MAPECT English Brochure

台灣併購與私募股權協會TAIWAN MERGERS & ACQUISITIONS A N D P R I VAT E E Q U I T Y C O U N C I L

LINKING CROSS-STRAIT CAPITAL TO PROMOTE GLOBAL INTEGRATION

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2010 MAPECT M&A AND PRIVATE EQUITY FORUM, HELD ON SEPTEMBER 20, 2010AT THE SHANGRI-LA’S FAR EASTERN PLAZA HOTEL TAIPEI

CHAIRMAN C.Y. Huang | VICE-CHAIRMAN Simon C. Dzeng, Jack J.T. Huang, Jim Wang, Tze-Kaing YangSECRETARY GENERAL Teresa Yang | MANAGERS Doris Huang, Sunny Pan | EDITORIAL & LAYOUT Samuel Lee

01 THE MAPECT PERSPECTIVE: C.Y. HUANG, CHAIRMAN OF MAPECT

02 LOOKING FORWARD: TERESA YANG, SECRETARY GENERAL OF MAPECT

03 MAPECT: ABOUT THE COUNCIL MEMBER BENEFITS 05 MAPECT EVENTS

12 THE FUTURE OF M&A IN TAIWAN: C.Y. HUANG, CHAIRMAN OF MAPECT 14 THE FACES BEHIND THE COUNCIL: THE MAPECT BOARD OF DIRECTORS

15 THE MAPECT FAMILY: THE MEMBER LIST

17 JOINING MAPECT

The past few years have been transformative for Taiwan. Even as the country recovers from the 2008 financial crisis, its thawing relationship with China has now opened up exciting new avenues for Chinese in-vestments in specific Taiwanese industries. Moreover, Taiwanese businesses are now seriously strategizing to position themselves in the Chinese market to take advantage of China’s shift from the “World’s Factory” into the “World’s Market.”

China’s economy has held strong despite the financial crisis, impressing everyone with its strong eco-nomic growth which has facilitated Chinese businesses to proactively expand via merger and acquisition ac-tivities. Moreover, both sides of the Taiwan Strait have finally signed the progressive Economic Cooperation Framework Agreement (ECFA). For Taiwan, ECFA is a milestone policy. Not only does it improve Cross-strait relations, but it also once again places Taiwan on the global arena, allowing Taiwan to build new relations with countries and organizations around the world. This, coupled with our government’s promotion of an “Invest in Taiwan” initiative (via the Council for Economic Planning and Development), creates a favorable economic and investment climate in Taiwan.

However, with private equity activity continuously decreasing in Taiwan and multi-national companies choosing to keep their investments at a constant, these new economic policies are not enough to boost Taiwan’s capital raising needs. We believe that there is a huge gap between policy and reality, and the government has not yet clearly explained to potential Chinese and foreign investors what Taiwan’s true economic value is.

Due to these factors, we decided to form the Taiwan M&A and Private Equity Council (MAPECT) to advocate Taiwan’s economic advantages and bridge the gap between the public and the government. Aside from actively endorsing M&A and private equity deals in Taiwan, MAPECT also advises government authori-ties of potential policies, promoting broad economic cooperation with China and the rest of the world.

MAPECT’s framework includes: (1) A diverse membership of professionals who have extensive experi-ence in securities firms, commercial banks, accounting firms, law firms, and academia. We tap into many different fields in the spirit of creativity and cooperation. (2) Our influential power comes from our es-teemed council, which is composed of prominent members of various different industries who are passion-ate about promoting Taiwan. Together, MAPECT holds an influence that can be used as a direct medium to the government. (3) MAPECT holds an international perspective that is not just Taiwan-focused. We believe that successful future M&A and private equity activity is a two-way street between Taiwan and the rest of the world. Through MAPECT, we ultimately hope to link cross-strait capital to promote global integration.

T H E M A P E C T P E R S P E C T I V E

MAPECT | THE MAPECT PERSPECTIVE 01

C.Y. HUANG, MAPECT CHAIRMAN

LOOKING FORWARDWORDS FROM TERESA YANG,

MAPECT SECRETARY GENERAL

Since the inauguration of MAPECT in 2009, we have been striving to establish awareness regarding merg-ers and acquisitions (M&A), private equity (PE), and the Council itself with the Taiwanese government, industry players, and the general public. From the myriad events, such as the MAPECT Cross-Strait M&A and PE Summit, the MAPECT M&A and PE Academic Symposium, and the 2010 Capital Forum held at the China International Fair for Investment & Trade, MAPECT has promoted M&A and PE as beneficial tools that can strengthen not only cross-strait relations, but also Taiwan’s standing within both the regional economy and the world’s economy.

During its inaugural year, MAPECT has been fortunate to have received the invaluable help of its members without whom the Council would be unable to engage in its mission of promoting M&A and PE in Taiwan. Thus, as MAPECT continues to grow as an organization, we are incessantly building towards creating even closer rela-tions with our members, addressing their concerns, and providing not only new research and publications, but also new networking and business opportunities.

Looking forward, the Council aims to further promote M&A and PE through three major projects: the MAPECT White Papers, the MAPECT training programs, and the MAPECT M&A and Private Equity Awards. First, we have been working closely with our members, looking into issues that they find most pressing in Taiwan’s current economic situation. Through this process, we look to publish the MAPECT White Papers, which will be comprehensive reports complete with the Council’s analysis and stance towards the issues listed by our mem-bers.

Second, MAPECT will start two training programs to further promote knowledge of M&A, PE, and the Taiwanese investment environment. The first program caters to Taiwanese professionals, while the second program invites groups from China who are interested in Taiwan’s investment climate vis-à-vis the mainland’s. Both programs will be taught and headlined by key industry and government individuals whose experiences and background offer in-depth knowledge.

Third, the Council will be hosting the MAPECT M&A and Private Equity Awards, an event celebrating the year’s best M&A and PE deals. Through this event, MAPECT hopes to highlight important individuals, firms, and deals that have demonstrated acumen, success, and ingenuity, thus showcasing the potential benefits that arise from M&A and PE.

Furthermore, MAPECT continues to extend globally with partnerships with other organizations around Asia. In 2010, MAPECT signed a Memorandum of Understanding with the Beijing Private Equity Association. Moreover, in 2011, we continue to build greater relationships with other organizations, engaging in event-planning, information sharing, and general cooperation all in the hopes of promoting the ideas of M&A and PE.

Along with these new projects and partnerships, MAPECT will also host our major annual events: the M&A and Private Equity Summit and the Academic Symposium. Ultimately through these events and programs, the Council hopes to shape a stronger and better economic and investment climate in Taiwan for M&A and PE. With the 2010 signing of the Economic Cooperation Framework Agreement (ECFA), Taiwan stands in a favorable po-sition in the Asia Pacific. MAPECT aims to promote these opportunities and, hopefully, Taiwan can once again revive itself as an economic “tiger” in the increasingly integrated global economy.

TERESA YANG, MAPECT SECRETARY GENERAL

02 LOOKING FORWARD | MAPECT

MAPECT | ABOUT THE COUNCIL 03

Taiwan M&A and Private Equity Council (MAPECT), a non-profit organization, was estab-lished in Taipei on September 29th, 2009 by more than 90 industry professionals who recognized that Taiwan needed a dedicated organization solely de-voted towards promoting M&A and private equity. MAPECT is an exclusive high-level advocacy plat-form dedicated towards promoting cross-strait investment activities by enhancing better indus-try-government relations, building an optimized regulatory framework for M&A and private equity deal-making, and leveraging resources provided by major private equity firms in Taiwan, Hong Kong,

and China. Our members include the Taiwan Stock Exchange, the Taiwan Insurance Institute, Credit Ag-ricole, Citigroup, Deloitte & Touche, and other many highly respected financial and private equity indus-try companies, as well as legal services and account-ing firms.

MAPECT’s mission is to facilitate cross-strait M&A and private equity activities and to offer its unique services to the global market. Our mandate to serve our clients as an “official” go-between the industry, government, and general public is why MAPECT is able to advance our membership’s inter-ests as an effective advocacy platform.

M A P E C TABOUT THE COUNCIL

MEMBER BENEFITS

MEMBERSMembers have many opportunities to network with and learn from fel-low M&A and private equity players through MAPECT’s various events. Our monthly MAPECT Salon, cross-strait M&A and PE forums, and co-operative events with international financial associations are examples of events exclusive to our members that promote and exchange of ideas and business opportunities.

GOVERNMENT POLICYGovernment policy is an area where MAPECT strives to exert influence through active lobbying efforts. MAPECT acts as a delegate for the M&A and PE industry by raising ideas and proposing changes that pro-tect our members’ lawful rights. Through these efforts, MAPECT strives to put forth the best business standards for the industry through gov-ernment rules and regulations.

A CROSS-STRAIT PLATFORMA cross-strait platform is one of MAPECT’s primary objectives, achieved through our many channels and established relationships in Mainland China. MAPECT regularly arranges cross-strait meetings within the M&A and PE industry to foster a mutually beneficial and cooperative relationship.

MARKETINGMarketing the M&A and PE industry in Taiwan through media channels is MAPECT’s way of building a positive relationship between our mem-bers and the general public. We publish coverage about our members through our website and other news outlets, thus elevating MAPECT and our members’ reputations within the business community.

To undertake public policy activi-ties and maintain a continuous dialogue with policy institutions and regulatory bodies in Taiwan and Greater China

To develop professional stan-dards and best practices guide-lines across the industry

To hold regular networking events with leading practitioners and industry participants from Greater China

To conduct industry research on M&A and PE activities

To promote and cultivate better cooperative relationships with the public

China has emerged as a leading world market force after the 2008 financial crisis, and in turn, Taiwan is now in an excellent position to reap significant economic benefits due to closer cross-strait relation-ships forged by the recent ECFA and MOU financial and trade agree-ments. We expect that this expanded economic cooperation between China and Taiwan will lead to a significant increase in M&A and private equity investment activities in Taiwan.

Taiwan is uniquely positioned to become Asia’s industrial hub as the primary conduit into Mainland China, thereby offering unique M&A and private equity deal opportunities. Taiwan is touted to be one of the best investment ideas for the coming decade, offering strong technol-ogy and financial sectors, world class companies and workforces, grow-ing access to the China market, and reasonably priced company valu-ations. In addition, there is an urgent need for Taiwan to restructure its industries (i.e. DRAM sector), strengthen integration with global distribution networks, move up the value chain, and achieve greater economies of scale. MAPECT is here to help its membership and the M&A and PE industry unlock unprecedented opportunities as the ac-celeration of cross-strait economic integration continues to stimulate cooperative investments between Taiwan and China.

The main objectives of the Council are:

About the Council (continued)

04 ABOUT THE COUNCIL | MAPECT

M A P E C T E V E N T S

MAPECT | MAPECT EVENTS 05

a b r i e f o v e r v i e w o f p a s t e v e n t s

2009 MAPECT CROSS-STRAIT FORUM | On November 4th, 2009, MAPECT and Beijing Pri-vate Equity Association (BPEA) jointly organized the MAPECT Cross-strait Forum. This event attracted more than 150 partici-pants from China, Taiwan, and Hong Kong’s financial industries. BPEA Vice-president Xiong Yan – also Chairman of the China Beijing Equity Exchange – led a group of delegates to Taiwan to attend the forum. Aside from Chairman Xiong, Power Capital CEO Wang Xiaobin and Beijing Eagle Investments Managing Director Han Xiaoping also made speeches, which addressed Taiwan and Hong Kong’s advanced industries as well as M&A and private equity opportunities in Greater China.

2010 MAPECT BE IJ ING V IS IT | On May 19th, 2010 MAPECT Chairman C.Y. Huang and Vice-Chairmen, Jack Huang of Jones Day International, Li Ming Xiang of Citibank, and Jim Wang of Credit Agricole, along with twenty other MAPECT members, visited Beijing; and on May 21st, they participated in the 2010 China Private Equity Development Forum. The group was accompanied by a whole host of Taiwanese media organizations such as Common Wealth Magazine, GVSRC Magazine, United Daily News, and Wealth Magazine. The visit also garnered the close attention of the mainland Chinese media.

2010 C IF IT CAPITAL FORUM | Between September 7th, 2010 and September 9th, 2010, MAPECT organized a trip to Xiamen, China for the 14th China International Fair for Investment and Trade (CIFIT). MAPECT was a co-organizer of the 8th annual Capital Forum 2010 in which seven MAPECT members were keynote speakers. This was the first time that a Taiwanese organization was invited to participate as a co-sponsor at this forum, highlighting the new em-phasis that this event has placed on China-Taiwan relations following the signing of ECFA. The Capital Forum 2010, which featured the theme, “Focus on China, Enjoying Capital Growth,” was held on September 8th, 2010. Apart from attending CIFIT, MAPECT also organized informational visits and meetings with the Wei Mon Group, the Xiamen Investment Promotion Agency, Dacheng Law Offices, and TenFu’s Tea.

2010 MAPECT CROSS-STRAIT M&A AND PRIVATE EQUITY SUMMIT | On September 20th, 2010, MAPECT hosted the 2010 MAPECT Cross-strait M&A and Private Equity Summit held at the Shangri-La’s Far Eastern Plaza Hotel, Taipei. The day’s event which featured speeches from Sean C. Chen of the Executive Yuan, Eco-nomics Minister Dr. Yen-Shiang Shih, Liu Yi-Ju of the Council for Economic Planning and Development, and Chen Kuo-rong of Yulon Motors, focused on the topic of ECFA and its impact on Taiwan’s M&A and PE activities.

2010 MAPECT M&A AND PRIVATE EQUITY ACADEMIC SYMPOSIUM | On November 20th, 2010, MAPECT and the Department of Accounting at National Dong Hwa University co-sponsored the 2010 MAPECT M&A and Private Equity Academic Symposium. The Academic Symposium was hosted by National Dong Hwa Univer-sity, located in Hualien, Taiwan. Over the course of several months, MAPECT invited academics from all over Taiwan to sub-mit their papers and theses regarding M&A and private equity activity and industries. Through a detailed screening process, twenty papers were selected to be featured and presented at the academic symposium. The Academic Symposium featured statements presented by the Dean of the College of Management Dr. Chung-Shu Wu, Vice-President of National Dong Hwa University Dr. Ruay-Shiung Chang, President of the Taiwan Accounting Association Dr. Fujiing Shiue, and MAPECT Chairman C.Y. Huang. Chairman of the GreTai Securities Market Gordon Shuh Chen also presented his keynote address, “The develop-ment and integration of Taiwan’s industries and capital market.”

THE MAPECT SALON SERIES | Every month MAPECT hosts an event specifically geared towards its members and their needs as part of the MAPECT Salon series. The MAPECT Salons are variegated in nature with some delving into specific issues with great detail and others being casual networking events for our members. Past MAPECT Salons have included a case study of Nan Shan Insurance, an analysis of China’s domestic goals and RMB funds, a private showing of the Taiwanese film, “Seven Days in Heaven,” and an informative session on China’s Twelfth Five-Year Plan.

2009 MAPECT M&A AND PRIVATE EQUITY SUMMITTAIPEI, TAIWAN

06 MAPECT EVENTS | MAPECT

2010 MAPECT BEIJING VISITBEIJING, CHINA


2010 CIFIT CAPITAL FORUMXIAMEN, CHINA


2010 MAPECT CROSS-STRAIT M&A AND PRIVATE EQUITY SUMMIT

TAIPEI, TAIWAN


2010 MAPECT M&A AND PRIVATE EQUITY ACADEMIC SYMPOSIUMNATIONAL DONGHUA UNIVERSITY IN HUALIEN, TAIWAN


THE MAPECT SALON SERIES


12 THE FUTURE OF M&A IN TAIWAN | MAPECT

THE FUTURE OF M&A IN TAIWANWORDS FROM C.Y. HUANG, MAPECT CHAIRMAN

As the New Year begins, M&A activity around the world continues its rise with each subsequent week offering more news on M&A cases. For Taiwan, this year – unlike previ-ous years – we have already witnessed greater cross-border M&A, including cross-strait M&A, particularly where Taiwan-ese companies have invested in Chinese ones.

For the purpose of this article, M&A includes not only M&A, but also investments (as a minority stakeholder), joint ventures, and the formation of strategic alliances.

THE GROWTH OF M&A IN TAIWANThere are several reasons for the growth in M&A in Taiwan:

1. The recovery of the global economyFollowing the financial crisis when M&A activity reached

a low, 2010 saw a revival of sorts. The recovery of the stock market (particularly those of Asian countries) helped many companies raise capital reserves and funds necessary to en-gage in M&A. This, coupled with the integration of the global economy and the rise of the Chinese market, has facilitated a rise in M&A in the Asia Pacific region.

2. The increase in Private Equity (PE)Many of today’s M&A cases have been driven by PE; the

changes in the global market have allowed PE to become a useful tool with which enterprises can utilize to engage in M&A. In fact recently, China National BlueStar Co. purchased the Elkem AS unit (from Norway’s Orkla ASA) with the help of PE fund investments from The Blackstone Group. Similarly, both attempts by Australia’s BHP and China’s SinoChem Corp. to merge with Potash Corp. of Saskatchewan involved PE.

At the same time, changes in the stock exchange have facilitated PE firms in implementing successful and profitable exit strategies. In 2010, for example, there were several suc-cessful cases, including TPG Capital’s sale of its stake in Shen-zhen Development Bank to Chinese financial group Ping An Insurance in a deal that will have TPG Capital making a profit of more than US$2.14 billion.

3. The rise of China’s economy and marketWhile in the past, the global economy centralized

around the United States, China’s emerging market has be-come a formidable growth engine. Especially with China’s Twelfth Five-Year Plan – an economic development initiative which will cement China’s transformation from the “World’s Factory” into the “World’s Market” – European and Ameri-can companies have already been and will continue to pour into Asia. However, Chinese policies have greatly regulated foreign involvement in China’s market, making it difficult for foreign enterprises to engage in M&A with their Chinese counterparts. Rather, foreign companies have resorted to be-coming minority stakeholders. For instance, The Blackstone Group has invested US$600 million for a 20 percent stake in China National BlueStar. On the other hand, Chinese compa-nies have been actively engaging in M&A outside of China with the purposes of obtaining new technologies, creating new brands, finding new markets, and hoping to become global leaders in their respective industries. This is exempli-fied by Geely’s US$1.8 billion acquisition of Volvo and the Shanghai Automotive Industry Corporation’s joint venture with General Motors.

4. The Economic Cooperation Framework Agreement (ECFA) marks Taiwan’s return to the world stage

ECFA’s greatest significance is not its policies towards tariff reduction, but rather the new perception of Taiwan it creates for foreign investors and companies. ECFA creates the political guarantee of stability in economic and trade ex-changes between Taiwan and the rest of the world. At the same time, ECFA has allowed Mainland Chinese to engage in investments in Taiwan, while opening more opportuni-ties for Taiwanese to invest in China. Last year, Acer invested in China’s Founder Technology Group Corp. – whose line of computers has ranked among the top in the Asia-Pacific re-gion – creating a strategic alliance between the two high-tech companies.

MAPECT | THE FUTURE OF M&A IN TAIWAN 13

5. Taiwan’s restructuring of its economy and consolidation of its industries

With new policies and regulations promoting a restruc-turing of Taiwan’s economy and a consolidation of its indus-tries, the latter is increasingly focused on marketing and building a brand. And M&A is the best and most efficient manner in which many Taiwanese companies are entering China and the world’s market, whether emerging or devel-oped. For instance, there are strong efforts to consolidate Taiwan’s financial industry where there are currently too many players, including those of banking, securities, and insurance backgrounds. While there was already a wave of M&A in the Taiwanese financial industry, it has not only since waned in the past three or four years, but it was also marred with controversies and negative press, particularly regarding a series of questionable hostile takeovers. However, there should be a new wave of M&A that will further consolidate the Taiwanese financial industry. And two factors will facili-tate a more regulated M&A process: the new regulations set forth by the Financial Supervisory Commission (FSC) and the recent signing of ECFA.

THE TYPES OF CROSS-BORDER M&AThis year in Taiwan, cross-border M&A cases can be catego-rized into the following types:

1. Foreign investments in Taiwan’s enterprisesAmong all foreign investors, Japanese companies have

invested the most in Taiwan, a trend attributed to cultural and historical factors. However, Japan’s successes do no translate in China, similarly because of cultural and historical factors. As a result, Samuel J.S. Hsu, President of the Taiwan Stock Exchange Corporation proposed the “Nike Principle,” which utilizes Nike’s iconic logo – the check – as an invest-ment plan for how Taiwan must place itself vis-à-vis Japan and China. At the same time, Yiin Chii-ming, Minister without Porfolio at the Executive Yuan, has become the proponent of the “Taiwan Innovation Corridor” – an idea that links Japan’s technological innovation with Taiwan’s strength in manage-ment and China’s growing market. These two proposals il-lustrate Taiwan’s effort to connect Taiwan with the rest of the world. By creating a more favorable investment climate in Taiwan and highlighting Taiwan’s unique geopolitical and socio-historical position in Asia, the Taiwanese government has helped facilitate greater foreign investments in Taiwan.

However, having said this, greater efforts can still be made. Unfortunately, both Chinese capital and PE are heav-ily regulated by Taiwanese law. And while over the past two years, there have been tremendous improvements over the Taiwanese investment climate, such as the signing of ECFA, these are still the initial steps. And hopefully, in the future, the Taiwanese government will take greater strides in open-ing its market to the rest of the world, including China.

2. Taiwanese companies’ acquisitions of foreign (non-Chi-nese) companies

Recently, TSRC Corp. acquired U.S.-based Dexco Poly-mers in a US$168 million deal as the company hopes to ex-pand its customer base throughout Europe and North Amer-ica, improve its technology, and increase its line of products. Ultimately, through this acquisition, TSRC becomes one of the top five producers of synthetic rubbers.

Moreover, at the end of 2010, Hon Hai Prcision Industry sought out a majority stake in a Hitachi Ltd. Display unit in a US$1.2 billion deal. Coupled with the Chimei Innolux ac-quisition, this deal makes Hon Hai the world’s largest maker of smaller liquid crystal display panels, with a market share around 17.3 percent, outpacing Japan’s Sharp Corp.

3. Taiwanese investments of Chinese companiesFollowing the signing of ECFA, Taiwanese companies

have set off a new wave of investments in China as Taiwan-ese companies, such as AU Optronics, Yulon Motors, Far Eastern Group, and Acer, have been engaging in M&A with Chinese companies.

Taiwanese investments in China have several character-istics: Firstly, the Chinese companies are preeminent in their industries. Secondly, the invested amount is often extremely high. Thirdly, joint ventures and strategic alliances have re-placed private funds. Fourthly, there is greater emphasis on China being a “market” rather than a “factory.”

This is exemplified by Taiwan-based China Life Insurance Co. and China-based China Construction Bank’s joint invest-ment in Pacific-Antai Life Insurance Co., a move to establish an insurance industry in China. This deal is not only a model for cross-strait M&A, but also for cross-industry M&A. As China Construction Bank wants to enter the insurance indus-try, the Chinese company requires Taiwanese experience in the field. As for China Life Insurance, while the company only has a 19.9 percent stake in this partnership, it now has ac-cess into the Chinese market. The China Life Insurance and China Construction Bank case illustrates the potentially mu-tually-beneficial cooperation that could arise through M&A.

4. Chinese investments in Taiwanese companiesBOE Technology Group Co.’s investment in Taiwanese

LCD monitor producer JEAN Company is a rare example of a successful Chinese investment in Taiwan. Because of strict Taiwanese laws, there is a large discrepancy between those who wish to invest in Taiwan and those who are legally al-lowed to invest. Consequently, whereas Taiwanese invest-ment in China total over US$ 1 billion, Chinese investment in Taiwan account for less than one percent of that value. And while Chinese leaders have called on their Taiwanese counterparts to liberalize their regulations towards Chinese capital, changes have yet to be made by the Taiwanese gov-ernment. As a result, Taiwan is increasingly becoming left out not only in the regional Asia Pacific economy, but also in the global market – a trend that will prove to be devastating for Taiwan.

5. Taiwanese and Chinese investments in foreign companiesOver the past two years, Chinese companies have been

actively pursuing cross-border M&A, bringing Chinese com-panies abroad to North America and Europe. But while Chi-nese companies may have the capital, many still lack the fundamental management skills particularly when dealing with foreigners. On the other hand, Taiwanese companies, already with several decades of working abroad, have the many skill sets that their Chinese counterparts have yet to acquire. Thus, one form of cross-border M&A is for Chinese and Taiwanese companies to work together to engage in M&A overseas.

14 THE FACES BEHIND THE COUNCIL | MAPECT

T H E FA C E S B E H I N D

T H E C O U N C I L

C.Y. HUANG

JACK J.T. HUANGSIMON C. DZENG JIM WANG TZE-KAING YANG

CARL CHIEN KUNG-WHA DINGGORDON S. CHEN EDWARD TSAI

MARK C.C. LAI JAMES WANG PETER YU

President & CEOFCC Partners (Taipei) Inc

PresidentChina Development Financial Holding Corp

PartnerJones Day

ChairmanYangtze Associates

Chairman BEA Wealth Management Services Ltd

Managing Director JPMorgan Chase Bank, N.A., Taipei Branch

ChairmanGreTai Securities Market

Board Member KPMG

Board of Director Taiwan Depository & Clearing Corp

ChairmanTaiwan Insurance Institute

Managing Director PwC Financial Advisory Services Company

ChairmanErnst & Young Management Consulting

V I C E CHAIRMEN

CHAIRMAN

EXECUTIVEDIRECTORS

EXECUTIVESUPERVISORS

THE MAPECT

BOARD OF DIRECTORS

T H E M A P E C T

F A M I L Y

F C C PA R T N E R S ( TA I P E I ) I N C C . Y. H u a n g , P r e s i d e n t a n d C E O P O L A R I S S E C U R I T Y T h o m a s M . F. Ye h , V i c e C h a i r -

m a n D E L O I T T E & TO U C H E R a y C h a n g , B o a r d M e m b e r ; P h i l i p C h e n , M a n a g i n g P a r t n e r I N D U S T R I A L T E C H N O L -

O G Y I N V E S T M E N T C O R P O R AT I O N L i l i a n C h e n , D i r e c t o r J O N E S D AY J a c k J . T. H u a n g , P a r t n e r L E E , T S A I & PA R T-

N E R S AT TO R N E Y S - AT- L AW J a c l y n Y. L . Ts a i , S e n i o r P a r t n e r L E E A N D L I , AT TO R N E Y S - AT- L AW A l e x J u i - L i n L i u ,

S e n i o r C o u n s e l o r ; S o p h i a H . H . Ye h , S e n i o r C o u n s e l o r ; J a m e s C h e n , P a r t n e r C O N C O R D S E C U R I T I E S C O , LT D

D a v i d C h e n g , V i c e C h a i r m a n T S A R & T S A I L AW F I R M R i c h a r d C h u a n g , C o u n s e l l o r ; J a m e s S . J . C h e n g , P a r t n e r ;

J a n i c e L i n , P a r t n e r TA I WA N I N S U R A N C E I N S T I T U T E M a r k C . C . L a i , C h a i r m a n G R E TA I S E C U R I T I E S M A R K E T G o r -

d o n S h u h C h e n , C h a i r m a n S E C U R I T I E S & F U T U R E S I N F O R M AT I O N C E N T E R ( TA I WA N ) B r u c e C h e n , C h a i r m a n

J P M O R G A N C H A S E B A N K , N . A . , TA I P E I B R A N C H C a r l C h i e n , M a n a g i n g D i r e c t o r S C H R O D E R I N V E S T M E N T M A N -

A G E M E N T ( TA I WA N ) LT D F r a n c i n e Wu , C E O C I T I B A N K ( TA I WA N ) LT D V i c t o r K u a n , C h a i r m a n C R E D I T A G R I C O L E

C O R P O R AT E A N D I N V E S T M E N T B A N K ( C R E D I T A G R I C O L E C I B ) E r i c C h i e n , M a n a g i n g D i r e c t o r ; J e a n - P i e r r e Tr i -

n e l l e , S e n i o r C o u n t r y O f f i c e r ; B r y a n H o , M a n a g i n g D i r e c t o r a n d H e a d o f F i n a n c i a l I n s t i t u t i o n s G r o u p C H E N

& L I N AT TO R N E Y S - AT- L AW C h e - H u n g C h e n , P a r t n e r ; J e n n i f e r Wa n g , P a r t n e r ; Y i n g -Y i L e e , P a r t n e r S I N O PA C

H O L D I N G S M i c h a e l C h a n g , C h i e f S t r a t e g y O f f i c e r TA I WA N S TO C K E XC H A N G E C O R P O R AT I O N M i c h a e l L i n , S e -

n i o r E x e c u t i v e V i c e P r e s i d e n t M A S T E R L I N K S E C U R I T I E S C O R P O R AT I O N J o e y C h e n , C h a i r m a n Y UA N TA V E N T U R E

C A P I TA L C O , LT D F r a n k M . K u o , P r e s i d e n t C H I N A D E V E L O P M E N T F I N A N C I A L H O L D I N G C O R P O R AT I O N S i m o n C .

D z e n g , P r e s i d e n t ; P a u l Ya n g , S e n i o r E x e c u t i v e V i c e P r e s i d e n t & C h i e f I n v e s t m e n t O f f i c e r C H U N G H WA I N V E S T-

M E N T J o s e p h C . P. S h i e h , C h a i r m a n P R I C E WAT E R H O U S E C O O P E R S F I N A N C I A L A D V I S O R Y S E R V I C E S C O M PA N Y,

LT D H u i - E r h Yu a n , M a n a g i n g D i r e c t o r ; P e t e r Yu , M a n a g i n g D i r e c t o r E R N S T & YO U N G M A N A G E M E N T C O N S U LT-

I N G I N C J a m e s Wa n g , C h a i r m a n ; J e n n y C h e n , P a r t n e r KO H L B E R G K R AV I S R O B E R T S A S I A LT D J u l i a n J u u l Wo l -

h a r d t , D i r e c t o r U N I TA S C A P I TA L J i m Ts a o , M a n a g i n g D i r e c t o r T H E R OYA L B A N K O F S C O T L A N D P L C J o e X i a n g ,

M a n a g i n g D i r e c t o r C H I N AT R U S T C O M M E R C I A L B A N K C l i f f S h e n , E x e c u t i v e V i c e P r e s i d e n t TA I WA N F I N A N C I A L

H O L D I N G S S u s a n S . C h a n g , C h a i r p e r s o n TA C H O N G B A N K J a m e s C h i o u , S e n i o r E x e c u t i v e V i c e P r e s i d e n t a n d

H e a d o f i n s t i t u t i o n a l B a n k i n g A PA X PA R T N E R S ( H K ) LT D R i c h a r d Z h a n g , P a r t n e r s & H e a d o f G r e a t e r C h i n a

T R I N I T Y I N V E S T M E N T C O R P P a t r i c k K u o , C E O A I F C A P I TA L LT D S t e p h e n L e e , M a n a g i n g D i r e c t o r W P G H O L D -

I N G S LT D S i m o n H u a n g , C h a i r m a n a n d P r e s i d e n t W I S T R O N C O R P O R AT I O N H e n r y L i n , C h i e f F i n a n c i a l O f f i c e r

C A P I TA L I N T E R N AT I O N A L I N C J a m e s M . H o , P a r t n e r S A M S O N I N T E R N AT I O N A L E N T E R P R I S E S L I M I T E D K u o S h a n

H u e i , P r e s i d e n t A M E R I C A N A P P R A I S A L TA I WA N LT D V i n c e n t Ts a n g , M a n a g i n g D i r e c t o r WA U Y UA N P R O P E R T Y

A P P R A I S A L C O S u n n y C h e n , V i c e P r e s i d e n t

GROUP MEMBERS

MAPECT | THE MAPECT FAMILY 15

INDIVIDUAL MEMBERSPA U L WA N G M a n a g i n g G e n e r a l P a r t n e r , P a c i f i c Ve n t u r e P a r t n e r s J U N I T S U U C H I K ATA M a n a g i n g D i r e c t o r ,

J A F C O I n v e s t m e n t ( H o n g K o n g ) L t d Ta i w a n B r a n c h J I N Y E N J I A N G V i c e P r e s i d e n t , Yu e n F o o n g Yu I n v e s t m e n t

C o , L t d P I J A N W U S e n i o r C o u n s e l , L C S & P a r t n e r s V I C TO R C H A N G P a r t n e r , L C S & P a r t n e r s W U C H I N G - M A I V i c e

C h a i r m a n , P o j a a I n f o r m a t i o n C o G i n g d a o W U S A N - C H I P r e s i d e n t , H e r z u D e v e l o p m e n t M I C H A E L W O N G S e n i o r

C o n s u l t a n t , B a ke r & M c K e n z i e S U N N Y W.T. C H O U C h a i r m a n & C h i e f E x e c t i v e O f f i c e r , Ta i p e i F o u n d a t i o n o f F i -

n a n c e S T E V E N L I N C h a i r m a n , A g e n d a i n t e r n a t i o n a l I n v e s t m e n t C o r p o r a t i o n L L C S H E R R Y S . L . L I N S e n i o r C o u n -

s e l o r , L e e a n d L i A t t o r n e y s - a t - L a w R O N G J I N L I N G e n e r a l M a n a g e r , T T Y B i o p h a r m C o m p a n y L t d G A R Y C H A N G

M a n a g i n g P a r t n e r , A d v a n c e d C a p i t a l F i n a n c i a l A d v i s o r y L t d T Z E - K A I N G YA N G C h a i r m a n , Ya n g t z e A s s o c i a t e s

N I C O L E T. I . C H A N A s s i s t a n t P r o f e s s o r , Ta i p e i N a t i o n a l U n i e r s i t y o f t h e A r t s S c h o o l o f F i l m a n d N e w M e d i a

B E N L I U At t o r n e y - a t - l a w , I n f o S h a r e Te c h L a w O f f i c e M A N N C . C . L I U At t o r n e y - a t - l a w , I n f o S h a r e Te c h L a w O f -

f i c e F R A N K L I U C h a i r m a n , C h e l m s f o r d i n t e r n a t i o n a l L t d T E D C H A I P r e s i d e n t , K a o f u Ve n t u r e s & I n v e s t m e n t

C o r p E R I C L I A O G e n e r a l M a n a g e r , O n t a r i o S e c u r i t i e s I n v e s t m e n t Tr u s t C o , L t d J I M H S I E H C E O , K + C a p i t a l , L L C

L AW R E N C E J A O M a n a g i n g D i r e c t o r , P r i m a s i a F i a n c i a l S e r v i c e s E D WA R D T S A I B o a r d M e m b e r , K P M G A L L E N

C H U C E O a n d F o u n d e r , M a r b o A s s e t M a n a g e m e n t G r o u p D U E N - C H I A N C H E N G P r e s i d e n t , U M C C A P I TA L L I N D A

L I N C h a i r m a n , G o l d e n B r i d g e E l e c t e c h I n c P E G G Y L . L I N M a n a g i n g P a r t n e r , P C L Tr a n s a s i a L a w O f f i c e s H S U

H S U N - P I N G P r e s i d e n t , G e n o m e I n t e r n a t i o n a l B i o m e d i c a l C o L t d C H R I S T I N A M . H . C H A O S e n i o r C o u n s e l o r , L e e

a n d L i A t t o r n e y s - a t - L a w J E V O N S S H I H - FA N G H U C h i e f E x e c u t i v e O f f i c e r , P i n e S t r e e t A s s e t M a n a g e m e n t C o r p

H S I A O - C H I E N H U A N G C h i e f E x e c t i v e O f f i c e r L E O N S .Y. C H E N G E x e c u t i v e D i r e c t o r , C e n t r a l G i a n t C a p i t a l L t d

J E R R Y H U A N G C h a i r p e r s o n , G r a n d F o r t u n e S e c u r i t i e s C o , L t d R E X Y. WA N G M a n a g i n g D i r e c t o r , D a i w a Q u a n -

t u m C a p i t a l J E F F R E Y H S U P r e s i d e n t , I n t e g r a c e I n v e s t m e n t C o r p o r a t i o n H S I N - M A O H UA N G M a n a g i n g D i r e c t o r,

B r e e z e C a p i t a l G r o u p D A P H N E H UA N G E x e c u t i v e V i c e P r e s i d e n t a n d H e a d o f C o r p o r a t e F i n a n c e D e p a r t m e n t ,

F a r E a s t e r n I n t e r n a t i o n a l B a n k C H I R O B I N L A I - P I N G M a n a g i n g D i r e c t o r , S h a n g h a i T i c o n I n v e s t m e n t M a n a g e -

m e n t C o , L t d J I M WA N G C h a i r m a n , B E A We a l t h M a n a g e m e n t S e r v i c e s ( Ta i w a n ) L t d

M I N G C H U N G U N I V E R S I T Y, D E PA R T M E N T O F F I N A N C E C h a n g - C h ’ u n g C h e n g , A s s i s t a n t P r o f e s s o r N AT I O N A L

TA I WA N U N I V E R S I T Y, D E PA R T M E N T O F E C O N O M I C S C h i e n - F u J e f f L i n , P r o f e s s o r N AT I O N A L TA I WA N U N I V E R -

S I T Y O F S C I E N C E A N D T E C H N O L O G Y, D E PA R T M E N T O F B U S I N E S S A D M I N I S T R AT I O N E d m o n d Ts a i , P r o f e s s o r

T U N G H A I U N I V E R S I T Y, D E PA R T M E N T O F F I N A N C E K a i - L i Wa n g , P r o f e s s o r

SCHOLAR MEMBERS

16 THE MAPECT FAMILY | MAPECT

FOR THE COMPLETE MEMBER LIST, PLEASE REFER TO THE MAPECT WEBSITE: WWW.MAPECT.COM

WHY JOIN MAPECT?

The Taiwan M&A and Private Equity Council (MAPECT) is a non-profit organization that is dedicated towards promoting cross-strait investment activities by enhancing better industry-government relations, building an op-timized regulatory framework for M&A and private equity deal-making, and leveraging resources provided by major private equity firms in Taiwan, Hong Kong, and China. We currently have a network of over 90 members that come from highly regarded companies in the M&A and PE industry, as well as law and accounting firms.

TYPES OF MEMBERSHIPS:

Individual Member:A person who participates or holds interest in the M&A or PE industry can join MAPECT as an Individual Mem-ber. Admission procedures include filing out an application form, receiving approval from the Board of Direc-tors, and paying membership dues.

Group Member:An organization that actively sponsors and endorses MAPECT’s mission statement can join as a Group Member. Admission procedures include filing out an application form, receiving the approval from the Board of Direc-tors, and paying membership dues. Annual membership dues depend on the number of included individual memberships (up to three).

Permanent Member: Permanent membership requires one of the following and approval from the Board of Directors.

Honorary Member:An industry expert with remarkable achievements and contributions to the M&A or PE business can become an Honorary Member after nomination by the Chairman and approval by the Board of Directors.

Sponsor Member:A person or an organization that provides funding or resources can become a Sponsor Member after the ap-proval from the Board of Directors.

Scholar Member:A professor who teaches full-time in an university and conducts research or shows interest in the M&A or PE industry. Admission procedures include filing out an application form, receiving approval from the Board of Directors, and paying membership dues.

JO IN ING MAPECT

MAPECT | JOINING MAPECT 17

MEMBERSHIP TYPE INITIATION FEE ANNUAL DUES

Individual Member

Group Member

Scholar Member

Permanent Member

Permanent Group

NT$ 10,000

NT$ 50,0001st: NT$ 10,0002nd: NT$ 80,0003rd: NT$100,000

NT$ 5,000

NT$ 300,000

NT$ 1,000,000

n/a

n/a

n/a

NT$ 30,000

Phone: +886 2 2717 6892 ext.13E-mail: [email protected]

FOR MORE INFORMATION PLEASE CONTACT SUNNY PAN

台灣併購與私募股權協會TAIWAN MERGERS & ACQUISITIONS A N D P R I VAT E E Q U I T Y C O U N C I L

台北市松山區復興北路369號4樓之24F-2, 369 Fu-Hsin North Road, Taipei, Taiwan 105TEL: (+886) 2 2717 6892 / www.mapect.com/en

Documents

MAPECT English Brochure