report annual financial reports within three months of the fiscal year-end, including signatures or seals from the chairman, managers, and the chief accountant, auditor\u2019s certification, board approval, and supervisor acknowledgment.<\/strong><\/li>\n\n\n\n<li><strong>Announce and report quarterly financial reports within forty-five days after the end of each fiscal quarter, including signatures or seals from the chairman, managers, and the chief accountant, auditor review, and board submission.<\/strong><\/li>\n\n\n\n<li><strong>Monthly operational status reports must be announced by the 10th day of each month.<\/strong><\/li>\n<\/ol>\n\n\n\n<p>When companies can\u2019t meet reporting deadlines, they should request an extension from regulators. The TWSE may suspend trading while evaluating the situation. If a company\u2019s stock remains suspended and it fails to provide qualified financial reports within six months, it risks delisting.<\/p>\n\n\n\n<p>In Chung Fu\u2019s case, it initially faced trading suspension in August 2022 for not reporting Q2 financials on time. Early this year, it encountered a second suspension for not delivering \u2018qualified\u2019 financial reports for 2022. What caused the delays, and what does \u2018qualified\u2019 reporting mean?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Events_in_Chung_Fus_Financial_Reporting_Issues\"><\/span>Key Events in Chung Fu&#8217;s Financial Reporting Issues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to information from <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/\" class=\"ek-link\">TCRI Watchdog<\/a><\/mark> and the Public Information Observation Platform<\/strong>, the controversy surrounding Chung Fu\u2019s delayed financial reporting can be traced back to early 2022. TEJ has compiled information related to Chung Fu\u2019s failure to report its financials, including the delay dates, replacement of the auditing firm, and the date of stock trading suspension. The timeline and event details are illustrated in the following chart:<\/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\/16ljbEhnokwBT0VPJGX3IJg.png\" alt=\"ChungFu: Major Events of Chung Fu\u2019s Financial Report Fillings.\"\/><figcaption class=\"wp-element-caption\">Major Events of Chung Fu\u2019s Financial Report Fillings. Source: <em>TCRI&nbsp;Watchdog<\/em><\/figcaption><\/figure>\n\n\n\n<p>According to the chart, Chung Fu has repeatedly requested extensions for financial report deadlines and failed to submit reports three times since 2022. While initially granted extensions, the company ultimately couldn\u2019t meet the deadlines, with pending reports for 2022, Q1, and Q2 of 2023. These delays raise concerns about the company\u2019s financial transparency and reliability.<\/p>\n\n\n\n<p>Notably, the company changed its auditing firm three times within two years, each time shortly before financial reporting deadlines. Such frequent changes can affect report consistency and suggest difficulties in cooperation between management and auditors.<\/p>\n\n\n\n<p>Furthermore, on March 29, 2023, the company submitted its 2022 financial report on time, but the auditor issued an \u2018<strong>Unable to Express an Opinion\u2019 statement<\/strong>. This implies issues with the report, including unverified significant misstatements. In response, the company must still submit qualified financial reports within deadlines to avoid trading suspension.<\/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\/1p7Xx2338Ww0NkS647Qdlug.png\" alt=\"Chung Fu: 5 Types of Auditors\u2019s Audit Opinions.\"\/><figcaption class=\"wp-element-caption\">5 Types of Auditors\u2019s Audit Opinions.<\/figcaption><\/figure>\n\n\n\n<p>The above situations highlights the need for caution among investors and regulatory bodies regarding the company\u2019s governance and financial reporting. The challenges in financial reporting and internal management could significantly impact the company\u2019s sustainability. It\u2019s crucial to remain vigilant. Persistent issues with financial reporting might indicate structural problems in internal processes and communication, making investment in such a company with unstable governance unadvisable.<\/p>\n\n\n\n<p>In addition to the above, another noteworthy aspect is the management\u2019s statements. The delays in financial reporting raise concerns about management and corporate governance. Despite changes in leadership, issues with timely reporting have persisted. What specific governance problems exist at Chung Fu, and what have different factions said about recent events?<\/p>\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<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Managements_Divergent_Statements\"><\/span>Management&#8217;s Divergent Statements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Due to the extensive scope of this event, the failure to submit financial reports on time is just one of its outcomes. In addition, the event involves irregular transactions, past misconduct of the new management, and issues related to illegal land leasing, among others. The above content will be thoroughly analyzed and explained in the next article. In the following text, we will focus solely on the failure to report financial statements, listing statements and positions of the current management (Jian Chen), former chairman (Lizhong Huang), and even the Shareholder Self-Help Association, in chronological order.<\/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\/1npRXUcYxSV2qabYe7hNllA.png\" alt=\"Chung Fu: What Each Party Said in the Chung Fu Case.\"\/><figcaption class=\"wp-element-caption\">What Each Party Said in the Chung Fu&nbsp;Case.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Jian_Chen_said_on_May_5th_Shareholder_Meeting\"><\/span>What Jian Chen said on May 5th Shareholder Meeting<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Chairman Chen\u2019s key points regarding the delayed financial reporting and trading suspension include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Inadequate Transition from Former Chairman Huang:<\/strong> Jian Chen highlights that the lack of a proper transition from former Chairman Lizhong Huang has been the biggest obstacle to the company\u2019s operations.<\/li>\n\n\n\n<li><strong>Non-compliant Financial Reports from Fu Hsing Investment:<\/strong> Jian Chen mentions that last year, Fu Hsing Investment refused to provide compliant financial reports, which led to the auditor\u2019s inability to express an opinion on the financial reports and subsequently caused the company to enter a trading suspension.<\/li>\n\n\n\n<li><strong>Strengthening Corporate Governance: <\/strong>Jian Chen emphasizes the commitment to enhance corporate governance, ensuring transparency in Chung Fu\u2019s financial and operational information for the scrutiny of all shareholders.<\/li>\n\n\n\n<li><strong>Healthy Financial Position:<\/strong> He points out that Chung Fu is currently debt-free, has cash on hand, and possesses substantial properties. The company\u2019s financial health provides no reason for delisting, and discussions with the auditors have been initiated to restore trading.<\/li>\n<\/ol>\n\n\n\n<p>In addition, Jian Chen underscores the company\u2019s dedication to safeguarding shareholders\u2019 rights, taking legal actions against former Chairman Lizhong Huang for irregular transactions, which have entered judicial proceedings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_LiZhong_Huang_said_in_the_Letter_to_Chung_Fu_on_August_7th\"><\/span>What LiZhong Huang said in the Letter to Chung Fu on August&nbsp;7th<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In an August 7th letter to Chairman Jian Chen and the Shareholder Self-Help Association, former Chairman LiZhong Huang addressed the financial reporting issue:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Compliant Financial Reports:<\/strong> Lizhong Huang stated that he provided compliant financial reports for subsidiary Fu Hsing before deadlines, aiding in their recompilation and submission. Delays occurred due to changes in auditing firms by the new management.<\/li>\n\n\n\n<li><strong>Auditing Firm Changes:<\/strong> Since the new management\u2019s takeover, the company changed auditing firms three times without prior notice, harming shareholders\u2019 interests.<\/li>\n\n\n\n<li><strong>New Auditing Firm Appointment: <\/strong>LiZhong Huang mentioned that the company announced its intention to appoint Crowe as the new auditor but had not issued a formal announcement. He and Woonkey auditing firm received no contact. <em>(Note: On August 11th, the company announced Crown &amp; Co. as the new auditor.)<\/em><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Shareholder_Self-Help_Association_said_on_their_Website\"><\/span>What Shareholder Self-Help Association said on their&nbsp;Website<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Shareholder Self-Help Association, a third party deeply affected by the events, conducted inquiries with various parties, including former Chairman Lizhong Huang, the current management team, the former auditing firm, and the intended new auditing firm. Key findings include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>During office hours, key personnel were notably absent from the office.<\/li>\n\n\n\n<li>Concerns arose as the intended new auditing firm, Crown &amp; Co., had not received formal appointment, potentially delaying financial report submissions.<strong><em> (Note: The company later announced Crown &amp; Co.\u2019s appointment.)<\/em><\/strong><\/li>\n\n\n\n<li>Fu Hsing Investment Chairman LiZhong Huang primarily used legal terminology without proposing concrete solutions regarding the irregular transaction case.<\/li>\n<\/ol>\n\n\n\n<p>In Summary, it\u2019s currently undecided whether Chung Fu will be delisted in October. However, it\u2019s evident that the issue of financial reporting delays is not a sudden problem but a result of long-term poor governance within the company. In the internal struggle between the old and new management, the ones most affected are still the innocent minority shareholders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Importance_of_Timely_Financial_Reporting_in_Corporate_Governance\"><\/span>The Importance of Timely Financial Reporting in Corporate Governance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In summary, the trading suspension incident involving Chung Fu highlights the importance of timely financial reporting in corporate governance. \u2018Exposure to sunlight is the best way to prevent corruption,\u2019 and a robust information disclosure system is the cornerstone of a healthy securities market. Companies have an obligation to promptly, fairly, and fully disclose financial and business information, serving as the basis for decision-making by information consumers, such as investors and creditors.<\/p>\n\n\n\n<p>For companies, timely financial reporting also contributes to building a positive corporate image, enhancing reputation among investors, partners, and regulatory bodies, thereby attracting more investments and promoting business growth.<\/p>\n\n\n\n<p>More importantly, investors should not only focus on financial indicators but also understand the company\u2019s governance history, scrutinize past violations, and watch for any instances of concealment or delayed disclosure of information. Strong corporate governance holds far greater long-term value than short-term financial performance. On the path to sustainable business operation, corporate governance serves as a company\u2019s soul. Neglecting this factor, even with a financially healthy company, could unwittingly lead to the pitfalls of poor governance, as seen in the Chung Fu case, where even realizing the value of their stocks proved challenging!<\/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:21px\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/solution\/credit-risk-solution\/\" style=\"border-radius:8px;background:linear-gradient(135deg,rgb(240,219,136) 0%,rgb(118,218,185) 50%,rgb(28,100,166) 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:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p style=\"font-size:24px\">Read More:<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\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=\"YiFsgk1Mgt\"><a href=\"https:\/\/www.tejwin.com\/en\/insight\/the-battle-for-control-taishan-shin-kong\/\">Battle for Control in Taiwan: Cases of TaiShan and Shin Kong Financial<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Battle for Control in Taiwan: Cases of TaiShan and Shin Kong Financial&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/insight\/the-battle-for-control-taishan-shin-kong\/embed\/#?secret=U45bpT7DQg#?secret=YiFsgk1Mgt\" data-secret=\"YiFsgk1Mgt\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\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=\"fGv4GYAk7O\"><a href=\"https:\/\/www.tejwin.com\/en\/insight\/imb-ponzi-schemes\/\">The im.B Ponzi Schemes: How to Avoid Being Trapped in \u201cLow-risk, High-return\u201d Schemes?<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The im.B Ponzi Schemes: How to Avoid Being Trapped in \u201cLow-risk, High-return\u201d Schemes?&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/insight\/imb-ponzi-schemes\/embed\/#?secret=mjqHTuEZEu#?secret=fGv4GYAk7O\" data-secret=\"fGv4GYAk7O\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:24px\"><strong><strong>Get Access to Our Ultimate Database!<\/strong><\/strong><\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0);color:#006a43\" class=\"has-inline-color\">\u25cf<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#279b7c\" class=\"has-inline-color\"> <a href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/\" class=\"ek-link\"><strong>TCRI Watchdog<\/strong><\/a>\uff1a<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#006a43\" class=\"has-inline-color\">Assist you in quickly understanding significant events and information regarding publicly listed companies. 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We also use an Event Radar Score (ERS) to assess daily fluctuations in a company&#8217;s score, serving as an indicator for your daily monitoring of corporate ESG performance!<\/mark><\/p>\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 style=\"font-size:23px\"><strong>About us<\/strong><\/p>\n\n\n\n<p>\u2b50\ufe0f <a href=\"https:\/\/www.tejwin.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\">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<em> <\/em>+886-2-87681088<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Chung Fu&#8217;s operations in peril: critical financial reports repeatedly delayed since last year, what lays behind the reporting delays?<\/p>\n","protected":false},"featured_media":16541,"template":"","tags":[2913,2352],"insight-category":[689],"class_list":["post-17671","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-corporate-governance","tag-esg","insight-category-market-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/17671","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":6,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/17671\/revisions"}],"predecessor-version":[{"id":23923,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/17671\/revisions\/23923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/16541"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=17671"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=17671"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=17671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}