Corporate Governance Report

Transcription

Contents
Office Locations
04
Letter to Shareholders
06
Corporate Profile
08
I.
Organizational Chart
II. Board of Directors
III. Executive Officers
IV. Shares Held by the Company, Company Directors, Company Supervisors, Managers, and Businesses
Directly or Indirectly Controlled by the Company
V. Status of Capital
VI. Share Price, Book Value, Earnings and Dividends for 2009 to 2010
Operating Results
I.
14
Business Activities
II. General Market Conditions
III. Employee Statistics for the Previous Two Years
IV. Labor-Management Relations
I.
22
Corporate Governance Status of Implementation
II. Internal Control Announcement
Financial Reports
I.
25
Abbreviated Financial Statements for 2006 to 2010 and Auditor's Reports
II. Financial Ratios for 2006 to 2010
III. Supervisors' Report
IV. Audited Consolidated Financial Statements
Analyses of Financial Standing and Operating Results & Risk Management Evaluation
I.
128
Analysis of Financial Standing
II. Analysis of Operating Results
III. Short-term Liquidity Analysis
IV. Principal Capital Expenditures and Analysis of Funding Resources
V. Risk Management Evaluation
Group Information
134
Letter to Shareholders
Looking back over 2010, global markets fluctuated in 2Q10 and early 3Q10 owing to Europe's sovereign debt crisis, China's
constraints on real estate speculation, and worries about a potential US return to recession. However, most markets bottomed
out in September 2010 spurred by the US Fed's QE2 program and US President Obama's second round of financial reform.
Taiwan's solid economic performance—with 10.82% GDP growth in 2010, a 24-year high—provided solid support for the
domestic equity markets. Global hot money inflow, attracted by Taiwan's robust economic growth, US dollar weakness (due
in part to the Fed's quantitative easing), and expectation of RMB appreciation (due to China's exchange rate reform), provided
ample liquidity for TAIEX to climb. TAIEX cruised to a 30-month high of 8990 amid a groundswell of positive cross-strait
sentiment, punctuated by the singing of the ECFA agreement on June 29, 2010, which became effective on September 12,
2010, and relevant on January 1, 2011, with the activation of the early harvest lists.
Amid stable global economic growth in 2010 and generally positive investment outlooks among the world's financial
markets, SinoPac Securities sought to maintain its leading market shares. The followings are our 2010 business
achievements:
I. Market Rankings
1. Brokerage Business: Market share of 4.83%, No. 4 in Taiwan.
2. Futures & Options Business: Market share of 5.61%, No. 3 in Taiwan.
3. E-Trading: Market share of 7.31%, No. 4 in Taiwan.
4. Equity Underwriting Business: Lead/joint underwriting amount of NT$7.8
billion, No. 6 in Taiwan.
5. Stock Registration and Transfer Services: Serviced 198 companies with 1.5
million shareholder accounts.
6. Warrants Business: Issued 1,647 warrants, No. 1 in Taiwan.
II. Financial Results
Chairman / Min-Juh Hwang
1. SinoPac securities post 2010 pre-tax profit of NT$1.67bn, net profit of
NT$1.46bn, for an EPS of NT$1.05, and ROE of 6.5%.
2. Paid-in capital stood at NT$13.969bn with a net worth of NT$22.380bn; the
capital adequacy ratio was 338% at the end of 2009.
Looking at 2011, we expect the world's two largest economies, the US and China, to lead the global economic expansion as US
GDP growth is projected to return to its long-term average of more than 3.0% with the support of QE2 and the second round
of financial reform, and China GDP growth is expected to maintain at 10% on the back of the country's 12th five-year
development plan. However, there are threats to the expansion pace, including inflation and monetary tightening as countries
grapple with higher food prices (partially due to abnormal weather issues). TAIEX is likely to fluctuate in 2011 amid the push
and pull effects of these factors. Although the economy remains in recovery, SinoPac remains laser focused on internal
integration and the effective use of its group resources to aggressively expand its market shares and business scope to
capitalize on the government's cross-strait policy deregulation and to meet the challenges from its market peers.
6
www.sinopacsecurities.com
SinoPac Securities in 2011 seeks to boost its ROE, reduce its earnings volatility, and raise its ROA.
I. Lower Earnings Volatility
1. Enlarge the brokerage business scale.
2. Increase the commission income of underwriting business.
3. Increase non-directional income of proprietary trading business.
II. Raise ROA
1. Develop high-margin business.
2. Enhance product innovation.
3. Expand overseas business channel and products.
Based on the aforementioned 2011 business strategies, we will seek maximum return for our shareholders via the following
areas:
I. Brokerage Business
1. Seek potential business cooperation and acquisition targets.
2. Deepen and widen business between institutional investors.
3. Provide special function and service on E-Trading system to expand business.
4. Expand wealth management service via our Customer Investment Division.
5. Increase proportion of financial consultants to enhance service and production.
II. Underwriting Business
1. Increase weightings of overseas underwriting business.
2. Explore high quality corporate customers.
3. Develop IPO customers aggressively.
4. Enhance efficiency of case application and access.
III. Proprietary Trading Business
President / Min-Fu Chuang
1. Develop business pattern with stable income via raising non-directional
trading weightings.
2. Establish trading models with stable return to lower earnings volatility.
3. Enhance spread trading to decrease potential risk.
Ⅳ. International Business
1. Develop SBL business for the stock lending demand of foreign securities.
2. Cultivate and expand FINI business.
Building on its sincerity and professionalism, SinoPac Securities remains committed to maximizing value for our
shareholders and employees; we are confident that we can meet or exceed our goals in 2011.
Min-Juh Hwang
Chairman
Min-Fu Chuang
President
7
Corporate Profile
I. Organizational Chart
8
II. Board of Directors
March 1, 2011
Title
Representative/Company
Min-Juh Hwang, Ph. D.
Chairman
Nominated by SinoPac Financial Holdings Company Limited
Min-Fu Chuang
Director
Sing-Ju Chang
Director
Hsiu-Ying Chiu
Director
Sunny Chen
Director
Tsung-Ta Ho
Director
Michael Chang
Director
Tsung-Lin Ho
Director
Josephine C. J. Juan
Independent Director
Ying-Yi Tsai
Independent Director
Tien-Dong Lin
Supervisor
Lin-Huei Chang
Supervisor
Raymond Jiang
Supervisor
III. Executive Officers
March 1, 2011
Position
President
Senior Executive Vice President
Brokerage Business Group
The Office of the President
Years in Company
Years in Securities
Industry
Min-Fu Chuang
2.2
9.0
Huang-Chi Yeh
28.1
28.1
Eric C. L. Chang
27.6
27.6
Name
9
Corporate Profile
Years in Company
Years in Securities
Industry
Ming-Tze Huang
22.6
22.6
Bert C.H. Wang
26.9
30.2
Peter K.P. Wang
22.5
22.5
Richard Wu
12.5
12.5
9.8
18.7
Josephine Huang
12.9
23.0
Ching-Sung Chu
17.3
23.0
Amy Lin
13.5
28.5
Peter Li
14.9
23.0
Jin-Piau Lin
14.9
29.5
Ming-Hsiang Hsu
18.7
20.7
Chiun-Hsi Hsieh
16.1
24.1
Mei M. C. Lan
17.1
22.4
David C. W. Tai
22.5
22.5
Ying-Ming Chuang
19.5
19.6
4.9
11.3
Tony T. H. Chen
15.2
19.5
Lloyd L.Y. Tsai
1.8
13.6
12.2
12.3
1.9
9.0
Position
Chief Auditor
Brokerage Business Management Division
E-commerce Division
Institutional Business Division
Clearance & Settlement Division
Business Management Division
International Business Division
Capital Markets Business Group
Underwriting Marketing Division
Underwriting Advisory Division
Treasury Division
Principal Investment & Derivatives Business Group
Legal & Compliance Division
Executive Vice President
Fixed Income Division
10
Name
Lillian Lin
Bain Lin
Yung-Cheng Wei
Leon Huang
Years in Company
Years in Securities
Industry
Nai-Chih Wu
16.4
34.0
Nai-Chen Lo
4.0
22.0
Golden Wu
10.5
30.0
Eric Liu
1.7
14.5
Percy Pai
7.8
15.7
Wen-Hsiung Lin
15.2
21.2
David C.F. Hung
3.0
7.4
Chang -Lung Chang Lee
15.8
15.8
Owen C. S. Ou
22.7
22.7
Chih-Cheng Wang
4.9
4.9
Wang ,Hung-Ping
8.6
20.9
Fred Chung
2.4
2.4
Peter P. T. Chen
22.5
22.5
Tony Wang
12.6
14.6
Jeff Lai
0.3
20.6
Steve Hung
1.0
13.3
Kodak Ko
2.0
2.0
Yung-Hsin Huang
13.7
13.7
Anthea Wang
11.8
12.6
Chi-Hung Wen
3.8
8.0
Position
Internal Audit Division
Financial Advisory Division
Derivatives Division
Underwriting Business Management Division
The Office of the President
Corporate Planning Division
Accounting Division
Information Technology Division
Senior Vice President
Risk Management Division
Futures & Options Advisory Division
Wealth Management Division
Register & Transfer Agency Division
Futures & Options Advisory Division
Human Resources Division
General Affairs Division
Customer Investment Division
Vice President
Equity Proprietary Trading Division
Name
11
Corporate Profile
IV. Shares Held by the Company, Company Directors, Company Supervisors,
Managers, and Businesses Directly or Indirectly Controlled by the Company
March 1, 2011
Investment Made by
SinoPac Securities
No. of Shares
%
Investees
Investment in Companies Controlled by the Directors,
Supervisors and Managers of SinoPac Securities
No. of Shares
%
Consolidated investment
No. of Shares
%
-
-
87,752,581
100.00%
-
-
75,000,000
100.00%
100.00%
-
-
16,588,000
100.00%
15,000,000
9.68%
-
-
15,000,000
9.68%
10,000,000
8.13%
-
-
10,000,000
8.13%
Honpang Venture Capital Corp.
8,000,000
10.00%
-
-
8,000,000
10.00%
Top Taiwan V Venture Capital Co., Ltd.
5,000,000
5.00%
-
-
5,000,000
5.00%
Parawin Venture Capital Corp.
5,000,000
5.00%
-
-
5,000,000
5.00%
Hua VI Venture Capital Corp.
4,347,826
8.70%
-
-
4,347,826
8.70%
China Power Venture Capital Co., Ltd.
4,200,000
7.00%
-
-
4,200,000
7.00%
Gigawin International Venture Investment Corp.
4,000,000
7.27%
-
-
4,000,000
7.27%
IP Fund Two Co. ("IPFII")
3,573,150
9.17%
-
-
3,573,150
9.17%
Giga Trend International Venture Investment Corp.
3,520,000
9.82%
-
-
3,520,000
9.82%
Yu-Ji Venture Capital Corp.
3,000,000
6.25%
-
-
3,000,000
6.25%
Shengtung Venture Capital Corp.
2,866,500
10.00%
-
-
2,866,500
10.00%
Taiwan Depository & Clearing Corp.
1,737,595
0.58%
-
-
1,737,595
0.58%
Taiwan Integrated Shareholder Service Company
1,580,000
5.27%
1,580,000
5.27%
Taiwan Futures Exchange Corp.
1,497,929
0.56%
666,822
0.25%
2,164,751
0.81%
4,674
0.47%
-
-
4,674
0.47%
SinoPac Securities (Cayman) Holdings Ltd.
87,752,581
100.00%
SinoPac Futures Corp.
75,000,000
100.00%
SinoPac Capital Management Corp.
16,588,000
Shin Sheng II Venture Capital Investment Corp.
Fu-Ban Securities Finance Co., Ltd.
Note: The above stated entities are the company's long-term investments
V. Status of Capital
(I) Sources of Capital
March 1, 2011
Par Value (NT$)
2008.07
Paid-in Capital
Authorized Capital
Shares (in thousands)
Amount (NT$1,000)
Shares (in thousands)
Amount (NT$1,000)
1,900,000
19,000,000
1,396,902
13,969,020
10
Note: The SFC approved the company's application on July 14, 2008 to raise new capital by capitalization of retained earnings amounted to NT$1,500 million, of capital
surplus amounted to NT$500 million under Ministry of Finance Letter of Approval 2008.07.14 Jin-guan-Tseng (II) No. 0970035108 Date July 14, 2008.
March 1, 2011
Authorized Shares
Common Stock
12
Shares Outstanding
Unissued Shares
Total
1,396,902,025
503,097,975
1,900,000,000
Remarks
-
(II) Ownership Structure
March 1, 2011
Government
Financial Institution
Other
Individuals
Foreign Investment
Total
Shareholders
-
1
-
-
-
1
Shares
-
1,396,902,025
-
-
-
1,396,902,025
Proportion (%)
-
100
-
-
-
100
(III) Allocation of Equity Capital
March 1, 2011
Shares
Shareholders
Shares
Proportion
1,000,001 and up
1
1,396,902,025
100%
Total
1
1,396,902,025
100%
(IV) Main Shareholders
March 1, 2011
Main Shareholders
Shares
Proportion
SinoPac Financial Holdings Company Limited
1,396,902,025
100%
VI. Share Price, Book Value, Earnings and Dividends for 2009 to 2010
Unit:NT$
2010
Market price per share
(Note1)
Book value per share
Earnings per share
Highest
-
-
Lowest
-
-
Average
-
-
16.02
16.18
-
15.19
1,396,902,025
1,396,902,025
1.05
1.41
Primary
Diluted (Note2)
Weighted average number of shares
Earnings per share
0.7330
0.9880
Earnings
-
-
Capital surplus
-
-
-
-
Cash dividend
Dividend per share (Note 2)
2009
Stock dividend
Accumulated dividend-unpaid
Note: 1.For the establishment of SinoPac Holdings through share swap, the company was permitted to de-list from the GreTai Stock Exchange effective May 9, 2002, and
the share price in question is not applicable from 2002.
2.No resolution concerning the distribution of 2010 earnings has been made up to the publication date of this annual report.
13
Operating Results
I. Business Activities
(I) Business Scope
A. Major Business Lines
SinoPac Securities provides a comprehensive range of services, primarily securities brokerage services, securities
underwriting business and proprietary trading business.
1. Securities Brokerage: The stock brokerage division takes investors' orders to buy or sell shares trading on the Taiwan
Stock Exchange and GreTai Securities Market (OTC Exchange).
2. Margin Trading: Provides margin loans and stock lending to investors.
3. e-Trading Business: Provides investors with online trading facilities, telephone voice trading, mobile phone 688
trading, WAP trading and online assistance for investment information inquires. Continues to develop and provide
more convenient tools and more financial information including real-time quotes, real-time news, research reports and
all kinds of information related to futures, options, HK shares and funds.
4. Futures Introducing Broker: Provides trading services in futures and options. In 2004, the company developed the eLeader trading system platform, designed specifically to suit the needs of our investors in the Taiwan market. In 2007,
we launched the integrated e-trading system for brokerage services of securities, futures, overseas funds, and HK
shares.
5. Futures Advisory Business: Provides advisory opinions and recommendations on futures trading-related issues
according to customers' requirements, publishes documents, and holds presentations.
6. Wealth Management Business: Provides asset management and financial planning services to high net worth clients.
7. International Business: Provides FINI brokerage and sub-brokerage services of Hong Kong and USA shares to
Taiwanese investors.
8. Reconsignment for trading foreign securities: providing brokerage services for foreign securities, including those listed
in Hong Kong, the U.S. and Japan as well as their ETFS.
9. Underwriting Business: Advises corporations seeking to list on the Taiwan Stock Exchange, GreTai Securities Market
(OTC Exchange) and Emerging Stock Market, and assists in raising funds through the Taiwan and international
capital markets..
10. Financial Advisory: Provides financial advisory services for evaluation of corporate value, analysis and planning of
business mergers and acquisitions, and capital raising.
14
11. Stock Registration and Transfer Services: Provides agency and advisory services to publicly issued companies with
regard to stock affairs.
12. Proprietary Trading Business: Engages in proprietary trading on securities market for absolute return.
13. Futures Dealing: Engages in purchase, sale and market-making of futures and options contracts on domestic
securities; researches and implements structured and hedging-driven trading strategies.
14. Fixed Income Business: Engages in proprietary trading and consigned trading of government bonds, corporate bonds,
financial bonds and convertible bonds; own-account trading of foreign bonds/notes/corporate bonds; interest rate
derivatives; convertible bond asset swaps; credit derivatives; and underwriting of international bond and asset
securitization products IPOs.
15. Equity Derivatives: Issues TSE-traded stock warrant (call/put) and related hedging, stock options, convertible bondrelated asset swaps, and structured financial instruments.
16. Money Lending in Connection with Securities Business: Provides loans to clients purchasing TSE listed or over-thecounter market securities.
17. Overseas Funds Brokerage: Provides overseas funds brokerage service with settlement service provided by Taiwan
Depository and Clearing Corporation.
18. Securities Lending: Lends book-entry central government bonds and other securities to investors for their securities
lending transaction purpose.
B. Revenue Breakdown (2009 and 2010)
Unit: NT$ Million
Year
Business Categories
2010
Amount
2009
Percentage
Amount
Percentage
Brokerage
4,054
69.9%
3,792
62.7%
Proprietary Trading
1,249
21.5%
1,142
18.9%
494
8.6%
1,111
18.4%
5,797
100.0%
6,045
100.0%
Underwriting
Total
C. New product and services development
To boost its institutional electronic trading business, SinoPac Securities will reinforce its electronic trading platform in
2011 and continue to develop other electronic interfaces for its institutional clients, including an in-time reporting service
system for enquiring about transaction details through MSN.
15
Operating Results
Additionally, SinoPac Securities remains focused on improving its product design and financial engineering skills for a
range of financial products—including bond derivatives, credit-related products, structural products, securities
derivatives, and interest derivatives—to meet the diverse investment needs of its clients.
(II) Industry Overview
A. The Status Quo and Development of the Industry
The securities industry in Taiwan is strictly supervised and government policy has a big influence on securities firms
operations. In recent years, the government's financial reform and related deregulation have provided more room for
securities firms to operate. For underwriting business, the government has travelled globally to invite overseas enterprises
to conduct IPO or SPO in Taiwan. The government has also actively positioned Taiwan as an international funding
platform and has enlarged the market scale to revive underwriting market sales. For the warrant market, 2010 brought
record high warrant issuance of nearly ten thousand cases amid the economic rebound and warrant market reforms. For
example, we have seen enhanced trading efficiency and a case-by-case warrant transaction system is in place so that
brokerages can issue domestic warrants linked to offshore bidding targets, which helps to lower the issuance cost on
reduced warrant listing fees. Moreover, the relevant authorities plan to broaden the scope of warrant product types to
attract more investors to the warrant market by expanding the range of potential targets and range of expected returns of
the warrants. Many brokerages have made warrant business their strategic focal point, and the aforementioned policy will
be positive for their development. The potential for cross-strait development and cooperation with China has improved
markedly with the Financial MOU and ECFA signings in 2010. Although the ECFA early harvest doesn't include a
concrete development schedule for the securities firms, it is expected that market access negotiations will be held soon.
Having longed for China market development for many years, Taiwanese securities firms are proactively preparing for
communications with their Chinese counterparts within the regulatory framework.
B. Trends and Competitive Status of Respective Business Development
Brokerage, underwriting, proprietary trading, derivative financial products and international business; trends and
competitive status of the aforementioned businesses include:
1. Securities Brokerage
As some small securities firms are adopting competitive pricing to secure market share in Taiwan's maturing securities
brokerage market, average net transaction fees have been sliding. To secure their advantages, larger brokerages have
expanded their operations through M&A and enriched the content and interface of their e-trading platforms. For
brokerage business, SinoPac Securities has focused on strategies such as scale expansion, institutional business
development, high margin business launches, and productivity enhancement. In addition, SinoPac securities has
actively reinforced its e-trading service interface and provided differentiating transaction functions and services
through our unique electronic platform to gain more business.
16
2. Underwriting Business
The number of overseas companies listing in Taiwan has been gradually increasing since the government opened the
doors, with 41 new cases in 2010. Total funds raised in the domestic market totaled NT$86bn in 2009 and more than
NT$120bn in 2010, almost a 40% annual growth rate, with IPO cases representing the highest weighting. Meanwhile,
the amount of foreign firm's IPO and TDR in Taiwan surpassed that of domestic enterprises. Based on the significant
growth of newly listed companies and capital amount over the past two years, the intention of raising money through
Taiwan's market is mounting.
For our underwriting business, SinoPac Securities is focused on increasing the weighting of overseas underwriting
business and on developing TDR and IPO businesses for overseas enterprises, while at the same time improving our
organizational structure and manpower deployment to boost our competitiveness in the underwriting market.
3. Proprietary Trading
Securities firms'profitability from proprietary business inherently fluctuates according to equity market trends. SinoPac
Securities uses methods such as hedging, arbitrage, and market-making to lower profit volatility as part of a more
stable business model. SinoPac Securities seeks to maximize its absolute return on investment. To maintain a
consistent business model for stable income development, SinoPac Securities will adhere to the strategy adopted by its
proprietary business since 2009 of increasing the level of non-directional trading.
4. Equity Derivatives
The warrant market enjoyed a charming year in 2010. Warrant trading as a portion of overall trading increased from
an average of 0.35% in 2009 to 1.08% in 2010, and the number of warrant trading investors grew from 21,561 as of
December 2009 to 30,500 as of December 2010, up 50%. Meanwhile, there were nearly 10,000 warrant issuances in 2010,
a record high. To further develop its warrant business, SinoPac Securities introduced an E-Trading interface dedicated
exclusively to warrant transactions and held warrant investment seminars for investors. In 2011, apart from building
the brand concept of SinoPac Securities' warrant products, we will reinforce our marketing activities to improve our
brand image and capitalize on business opportunities in both bull and bear markets.
5. International Business
Domestic securities firms are expanding their product portfolio through international sub-brokerage services as
increasingly sophisticated domestic investors demand more cross-border investment options. In addition to providing
sub-brokerage service of US stocks and HK stocks, we will work for developing ETF products to offer a comprehensive
range of services for investors.
C. Market Competition
The following table of key metrics for the securities and futures market reveals a decline in the number of securities firms'
headquarters and branches in recent years, from 132 in 2008 to 125 in 2010, down 5.3%.
17
Operating Results
No. of Securities Firm
Brokerage
Proprietary
Underwriting
1,013
89
85
57
131
998
92
90
58
132
1,011
95
92
59
Headquarters
Branch Offices
2010
125
2009
2008
(III) Long-term and Short-term Business Development Plans
SinoPac Securities businesses include brokerage, proprietary trading, underwriting, and other businesses. To gain
leadership in each segment, SinoPac Securities relies on a strategy of “innovation, balance” to be a full-service
securities firm, a top investment bank, and a leading electronic brokerage with profits and assets ranked among the
top three.
We aim to become a leading greater China brokerage in the Asia Pacific region.
To achieve the above mentioned strategic goals and missions, SinoPac Securities sets its long-term and short-term
business development plans as follows:
A. Long-term Business Development Plan
1. To become a top full-service securities firm.
2. To become the most competitive investment bank in the Asia Pacific area.
3. To become the largest e-broker.
B. Short-term Business Development Plan
1. Actively seek new business and M&A targets and expand brokerage business through cooperation with outside banks
and credit cooperatives.
2. To expand corporate business and to enhance the depth and breadth of business.
3. To increase margin trading, to develop short selling business, and to meet foreign brokerages' need for securities
borrowing.
4. To increase the weighting of overseas underwriting business, and to actively expand TDR and IPO for overseas
enterprises.
5. To cultivate IPO clients and to actively develop high-quality corporate clients.
6. To expand cross-strait business M&A and financial advisory business for enterprises' fund raising activities.
7. To enhance the weighting of stable proprietary business and to develop a stable income business model.
8. To strengthen execution ability and to enhance efficiency.
II. General Market Conditions
(I) Market Analysis
18
A. Primary Customer Base
SinoPac Securities primarily serves institutional and individual investors, domestically and internationally. We have
office locations widely set up in leading urban areas and counties, and continue to expand and develop our business
overseas and domestically. As of February 2011, we had 49 branches in Taiwan and subsidiaries in Hong Kong and
London, plus a representative office in Shanghai that is devoted to micro-economic research.
B. Market Shares
SinoPac Securities holds the market shares as enumerated below:
Categories
Brokerage Business
2009
2010
Market Share
Ranking
Market Share
Ranking
Equity trading
4.83％
4
4.83%
3
E-Trading
7.31％
4
7.87%
3
Futures and options
5.61％
3
5.66%
1
NT$7,841mn/5.76%
6
NT$27,173mn/25.03%
1
1,647/13.31％
1
863/11.98%
1
Underwriting
Total underwriting amount
Warrants
Number of issues
C. The Supply and Demand Status and the Growth Potential of the Future Markets
1. Supply Status:
At the end-of December 2010 there were 125 securities brokerage houses, 1,013 branches, and 38 securities brokerage
houses licensed by The Securities and Futures Bureau of the Financial Supervisory Commission for margin trading.
There are also 21 foreign securities brokerage houses established in the Taiwan market.
2. Demand Status:
In conjunction with rapid economic growth and wealth creation, formation of aging society, advances in IT and the
increasing complexity of the investment environment, institutional and individual investors have increasing demands
for wealth management and overseas investments.
D. Competitive Advantages, Strengths and Weaknesses in Development Going Forward and the
Countermeasures
1. Competitive advantages
(1) A Management team renowned for vast hands-on experience.
(2) Trust, honesty and professionalism as our core values.
(3) Managing the trend and anticipating the future.
(4) A first mover in the market; rapidly adjusting to fluid market dynamics.
(5) Maintain competence in domestic and international distribution channels.
(6) Comprehensive deployment in Greater China.
19
Operating Results
(7) Comprehensive risk management systems.
(8) Cross-selling mechanism within the financial holdings structure to boost overall performance.
2. Competitive niches
(1) A less restrictive securities market and new business categories recently opened to securities brokerage houses
through government deregulation.
(2) Pragmatic corporate culture, superior brand acceptance.
(3) Comprehensive and sound e-trading platforms.
(4) Comprehensive services offered in Taiwan, Hong Kong and China.
(5) Innovative, diversified financial products designed in-house for domestic and overseas markets.
3. Weaknesses/challenges to prospective development
(1) High discount rate due to brokerage market maturation.
(2) Decline of margin trading, increase of capital cost, and narrowing of interest rate spread.
(3) Performance of securities dealers is highly exposed to fluctuations in the stock market.
4. Solutions and countermeasures
(1) To expand the brokerage scale and reduce the volatility of profits.
(2) To strengthen the business structure, to develop a sustainable income business model.
(3) To strengthen the operational support capabilities and to increase efficiency.
(4) To deploy the overseas products and channels.
III. Employee Statistics for the Previous Two Years
March 1, 2011
Year
Number of employees
2009
258
265
252
Age 30 - 39
837
853
875
Age 40 - 49
663
661
595
Age 50 and above
169
162
131
1,927
1,941
1,853
38.55
38.9
38.55
8.42
8.8
8.57
Doctorate degree
0.16
0.1
0.11
Master's degree
13.39
14.4
13.17
College graduate
72.18
71.4
72.42
High school graduate
14.17
14
14.19
0.10
0.1
0.11
Average age (years)
Average seniority (years)
Secondary school
20
2010
Age 20 - 29
Total
Education level (%)
March 1, 2011
IV. Labor-Management Relations
As a company, we hire the best in the business and reward them accordingly. While we continue to operate without a specific
collective agreement between labor and management, our reasonable, flexible management system and emphasis on hiring
truly dedicated professionals has allowed us to nurture harmonious labor-management relations. Our comprehensive
remunerative package rewards employees who demonstrate superior professionalism, competence, and achievement, and our
corporate culture challenges employees to excel by providing incentives such as employee stock ownership trust, employee
stock options, assistance programs and retirement benefits, and the necessary tools through our structured training
programs. The end result is a highly productive team working hand-in-hand with the management to maximize our
shareholders' return.
21
I. Corporate Governance Status of Implementation
Activity
Status of implementation
Discrepancy with industry
standard and the causes
1.Ownership structure and stockholders' rights
(1) The methods to address shareholders'
inquiries or disputes.
(1) Stock Registration Division is responsible for referencing
shareholders' recommendations.
(2) List of major stockholders and ultimate control
(2) SinoPac Holdings holds 100% of the company's shares
persons with a majority stake and actual
and is the only legal institutional shareholder of the
control over the company.
company.
(3) Establishes firewall and corporate risk control
mechanism between its affiliates.
No discrepancy
(3) SinoPac Holdings and all of its conglomerate personnel,
assets, and wealth management businesses operating as
independent entities comply with strict risk management
guidelines and all trade regulations and operating
guidelines.
2.The composition of the Board and its functions
(1) The status of independent directors.
(1) SinoPac Securities held a general board election in 2009
with Sophia Cheng and Josephine Juan named as
independent directors by the Board, satisfying the
requirement for independent directors. However Sophia
Cheng quit her position on DEC 31, 2010. SinoPac
Financial Holding (parent company of SinoPac Securities)
No discrepancy
appointed Tsai Ying-yi as the new independent director
for the period of March 1, 2011 to May 2, 2012.
(2) Evaluate the independent auditors' qualifications,
performance, and impartiality.
(2) The nominees will be reported by the Management
Division and the supervisors for assessment, and officially
appointed after a final decision is made by the Board of
Directors.
3.Communications with shareholders
Respective divisions will assume responsibility for
communicating with shareholders.
No discrepancy
4. Disclosure of information
(1) T h e c o m p a n y d i s c l o s u r e o f r e l e v a n t
(1) SinoPac Securities has disclosed all such information
financial information and status of corporate
regarding its finance, business performance and
governance on corporate website.
corporate governance through the SinoPac Securities
website.
(2) Any other means for the disclosure of the
(2) The company has created English websites for
company information (i.e., English websites,
disseminating information. Personnel have been
appointed personnel who gather and disclose
appointed for gathering and disclosing relevant company
company information, spokesmen, and posting of
information. The company has designated a spokesman
detailed transcripts of seminars on our website for
and an acting spokesman for the unified disclosure of
institutional investors to view).
company information.
5. The operational status of functional committees,
None
No discrepancy
Followed as per unified corporate
such as nominating committee or remuneration
governance standards of the holding
committee.
company and its affiliates; currently there
is no such committee.
22
Activity
Status of implementation
Discrepancy with industry
standard and the causes
6. Where the company may have instituted rules for practicing corporate governance in accordance with the "Rules for the Implementation of Corporate Governance
by Companies Listed in the Taiwan Stock Exchange or GreTai Securities Market (OTC Exchange)," state the status of implementation: no discrepancy.
7. Other information that may help to clarify the status of corporate governance: employee rights & care, investor relations, supplier relations, rights of interested
parties, continuing education of board directors and supervisors, implementation of risk management policy and risk evaluation criteria, implementation of client
policies, and liability insurance purchased for board directors and supervisors.
(1) The company will automatically inform the directors and supervisors of all opportunities for continuing education on corporate governance. They are free to
register for study, and the company will help to make arrangements.
(2) Fourteen board meetings were held in 2010. Each meeting was attended by 9 directors (including proxies), and 2 or more supervisors.
(3) SinoPac Holdings takes insurance coverage on liability for the directors and supervisors of the company, fulfills its social responsibility, regularly sponsors
public welfare related activities, and periodically wins awards.
(4) The company provides a customer service hotline staffed with many online customer service personnel for providing instant solutions to customer problems.
Two of our supervisors also have their e-mail accounts listed on the company website to answer consumer's or client's queries.
(5) The company has formulated risk management policies and risk assessment standards for the company and its subsidiaries to effectively control and monitor
various types of risk from business operations.
The framework of SinoPac Securities risk management is to maintain a manageable level of risk exposure at all times, maintain a high-level standard for the
aggregate capital adequacy ratio, differentiate risk within tolerable levels, avoid risks, administer damage control, diversify risks, and maximize returns within
reasonable and prudent levels of risk exposure.
We use the Value at Risk (VaR) method to measure and manage market risk and verify its effectiveness through regular pressure tests, sensitivity analyses, and
back tests. Besides, the company adopts interest sensitivity index (eg. total D value and PV01), Greeks (eg. Delta, Gamma and Vega) and many other indexes to
evaluate market risk; set credit limit for single client, corporation and corporate group for credit risk management; and establish an information risk management
system and standard operating procedures for operational risk measurement..
To further enhance risk management capability, the company uses RiskManager and related equipment provided by RiskMetrics, a world recognized standard in
financial risk management, combined with our own risk management system, to more effectively evaluate risk with stricter and more accurate quantitative models.
8. Any internal evaluation by the company or by an authorized independent party should clearly state the results of the evaluation, and include a critical loss (or
suggestion) statement and reform agenda based on the results of the internal/external evaluation: no discrepancy.
23
II. Internal Control Announcement
SinoPac Securities Corp.
Statement of Declaration on Internal Control
Date: March 1, 2011
SinoPac Securities Corp. conducted an internal audit in accordance with its Internal Control Regulation
covering the period from January 1, 2010 to December 31, 2010, and hereby declares as follows:
(I) The company acknowledges and understands that the establishment, enforcement and preservation of the
internal control system is the responsibility of the Board, and that the company has already established
such a system. The purpose is to reasonably ensure the effect and efficiency of operations (including
profitability, performance and security of assets), the reliability of financial reporting and the compliance
with relevant legal rules.
(II) There are inherent limitations to even the most well designed internal control system. As such, an
effective internal control system can only reasonably ensure the achievement of the aforementioned
goals. Further, the operating environment and situation may vary, impacting the effectiveness of the
internal control system. The internal control system of the company features the self-monitoring
mechanism. Once identified, any shortcoming will be corrected immediately.
(III) The company judges the effectiveness of the internal control system in design and enforcement in
accordance with the "Criteria for the Establishment of Internal Control System of Public Offering
Companies" (hereinafter referred to as "the Criteria") promulgated by the Financial Supervisory
Commission, Executive Yuan. The Criteria is instituted for judging the effectiveness of the design and
enforcement of the internal control system. There are five components of effective internal control as
specified in the Criteria with which the procedure for effective internal control is measured, namely, (1)
Control Environment, (2) Risk Evaluation and Response, (3) Control Operation, (4) Information and
Communication, and (5) Monitoring. Each of the elements in turn contains certain audit items, and shall
be referred to the Criteria for details.
(IV) The company has adopted the aforementioned internal control system for an internal audit on the
effectiveness of the design and enforcement of the internal control system.
(V) Based on the aforementioned audit findings, the company holds that it has reasonably preserved the
achievement of the aforementioned goals within the aforementioned period of internal control (including
the monitoring over the subsidiaries), including the effectiveness and efficiency in operation, reliability
in financial reporting and compliance with relevant legal rules, and that the design and enforcement of
internal control are effective.
(VI) This statement of declaration shall form an integral part of the annual report and prospectus on the
company and will be announced. If there is any fraud, concealment and unlawful practice discovered in
the content of the aforementioned information, the company shall be liable to legal consequences under
Article 20, Article 32, Article 171 and Article 174 of the Securities Transactions Law.
(VII) This statement of declaration has been approved by the Board on February 25, 2011 in the presence of
6 directors and 3 trustee who unanimously concur.
Min-Juh Hwang, Chairman
Min-Fu Chuang, President
24
Financial Reports
I. Abbreviated Financial Statements for 2006 to 2010 and Auditor's Reports
(I) Abbreviated Balance Sheet
Unit: NT$ Thousands
Financial Statements for 2005 to 2009 (Note 1)
Year
Item
2010
Current assets
Long-term investments
Fixed assets
Primary
2006
40,100,236
44,145,516
5,878,677
6,425,041
6,212,371
6,336,914
5,825,189
2,055,641
2,065,884
2,172,869
2,234,856
2,300,896
2,001,654
1,948,999
1,960,395
2,024,805
2,254,376
38,443,142
28,922,574
13,897,923
26,438,264
32,756,385
30,302,765
13,897,923
27,408,062
33,973,708
-
1,648,774
1,649,236
999,508
459,066
457,545
498,140
624,794
726,872
13,969,020
13,969,020
13,969,020
11,969,020
11,969,020
1,842,425
1,842,425
1,842,425
2,342,425
2,342,425
6,992,370
6,909,710
4,938,009
8,235,534
5,923,797
5,525,519
4,938,009
5,765,736
4,706,474
(Note 3)
Long-term liabilities
-
Other liabilities
Capital surplus
Retained earnings
2007
26,353,398
Diluted (Note 2)
Capital Stock
2008
41,530,807
51,327,744
Other assets
Current liabilities
2009
Primary
Diluted (Note 2)
(Note 3)
Cumulative translation adjustment
(423,577)
(123,041)
(43,736)
(93,809)
(64,242)
Net loss of unrecognized pension cost
-
-
Unrealized financial product loss
1
1
28,657
61,282,447
51,978,234
36,779,212
51,164,558
54,653,403
38,902,208
29,380,119
16,044,837
28,712,294
34,482,765
30,760,310
16,044,837
29,682,092
35,700,088
22,598,115
20,734,375
22,452,264
20,170,638
21,217,924
20,734,375
21,482,466
18,953,315
Total assets
Total liabilities
Shareholders' equity
Primary
Diluted (Note 2)
Primary
(Note 3)
22,380,239
Diluted (Note 2)
(Note 3)
-
-
-
(906)
(362)
Note：1. The above financial information has been audited.
2. The figures released after the allocation of earnings were based on the resolution of the General Shareholders Meeting.
3. The motion on the allocation of 2010 earnings is still pending the resolution of the General Shareholders Meeting.
(II) Abbreviated Income Statement
Unit: NT$ Thousands
Financial Statements for 2006 to 2010 (Note)
Year
Item
2010
2009
2008
2007
2006
Revenue
5,797,093
6,045,197
4,116,146
8,749,201
5,238,576
Cost & expenses
4,428,938
4,138,063
4,644,418
5,454,138
3,944,971
345,834
455,303
205,849
938,842
705,498
Non-operating income
42,943
47,659
276,788
200,103
Pre-tax income (Loss)
1,671,046
2,314,778
(776,595)
3,957,117
2,135,591
Net income (Loss)
1,462,851
1,971,701
(827,727)
3,529,060
1,739,551
1.05
1.41
(0.59)
2.53
1.23
Non-operating expenses
EPS (NT$)
454,172
Note：1. The above financial information has been audited.
2. EPS data stated above were retroactively adjusted for retained earnings and new shares transferred from capital surplus.
26
(III) Auditors' Opinions Related for 2006 to 2010 Financial Statements
Year
CPA Firm
2006
Auditor
Opinion
Deloitte & Touche
Anna Wong, Hsiu-Chun Huang
Modified Unqualified
2007
Deloitte & Touche
Unqualified
2008
Deloitte & Touche
Unqualified
2009
Deloitte & Touche
Anna Wong, Olivia Kuo
Unqualified
2010
Deloitte & Touche
Olivia Kuo, Leon Wei
Unqualified
II. Financial Ratios for 2006 to 2010
Unit:%
Financial Statements for 2006 to 2010 (Note)
Year
Item
Financial structure
Liquidity
Profitability
2007
2006
63.09
56.13
43.08
55.73
62.67
1,093.87
1,030.12
1,078.44
920.08
Current ratio
133.52
143.59
189.62
151.67
134.77
Quick ratio
133.48
143.56
189.54
151.57
134.73
Return on assets
2.58
4.44
(1.88)
6.67
3.46
Return on equity
6.50
9.10
(3.83)
16.56
8.78
Long-term capital / fixed assets ratio
Return on paid-in capital
Gross profits
Net profits
Earnings per share (NT$)
Cash flow ratio
Optimal cash flow ratio
9.79
13.65
(3.78)
27.53
10.81
11.96
16.57
(5.56)
33.06
17.84
25.23
32.62
(20.11)
40.34
33.21
1.05
1.41
(0.59)
2.53
1.23
-
-
117.94
21.67
-
23.76
173.79
347.12
53.13
-
Cash reinvestment ratio
-
-
62.71
17.48
-
Total debt / equity ratio
172.76
129.11
76.42
126.99
169.82
6.33
7.32
10.96
7.83
7.22
0.89
-
0.37
3.52
0.01
Total margin lending / net worth
93.39
76.60
32.24
91.51
83.75
Total short lending / net worth
11.21
12.84
6.05
7.80
11.41
Fixed assets / total assets ratio
Total underwritings / cash equivalents+
Other ratios
2008
1,088.72
Debt ratio
Net profit margin
Cash flow
2009
2010
marketable securities+net receivable
Note：The above financial information has been audited.
27
Financial Reports
III. Supervisors' Report
Supervisors' Report
The Company's board of directors submitted its 2010 financial statements and its retained earnings
distribution for auditing. Auditors Olivia Kuo and Leon Wei of Deloitte & Touche expressed an unqualified
opinion over the audited reports, which give a true and fair view of the state of the Company's affairs as of
December 31, 2010, and which have been properly prepared in accordance with accounting principles,
disclosure requirements of Article 219 of Taiwan Companies Ordinance, Article 21 of Rules Governing
Securities Firms and Article 24 of Rules Governing Futures Commission Merchants.
By order of the Board
Supervisors :
Tien-Dong Lin
Lin-Huei Chang
Raymond Jiang
March 30, 2011
28
IV. Audited Consolidated Financial Statements
INDEPENDENT AUDITORS' REPORT
The Board of Directors and the Stockholders
SinoPac Securities Corporation
We have audited the accompanying consolidated balance sheets of SinoPac Securities Corporation (the "Corporation") and
subsidiaries as of December 31, 2010 and 2009 and the related consolidated statements of income, changes in stockholders'
equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the
Corporation's management. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits.
We conducted our audits in accordance with the Rules Governing the Audit of Financial Statements by Certified Public
Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of SinoPac Securities Corporation and subsidiaries as of December 31, 2010 and 2009 and the results of their
operations and cash flows for the years then ended, in conformity with the Criteria Governing the Preparation of Financial
Reports by Securities Firms, Criteria Governing the Preparation of Financial Reports by Futures Commission Merchants,
and related regulations and accounting principles generally accepted in the Republic of China.
February 22, 2011
Notice to Readers
The accompanying consolidated financial statements are intended only to present the financial position, results of operations
and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not
those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are
those generally accepted and applied in the Republic of China.
For the convenience of readers, the auditors' report and the accompanying consolidated financial statements have been
translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict
between the English version and the original Chinese version or any difference in the interpretation of the two versions, the
Chinese-language auditors' report and consolidated financial statements shall prevail.
29
Financial Reports
SINOPAC SECURITIES CORPORATION AND SUBSIDIARIES
DECEMBER 31, 2010 AND 2009
(In Thousands of New Taiwan Dollars, Except Par Value)
CONSOLIDATED BALANCE SHEETS
2010
ASSETS
CURRENT ASSETS (Note 2)
Cash and cash equivalents (Notes 2, 3 and 23)
Financial assets at fair value through profit or loss - current (Notes 2, 4, 23 and 28)
Bonds purchased under resell agreements (Notes 2 and 5)
Margin loans receivable (Note 2)
Refinancing deposit receivable (Note 2)
Loans from refinanced margins (Note 2)
Receivable of securities business money lending (Note 2)
Customers' margin account (Notes 2, 23 and 28)
Securities borrowing margins (Note 2)
Notes and accounts receivable (Notes 2 and 23)
Other receivables (Notes 2, 15 and 23)
Pledged time deposit - current (Notes 23 and 24)
Deferred income tax assets - current (Notes 2 and 15)
Other current assets (Note 23)
Amount
$
Total current assets
FUNDS AND INVESTMENTS
Available-for-sale financial assets - noncurrent (Notes 2 and 6)
Financial assets at fair value through profit or loss - noncurrent (Notes 2 and 4)
Total funds and investments
PROPERTIES (Notes 2, 7, 23 and 24)
Cost
Land
Buildings
Equipment
Leasehold improvements
Less - accumulated depreciation
Advance payments for equipment
Properties, net
OTHER ASSETS
Refundable deposits (Notes 8, 23 and 25)
Deferred charges (Notes 2 and 23)
Pension fund prepayments - noncurrent (Notes 2 and 20)
Properties leased to others (Notes 2, 9 and 24)
Overdue receivables, net of allowance for doubtful accounts of $22,342
thousand in 2010 and $25,099 thousand in 2009 (Note 2)
Cash and equivalents - payments collected for share subscriptions (Notes 2 and 23)
Others (Note 2)
Total other assets
SECURITIES BROKERAGE ACCOUNTS, NET (Notes 2, 17 and 23)
TOTAL
The accompanying notes are an integral part of the consolidated financial statements.
30
$
2009
%
Amount
%
6,120,704
8
6,170,025
10
23,022,216
31
21,011,764
33
7,513,674
10
4,057,274
7
20,901,430
28
17,310,016
27
$
190
-
30,208
-
6,544
-
54,047
-
4,368
-
1,405
-
7,902,015
11
6,573,047
10
1,073,535
1
-
-
607,374
1
418,930
1
483,649
1
371,374
1
1,693,197
2
2,084,730
3
-
-
6,855
-
31,832
-
23,761
-
69,360,728
93
58,113,436
92
702,143
1
817,404
1
50,003
-
62,317
-
752,146
1
879,721
1
1,276,412
1
1,277,405
2
692,764
1
695,839
1
1,301,955
2
1,259,037
2
727,245
1
701,116
1
3,998,376
5
3,933,397
6
1,925,524
2
1,830,745
3
2,072,852
3
2,102,652
3
23,959
-
12,528
-
2,096,811
3
2,115,180
3
1,683,651
2
1,689,134
3
97,326
-
112,186
-
151,719
-
152,682
-
345,313
1
345,052
1
-
-
-
-
50,887
-
3,261
-
48,504
-
54,779
-
2,377,400
3
2,357,094
4
18,731
-
7,503
-
74,605,816
100
63,472,934
100
$
2010
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES (Note 2)
Short-term loans (Notes 10 and 24)
Commercial paper issued (Notes 11 and 24)
Bonds sold under repurchase agreements (Notes 2, 12 and 23)
Financial liabilities at fair value through profit or loss - current (Notes 2, 4 and 23)
Deposits on short sales (Note 2)
Short sale proceeds payable (Note 2)
Securities lending refundable deposits (Note 2)
Future traders' equity (Notes 2 and 23)
Notes and accounts payable (Note 23)
Other payables (Notes 2, 15, 18 and 23)
Deferred income tax liabilities - current (Notes 2 and 15)
Current portion of long-term loans (Notes 13 and 14)
Other current liabilities (Note 23)
$
Total current liabilities
OTHER LIABILITIES
Reserve for default accounts (Note 2)
Reserve for trading loss (Note 2)
Guarantee deposits-in (Note 9)
Deferred income tax liabilities - noncurrent (Notes 2 and 15)
Reserve for bad debts (Note 2)
Payments collected for share subscriptions (Note 2)
Total other liabilities
Total liabilities
STOCKHOLDERS' EQUITY (Notes 2, 6, 15 and 18)
Stockholders' equity of parent company
Capital stock - NT$10 par value
Issued and outstanding - 1,900,000 thousand shares and 1,396,902 thousand
shares
Capital surplus
Additional paid-in capital
Treasury stock transactions
Share in capital surplus of investees
From businesses combination
Total capital surplus
Retained earnings
Legal reserve
Special reserve
Unappropriated earnings (accumulated deficit)
Total retained earnings
Other items of stockholders' equity
Cumulative translation adjustments
Unrealized losses from financial instruments
Total other items of stockholders' equity
Total stockholders' equity of parent company
(
(
Total stockholders' equity
TOTAL
2009
Amount
$
%
Amount
1,479,123
13,136,983
17,402,870
2,790,135
2,152,973
2,509,845
1,583,693
7,902,015
1,262,412
1,271,256
30,448
130,461
2
18
23
4
3
3
2
10
2
2
-
51,652,214
6,129,207
13,464,086
2,203,529
2,348,666
2,902,321
6,573,047
1,808,400
2,987,740
1,649,629
254,009
10
21
3
4
4
10
3
5
3
-
69
40,320,634
63
316,574
37,184
1,248
46,541
120,929
50,887
1
-
299,329
4,286
1,248
125,053
121,008
3,261
1
-
573,363
1
554,185
1
52,225,577
70
40,874,819
64
13,969,020
19
13,969,020
22
84,747
31,358
961
1,725,359
1,842,425
3
3
84,747
31,358
961
1,725,359
1,842,425
3
3
1,291,959
4,237,560
1,462,851
6,992,370
2
5
2
9
1,094,789
3,843,220
1,971,701
6,909,710
2
6
3
11
123,041)
1
123,040)
22,598,115
36
22,598,115
36
63,472,934
100
423,577)
1
423,576)
22,380,239
(
(
1)
1)
30
22,380,239
30
74,605,816
100
$
%
(
(
$
31
Financial Reports
YEARS ENDED DECEMBER 31, 2010 AND 2009
(In Thousands of New Taiwan Dollars, Except Cash Dividend Per Share)
CONSOLIDATED STATEMENTS OF INCOME
2010
2009
Amount
REVENUES AND GAINS (Note 2)
Commissions and fees:
Brokerage (Note 23)
Securities business money lendings (Note 2)
Securities lendings (Note 2)
Underwriting (Note 23)
Gains on sales of securities:
Dealing (Notes 2 and 21)
Underwriting (Notes 2 and 21)
Hedging (Notes 2 and 21)
Stock transaction agent's fees (Note 23)
Interest income (Note 2)
Dividend income
Gains from valuation of operating securities (Note 2)
Gains from valuation of borrowed securities and bonds purchased under resell agreements (Note 2)
Gains on warrants issued (Notes 2 and 4)
Exchange clearing income
Gains from future transaction (Notes 2 and 4)
Gains from option transaction (Notes 2 and 4)
Advisory fee
Other operating income (Note 23)
Other nonoperating revenues and gains (Notes 2, 7 and 23)
$
Total revenues and gains
COSTS, EXPENSES AND LOSSES
Commissions and fees:
Brokerage (Note 23)
Dealing
Refinancing
Expenses for securities underwriting (Note 23)
Losses on sale of securities - Hedging (Notes 2 and 21)
Interest expenses (Notes 2 and 23)
Losses from valuation of operating securities (Note 2)
Losses from covering borrowed securities and bonds purchase under resell agreement (Note 2)
Losses from valuing borrowed securities and bonds purchase under resell agreement (Note 2)
Expenses for the issuance of warrants
Commissions and fees - futures
Losses from futures transactions (Notes 2 and 4)
Exchange clearing expenses - futures
Losses from derivative transactions - OTC (Notes 2, 4 and 23)
Other operating costs
Operating expenses (Notes 18, 20, 22, 23 and 25)
Nonoperating expenses and losses (Notes 2, 9 and 23)
Total costs, expenses and losses
INCOME BEFORE INCOME TAX
INCOME TAX EXPENSE (Notes 2 and 15)
3,787,677
2,846
38,276
256,283
53
1
4
452,731
199,653
78,112
1,190,311
136,037
609,495
5,855
15,726
220
141,019
162,496
$
%
4,013,613
643
17
435,666
53
6
6
3
1
17
2
9
2
2
171,664
238,325
159,490
75,059
815,169
84,631
1,096,502
82
19,731
8,862
10,581
22,427
4,675
153,404
242,466
2
3
2
1
11
1
15
1
2
3
7,076,737
100
7,553,007
100
396,041
40,690
1,755
11,110
175,307
111,022
306,582
2,978
21,413
83,949
39,343
65,868
96,886
114,481
979
3,873,840
54,787
6
1
2
2
4
1
1
1
2
55
1
459,615
32,599
1,934
12,166
87,548
1,616
41,971
32,501
113,550
75,853
5,218
4,196,170
83,549
6
1
1
2
1
56
1
5,397,031
76
5,144,290
68
1,679,706
24
2,408,717
32
216,855
3
436,977
6
CONSOLIDATED NET INCOME
$
1,462,851
21
$
1,971,740
26
BELONG TO:
Stockholders of the Corporation
Minority interest
$
1,462,851
-
21
-
$
1,971,701
39
26
-
$
1,462,851
21
$
1,971,740
26
Income Before
Income Tax
Income Before
Income Tax
Net Income
BASIC EARNINGS PER SHARE (Note 16)
$
1.20
$
1.05
DILUTED EARNINGS PER SHARE (Note 16)
$
1.20
$
1.05
32
Amount
%
$
$
Net Income
1.66
$
1.41
1.66
$
1.41
(In Thousands of New Taiwan Dollars, Except Par Value)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Capital Stock NT$10 Par Value
Authorized
Issued
Shares
(in Thousands)
BALANCE, JANUARY 1, 2009
Shares
(in Thousands)
Amount
Retained Earnings (Note 18)
Capital Surplus
Unappropriated
(Notes 2 and 18) Legal Reserve Special Reserve
Earnings
Other Items of Stockholders' Equity
Stockholders'
Equity of
Parent
Company
Minority
Interest
28,657
$ 20,734,375
$
Unrealized Loss from
Cumulative
Translation Adjustments Financial Instruments
(Notes 2 and 6)
(Accumulated Deficit)
(Notes 2 and 15)
Amount
1,900,000 $19,000,000 1,396,902 $13,969,020
$ 1,842,425
$ 1,921,610 $3,844,126
$
Total
Stockholders'
Equity
($ 827,727)
($ 43,736)
461 $ 20,734,836
-
826,821
-
-
-
-
-
906)
906
-
-
-
-
-
20,734,375
461
20,734,836
Offset of prior year's deficit
Legal reserve
-
-
-
-
-
Special reserve
-
-
-
-
-
19,000,000 1,396,902
13,969,020
1,842,425
1,094,789
3,843,220
-
( 43,736)
28,657
Subtotal
1,900,000
( 826,821)
- (
Translation adjustments on long-term
equity investments
(
79,305)
-
-
-
-
-
-
-
-
( 79,305)
-
-
-
-
-
-
-
-
1,971,701
-
-
for-sale financial assets
-
-
-
-
-
-
-
-
-
Change in minority interest
-
-
-
-
-
-
-
-
-
-
-
19,000,000 1,396,902
13,969,020
1,842,425
1,094,789
3,843,220
1,971,701
( 123,041)
1
22,598,115
-
22,598,115
Consolidated net income in 2009
- (
1,971,701
39
79,305)
1,971,740
Unrealized gain or loss on available-
BALANCE, DECEMBER 31, 2009
1,900,000
(
28,656) (
28,656)
(
- (
28,656)
500) (
500)
Appropriation of prior year's earnings
Legal reserve
-
-
-
-
-
197,170
-
( 197,170)
-
-
-
-
-
Special reserve
-
-
-
-
-
-
394,340
( 394,340)
-
-
-
-
-
Cash dividends
-
-
-
-
-
-
-
( 1,380,191)
-
-
( 1,380,191)
19,000,000 1,396,902
13,969,020
1,842,425
1,291,959
4,237,560
-
( 123,041)
1
21,217,924
Subtotal
1,900,000
- ( 1,380,191)
-
21,217,924
Translation adjustments on long-term
equity investments
Consolidated net income in 2010
BALANCE, DECEMBER 31, 2010
(
300,536)
-
-
-
-
-
-
-
-
( 300,536)
-
-
-
-
-
-
-
-
1,462,851
-
-
1,462,851
1,900,000 $19,000,000 1,396,902 $13,969,020
$ 1,842,425
$ 1,291,959 $4,237,560
$ 1,462,851
($ 423,577)
1
$ 22,380,239
$
- (
-
$
300,536)
1,462,851
- $ 22,380,239
33
Financial Reports
(In Thousands of New Taiwan Dollars)
CONSOLIDATED STATEMENTS OF CASH FLOWS
2010
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
Amortization discount of bond
Impairment losses
Other losses
Losses (gains) from valuation of operating securities
Losses (gains) from valuation of open-end mutual funds
Valuation losses (gains) on borrowed securities and bonds purchased under resell agreements
Gains on warrants issued
Gains on reduction of capital on available-for-sale financial assets
Losses on sale of properties
Provision of reserves for default accounts
Securities lending receivable
Deferred income tax
Decrease (increase) in pension fund prepayments
Net changes in operating assets and liabilities
Financial assets at fair value through profit or loss
Bonds purchased under resell agreements
Margin loans receivable
Loans from refinanced margins
Refinancing deposit receivable
Securities lending receivable
Customers' margin accounts
Securities borrowing margins
Notes and accounts receivable
Other receivables
Other current assets
Bonds sold under repurchase agreements
Financial liabilities at fair value through profit or loss - current
Deposits on short sales
Short sale proceeds payable
Securities lending refundable deposits
Futures traders' equity
Notes and accounts payable
Other payable
Other current liabilities
Securities brokerage accounts, net
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in restricted assets
Acquisition of available-for-sale financial assets
Proceeds from disposal of available-for-sale financial assets
Redemption of reduction of capital in available-for-sale financial assets
Acquisition of other financial assets
Proceeds from disposal of other financial assets
Acquisition of properties
Proceeds from sale of properties
Decrease in refundable deposits
Increase in deferred charges
Decrease (increase) in other assets - others
Increase in cash and equivalents - payments collected for share subscriptions
$
(
(
(
(
(
1,462,851
162,794
208
4,705
306,582
3,589
21,413
609,495)
362)
259
17,245
32,898
14,787
963
(
(
(
(
2,324,680)
3,456,400)
3,591,414)
30,018
47,503
2,963)
1,328,968)
1,073,535)
188,523)
112,275)
8,071)
3,938,784
1,179,471
195,693)
392,476)
1,583,693
1,328,968
545,988)
1,721,189)
123,548)
11,228)
(
5,550,077)
(
(
(
(
(
(
(
(
(
(
(
(
391,533
30,000)
145,624
112,044)
101
5,483
23,581)
1,737
47,626)
$
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
1,971,740
179,460
21,243)
3,676
1,096,502)
3,444)
82)
19,731)
11,330)
20,213
17,769
4,286
87,050)
1,729)
5,688,017)
2,356,686)
10,624,407)
30,208)
50,322)
1,184)
3,872,700
33,568
200,202)
3,905)
3,436,899
129,885
1,276,223
1,648,092
3,872,258)
1,620,780
189,741
175,774
72,676
9,414,818)
1,990,931
569,017
11,000
132,147)
176,061
55,881)
367
2,632
32,936)
1,594)
3,261)
Net cash provided by investing activities
331,227
2,524,189
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term bank loans
Increase in the issue of commercial paper
Increase (decrease) in long-term loans
Cash dividends
Increase in payments collected for share subscriptions
1,479,123
7,007,776
1,649,629)
1,380,191)
47,626
6,129,207
855
3,261
(
(
Net cash provided by financing activities
EFFECTS OF EXCHANGE RATE CHANGES
6,133,323
5,504,705
NET DECREASE (INCREASE) IN CASH AND CASH EQUIVALENTS
(
DECREASE IN MINORITY INTEREST
285,855
(
757,306)
335,176)
(
93,166)
(
500)
-
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
7,020,997
6,170,025
CASH AND CASH EQUIVALENTS, END OF YEAR
$
6,120,704
$
6,170,025
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Income tax paid
$
$
187,940
1,652,689
$
$
137,661
1,105,938
NONCASH INVESTING AND FINANCING ACTIVITIES
Current portion of long-term loans
$
-
$
1,649,629
34
2009
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
1. ORGANIZATION AND OPERATIONS
SinoPac Securities Corporation (the “Corporation”) was established on October 11, 1988 and started operations on November 8, 1988. It engages in marketable
security transactions such as (a) underwriting, dealing (securities and futures) and brokerage; (b) financing customers’ acquisition and short-sales; (c) trading foreign
securities on behalf of customers; (d) assisting in futures trading; and (e) engaging in bills financing and other business as approved by relevant authorities. Its
shares began to be traded on GreTai Securities Market (the over-the-counter Securities Exchange of the Republic of China, or the ROC OTC) in December 1994.
Effective May 9, 2002, the Corporation’s shares ceased to be traded over the ROC OTC because of the incorporation of the Corporation into SinoPac Holdings
through a share swap.
The Corporation and subsidiaries had 2,221 and 2,125 employees as of December 31, 2010 and 2009, respectively.
The parent company is SinoPac Holdings, which wholly owned the Corporation as of December 31, 2010 and 2009.
As of December 31, 2010, the Corporation had 48 branches supporting its head office.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements have been prepared in conformity with the Criteria Governing the Preparation of Financial Reports by Securities Firms,
Criteria Governing the Preparation of Financial Reports by Futures Commission Merchants, related regulations and accounting principles generally accepted in the
Republic of China (ROC). In preparing financial statements in conformity with these criteria, regulations and principles, the Corporation and subsidiaries are
required to make certain estimates and assumptions that could affect the amounts of allowance for bad debts, depreciation of properties and properties leased to
others, amortization of deferred charges, income tax, pension, asset impairment, unsettled lawsuit losses and bonus to employees, directors and supervisors. Actual
results could differ from these estimates.
For the convenience of readers, the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the
Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions,
the Chinese-language financial statements shall prevail.
The significant accounting policies of the Corporation and subsidiaries are summarized as follows:
Consolidation
The Corporation and subsidiaries should include in its consolidated financial statements not only subsidiaries but other investees over which the Corporation has
controlling interests. This change is summarized as follow:
Subsidiaries included in the consolidated financial statements:
Investor
Subsidiaries
Corporation
SinoPac Futures Corporation
Corporation
SinoPac Securities Investment Service
Corporation
SinoPac Securities (Cayman) Holdings
Limited
SinoPac Capital (Asia) Ltd.
Corporation
SinoPac Securities
(Cayman)Holdings Limited
SinoPac Securities
SinoPac Securities
SinoPac Securities
SinoPac Securities
SinoPac Securities
SinoPac Asset Management(Asia)
Ltd.
SinoPac Securities (Asia) Ltd.
Main Business and Products
Ownership (%)
December 31
2010
2009
Futures brokering, dealing and
consulting
Investment consulting and securities
management
Investment holding company
100.00
100.00
100.00
100.00
100.00
100.00
Insurance of derivative products
100.00
100.00
SinoPac Futures (Asia) Ltd.
Futures and options brokering
100.00
100.00
SinoPac Securities (Europe) Ltd.
European-business agent
100.00
100.00
SinoPac Asset Management(Asia) Ltd.
Asset management and investment
consulting
Hong Kong stock brokering,
underwriting and dealing
Securities brokering, dealing and
investment consulting
Asset management and investment
consulting
Hong Kong stock trust business
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Nominee trust account services for
overseas stockholding
100.00
100.00
SinoPac Asia Limited
SPS Asset Management Limited
SinoPac Securities (Asia)Nominees
Ltd.
SinoPac (Asia) Nominees Ltd.
Note
Note a: In June 2009, the Corporation acquired 26 thousand shares of SinoPac Futures Corporation at NT$48.04 per share, for a total of $1,270 thousand.
December 31, 2010, the Corporation’s equity in SinoPac Futures Corporation was 100%.
a
b
As of
Note b: SinoPac Securities (Asia) Ltd. engaged the US$7,702 thousand capital increased by cash in April 2010, and SinoPac Securities (Cayman) Holdings Limited
subscribed it totally.
35
Financial Reports
The financial statements as of and for the years ended December 31, 2010 and 2009 of the consolidated entities had all been audited.
All significant intercompany transactions and balances have been eliminated for consolidation purposes.
The financial statements of foreign subsidiaries are translated into New Taiwan dollars at the following rates: (a) assets and liabilities - at balance sheet date rates;
(b) income and expense accounts -at yearly average rates; and (c) stockholders’ equity accounts - at historical rates, except for the beginning balance of the retained
earnings, which is carried at the translated amount of the last period, and dividends, which are translated at the spot rate on the declaration date. The translation
adjustments are included in “cumulative translation adjustments” under stockholders’ equity.
Hereinafter, the Corporation and its consolidated subsidiaries are collectively referred to as the “Group.”
Current/Noncurrent Assets and Liabilities
Unrestricted cash and cash equivalents, assets held for trading and other assets to be converted into cash or consumed within one year after the balance sheet date
are classified as current. Liabilities held for trading or to be liquidated or settled within one year after the balance sheet date are classified as current. All other
assets and liabilities are classified as noncurrent.
Cash Equivalents
Cash equivalents are short-term notes with maturities of three months or less.
The book value of short-term notes approximates their fair value.
Financial Instruments at Fair Value through Profit or Losses
Financial instruments classified as financial assets or financial liabilities at fair value through profit or loss (“FVTPL”) include financial assets or financial liabilities
held for trading and those designated as at FVTPL on initial recognition. The Corporation recognizes a financial asset or a financial liability on its balance sheet
when the Corporation becomes a party to the contractual provisions of the financial instrument. A financial asset is derecognized when the Corporation has lost
control of its contractual rights over the financial asset. A financial liability is derecognized when the obligation specified in the relevant contract is discharged,
cancelled or expired.
These instruments are required to be recognized at fair value and to be remeasured at fair value through profit or loss on the balance sheet date. The related trading
costs are accounted for as expenses. Cash dividends received subsequently (including those received in the period of investment) are recognized as dividend
income in the current period. On derecognition of a financial asset or financial liability, the difference between its carrying amount and the sum of the
consideration received and receivable or consideration paid and payable is recognized in profit or loss. All regular may purchases or sales of financial assets are
recognized and derecognized on a trade (or settlement) date basis. The Corporation uses trade date accounting when recording transactions, except for operating
securities - bonds, for which settlement date accounting is used.
Derivative financial instruments that do not meet the criteria for being subject to hedge accounting are classified as held for trading and are treated as financial
assets when their fair value is positive and as financial liabilities if their fair value is negative.
The accounting policies for financial assets and liabilities held for trading are summarized as follows:
a. Open-end mutual funds
The fair values of open-end mutual funds are based on the net asset values of the funds on the balance sheet date.
the weighted-average method.
The cost of the funds sold is determined by
b. Operating securities
The fair value of the stocks held by the Group’s dealing and underwriting departments, except that of Emerging Stocks, is based on the closing price on the
balance sheet date. Emerging stocks are stated at cost. The cost of stocks sold is determined by the moving-average method.
The fair value of the bonds is based on the reference price on the balance sheet date.
The cost of bonds sold is determined by the moving-average method.
Unrealized gains or losses arising from marking to market of the carrying amounts of the operating securities on the balance sheet date are recognized as “gain (or
loss) from valuation of operating securities.”
The Corporation is a participating dealer in the exchange-traded fund (ETF) market. When the Corporation exchanges the component stocks for an ETF (or vice
versa), it recognizes the disposal gains or losses on the exchange-out assets at fair value and takes the market value as book value of the exchange-in assets.
c. Bonds purchased under resell agreement - short sales
The proceeds of the sale of government bonds purchased by the Corporation that are under resell agreements for trading purpose are accounted for as “bonds
purchased under resell agreements - short sales.” These bonds are stated at fair value. The fair value of the bonds is based on the reference price on the
balance sheet date published by the ROC OTC exchange. Gains or losses from marking to market of the carrying amounts of the bonds on the balance sheet
date are recognized in the current period as “valuation gain (or loss) on borrowed securities and bonds purchased under resell agreements.”
When bonds are repurchased, the difference between the covering cost and carrying value are accounted for as “gain (or loss) on the covering of borrowed
securities and bonds purchased under resell agreements”. The cost of bonds is determined by the moving-average method.
d. Securities lending and borrowing
The proceeds of the sale of bonds (or stocks) borrowed by the Corporation for trading purposes are accounted for as “borrowed securities payable - non-hedging.”
They are carried at fair value. The fair value of the bonds is based on the reference price (or the closing price of stocks) on the balance sheet date published by
the ROC OTC exchange. Gains or losses from marking to market of the carrying amounts of the bonds on the balance sheet date are recognized as valuation
gain (or loss) on borrowed securities and bonds with resell agreements. When bonds (or stocks) are returned, the difference between the covering cost and the
carrying value are accounted for as “gain (or loss) on the covering of borrowed securities and bonds purchased under resell agreements”.
e. Warrant liabilities and operating securities - hedging
The amount received for the issuance of warrants is presented as “warrant liabilities.” The amount paid for the repurchase of warrants issued is presented as
“repurchase of warrants issued” a contra-account of “warrant liabilities.” Warrant liabilities and warrants repurchased are marked to market. The gain (or loss),
presented as “gain (or loss) on warrants issued,” is recognized for the difference between the carrying values and the market values of both the warrant liabilities
and warrants repurchased. The cost of repurchase of warrants issued is calculated using the moving-average method, with the related gain (or loss) accounted
for as “gain (or loss) on warrants issued.”
36
Securities held as hedges for warrants issued are stated at purchase cost. Securities originally held as operating securities - dealing, and then transferred to hedge
position (presented as “operating securities - hedging”) are stated at fair value. Gains or losses from marking to market of the carrying amounts of the stocks on
the balance sheet date are recognized as gain (or loss) from the valuation of operating securities. The fair value of the warrants is based on the closing price on
the balance sheet date.
The cost of stocks sold is determined by the moving-average method.
f. Futures
Initial margin on futures contracts and margin deposits maintained to reflect the fluctuation of market price of futures contracts are recognized as margin deposits
- futures. Gains or losses from daily marking to market of the carrying amounts of the futures contracts, from taking opposite trade positions, and from
settlement of futures contracts are recognized as realized or unrealized gains or losses from futures transactions - non-hedging or realized or unrealized gains or
losses from futures transactions - hedging, depending on the transaction purpose. The fair value of futures contracts is based on the closing price on the balance
sheet date.
g. Options
Premiums received from short options or paid for long options, which are used for trading purposes, are recognized as liabilities and assets, respectively. The
margin deposited for short options is recognized as margin deposits - options. Gains or losses from the monthly marking to market of the carrying amounts of
the options, from taking opposite trade positions, and from settlement of options are recognized as realized or unrealized gains or losses from option transactions non-hedging. The fair value of options is based on the closing price on the balance sheet date.
h. Interest rate swaps
Interest rate swap contracts, which are used for trading purposes, are recognized through memo entries on the contract starting date. The fair value of the
contracts is presented as “derivative financial assets and liabilities - OTC” and is written off on the settlement date. On the balance sheet date, outstanding
contracts are marked to market, and the change in fair value is recognized as gain or loss from derivative transaction - OTC. The fair value of interest rate swap
contracts is based on the theoretical price of the instrument on the balance sheet date.
i. Currency rate swaps
Currency rate swap contracts, which are used for trading purposes, are recognized through memo entries on the contract starting date. The fair value of the
contract is presented as “derivative financial assets and liabilities - OTC” and is written off on the settlement date. On the balance sheet date, outstanding
contract are marked to market, and the change in fair value is recognized as gain or loss from derivative transaction - OTC. The fair value of currency rate swap
contracts is based on the theoratical price of the instrument on the balance sheet date.
j. Asset swap transactions - convertible bonds
Convertible bond swap transactions have three types:
Fixed income, short call options and combination of both types.
In a fixed income transaction, instruments used are a convertible bond sold (or purchased) outright plus an interest rate swap contract and a long (or short) call
option on the convertible bond. The notional amount of the swap contract is recognized through a memo entry. The accounting treatment for a convertible
bond sold (or purchased) outright is the same as that for operating securities. The fair value of the interest rate swap contract and the premium paid (or received)
for a long (or short) call option are both recognized as derivative financial assets (or liabilities) - OTC and marked to market. Gains or losses from changes in
fair value are recognized in the current period as gains or losses from derivative transactions - OTC.
For short call options, the notional amount is recognized through a memo entry on the transaction date, and the premium received is recognized as derivative
financial liabilities - OTC. On the balance sheet date, outstanding option contracts are marked to market, and the resulting gains or losses are recognized in the
current period as gains (or losses) from derivative transactions - OTC.
The fair value of interest rate swap contracts and options on the convertible bonds is based on the theoretical price of the instrument on the balance sheet date.
Gains or losses on convertible bond swap transactions are present as “gains (losses) from derivative financial transactions - OTC.”
k. Structured note transactions and operating securities - hedging
There are two types of structured note transactions:
Principal-guaranteed note transactions and equity-linked note transactions.
For principal-guaranteed note transactions, the Corporation receives the contract price from the investors. The Corporation guarantees that the investors will get
a fixed income from their investment and gives the investors the right to share in the profits on the underlying assets. For equity-linked note transactions, the
Corporation receives the contract price from the investors. The Corporation simultaneously invests the investors’ funds in fixed-income instruments and in long
put options on the underlying assets.
The Corporation receives the contract price from the investors in these two transaction states, and recognizes as “financial liabilities designated as fair value
through profit or loss”. Principal-guaranteed note liabilities - options and equity-linked note assets - options are presented as “derivative financial assets and
liabilities - OTC,” and related gains (losses) are presented as “gain (loss) from derivative transactions - OTC.” The fair value of principal - guaranteed note
liabilities - option and equity - linked note assets - option is based on the theoretical price on the balance sheet date.
The securities invested in by the Corporation for hedging purposes are stated at purchase cost, presented as “operating securities - hedging” and revaluated at the
fair value. Gains or losses from marking to market of the carrying amounts of the securities on the balance sheet date are recognized as “gain (or loss) from
valuation of operating securities.” The cost of securities sold is determined by the moving-average method.
l. Bond options
The notional amount of the bond option for trading purposes is recognized through a memo entry on the transaction date. Premiums received on short options or
paid for long options are recognized as liabilities and assets, respectively, and marked to market. Gains or losses from changes in fair value are recognized in
the current period as gains or losses from valuation of bond options-non-hedging.
When the options are exercised or reach maturity, the related assets and liabilities will be written off. If the option is exercised, the Corporation acquires or
delivers the underlying bond and recognizes the operating securities - bonds or proceeds of the sale of securities according to the fair value of the underlying
bond.
37
Financial Reports
If the options were exercised before maturity, related assets and liabilities will be written off. If the option is exercised, the Corporation acquires or delivers the
underlying bond and recognizes the operating securities - bonds or proceeds of the sale of securities according to the fair value of the underlying bond.
The fair value of bond option is based on the theoretical price of the instrument on the balance sheet date.
All assets (liabilities) of the bond option are presented as “derivative financial assets (liabilities) - OTC” and all gains or losses are presented as “gains (losses)
from derivative financial transactions - OTC.”
m. Interest rate options (or swaption)
The notional amount of an interest rate option (or swaption) for trading purposes is recognized through a memo entry on the transaction date.
long options or received on short options are recognized as assets and liabilities, respectively, and marked to market.
Premiums paid for
Gains or losses from changes in fair value are recognized as gains or losses on interest rate options (presented as “gain or loss on derivative financial instruments
- OTC”).
The related asset or liability is written off on the settlement date.
instrument on the balance sheet date.
The fair value of an interest rate option (or swaption) is based on the theoretical price of the
n. Forward rate agreements
Forward rate agreements are recognized through memo entries on the transaction dates. The fair value of an agreement is presented as derivative financial asset
or liability - OTC and is written off on the settlement date. Gains or losses from changes in fair value are recognized as “gains (losses) on derivative financial
instruments - OTC.”
The fair value of a forward rate agreement is based on the theoretical price of the instrument on the balance sheet date.
o. Bond forward transactions
Bond forward transactions, which are used for trading purposes, are recognized through memo entries on the transaction dates. The fair value of the contracts
are presented as “derivative financial assets or liabilities - OTC.” Gains or losses from changes in fair value are recognized as “gains (losses) from derivative
instruments - OTC.” On the settlement date, the Corporation acquires or delivers the underlying bond and recognizes the operating securities - bonds or
proceeds of the sale of securities according to the fair value of the underlying bond. The fair value of a bond forward is based on the theoretical price of the
instrument on the balance sheet date.
p. Options - convertible bonds
The subsidiary separate convertible bond into option side and fixed income side. The fixed income side recognized as “available-for-sale financial assets” and
measured at fair value. The cost of option recognized as “premium paid for long options - others” and fair value is based on the theoretical price on the balance
sheet date. The change in fair value of the option is recognized as “gain or loss from derivative transaction - OTC”. The gain (or loss) resulting from changes
in fair value of available-for-sale financial assets is reported as an adjustment under stockholders equity.
q. Forward exchange transactions
Forward exchange transactions are recognized through memo entries on the transaction date. The fair value of the contract is presented as “derivative financial
asset and liability - OTC” and is written off on the settlement date. Gains or losses from changes in fair value are recognized as “gains (losses) from derivative
transactions - OTC”.
The fair value of a forward exchange transaction is based on the theoretical price on the balance sheet date.
r. Credit-linked securities
Subsidiaries engage in credit-linked securities, which are recognized as the investing costs. The fair value of the securities is valued at the end of period and
gains or losses from changes in fair value are recognized as “gains (losses) from derivative transaction - OTC”.
Repurchase/Resell Trade
Bonds purchased under resell agreements and bonds sold under repurchase agreements are accounted for as assets and liabilities, respectively, and the related
interest income and expense are accounted for on the basis of the contracted spread.
Margin Loans and Stock Loans
Margin loans pertain to the provision of funds to customers for them to buy securities. Margin loans receivable represents the amount given to customers. The
securities bought by customers are used to secure these loans and are recorded through memo entries as “collateral securities.” The collateral securities are
returned when the loans are repaid.
The refinancing of margin loans with securities finance companies is recorded as “refinancing borrowings,” which are collateralized by securities bought by
customers.
The collateral securities are disposed of by the Corporation when their market values fall below a pre-agreed level and the customer fails to maintain this level. If
the proceeds of the disposal of collateral security cannot cover the balance of the loan and the customer cannot timely settle the deficiency, the balance of the margin
loan is reclassified under “overdue receivables.” If a collateral security cannot be sold in the open market, the balance of the loan is reclassified under “other
receivables” or “overdue receivables.”
Stock loans are securities lent to customers for short sales. The deposits received from customers on securities lent out are credited to “deposits on short sale.”
The securities sold short are recorded as “stock loans” using memo entries. The proceeds of the sales of securities lent to customers less any dealer’s commission,
financing charges and securities exchange tax are recorded under “short sales proceeds payable.” When the customers return the stock certificates to the
Corporation, the Corporation gives back to customers the deposits received and the proceeds of the sales of securities.
38
The margins deposited by securities firms to securities finance companies are recorded as “loan on refinanced margin.” The refinancing securities delivered to the
Corporation are recorded as “refinancing stock collaterals” using memo entries. A portion of the proceeds of the short-sale of securities borrowed from securities
finance companies is retained by the securities finance companies as collateral and recorded as “refinancing deposits receivable.”
Securities Business Money Lending and Securities Lending
Securities lending business pertain to the provision of funds will be recognized as securities lending receivable after two business days on the amount given to
customers and estimate bad debt on the basis of the collectibility in the end of the period. The collateral obtained from securities lending business and recorded
through memo entries as “collateral securities.” The collateral securities are returned when the loans are repaid. Revenue from customers paid for securities
lending business is recognized as securities lending commissions and fees.
The collateral securities obtained from securities lending recorded through memo entries as “collateral securities”. The collateral cash recorded as “securities
lending refundable deposits”. Deposit for the Corporation lending securities from Taiwan Securities Exchange Corporation recorded as “securities borrowing
margin”. Securities lending refundable deposits (or securities borrowing margin) will be repaid (or collected) when returning borrowed securities.
Revenues from customers paid for securities lending is recognized as securities lending commissions and fees.
Customers’ Margin Accounts and Futures Traders’ Equity
SinoPac Futures Corporation engages in futures brokerage and receives margin deposits from customers as required under existing regulations. The proceeds are
deposited in a bank and presented as “customers’ margin accounts” and “futures traders’ equity.” Gains or losses from daily marking to market of the carrying
amounts of the contracts and related commission are charged to the customers margin accounts and futures traders’ equity. A timing difference between
customers’ margin accounts and futures traders’ equity will result if a company does not deduct commission from the customers’ margin accounts timely. Futures
traders’ equity accounts cannot be offset against each other unless the equity accounts are of the same type and belong to same one. The debit balance of futures
traders’ equity, which results from losses on futures transactions in excess of the margin deposited, is recorded as “accounts receivable - futures margin deposits.”
Allowance for Doubtful Accounts and Reserve for Bad Debts
Allowance for doubtful accounts is provided on the basis of a review of the collectibility of notes and accounts receivables, other receivables and overdue
receivables. After providing this allowance, the Corporation sets aside an additional amount based on the 3% saving on the value-added tax as reserve for bad-debt
before July 1, 2003. Under a ruling of the Securities and Futures Bureau under the Financial Supervisory Commission of the Executive Yuan, R.O.C., this reserve
may be used only to write off nonperforming receivables.
Available-for-sale Financial Assets
Available-for-sale financial assets are stated at fair value plus the related acquisition and issuance costs on the acquisition date. The carrying amount of
available-for-sale financial assets is based on their fair value, and gain (or loss) resulting from changes in fair value is reported as an adjustment under stockholders’
equity. On disposal of an available-for-sale financial asset, the accumulated unrealized gain or loss in equity attributable to the Corporation’s stockholders is
transferred to net profit or loss for the period. The Corporation use trade date accounting when recording available-for-sale portfolio transactions, except for
investments in bonds, for which the Corporation use settlement date accounting.
The recognition, derecognition and the fair value base of available-for-sale financial assets are similar to those of financial assets at FVTPL.
The fair value of the bonds is based on the reference price on the balance sheet date published by the ROC OTC exchange.
Dividend income from equity securities is recognized on the ex-dividend date or on the date of the stockholders’ resolution on dividend declaration. Cash
dividends received within a year after investment acquisition are recognized as a reduction of the carrying values of the investments and are subsequently
recognized as investment income. Stock dividends received are recognized not as investment income but as increases in the number of shares held. The cost per
share is then recalculated on the basis of the new number of shares held. Premiums and discounts of debt instruments are amortized on a straight-line basis over
the bond residual lives and charged to interest income.
If an available-for-sale financial assets is determined to be impaired, the accumulated unrealized loss previously recognized in stockholders’ equity is recognized as
impairment loss and reported in the income statement. For equity investments, loss reversal is adjusted to stockholders’ equity. For debt investments, loss
reversal is credited to current income.
Properties
Properties are stated at cost less accumulated depreciation and accumulated impairment losses.
Repairs and maintenance are charged to expense.
Depreciation is calculated by the straight line method.
an asset.
Major additions, renewals and betterments are capitalized.
Related expense is equal to cost less the salvage value of one year divided by the initially estimated life of
The initial estimate of the service lives of properties is as follows: buildings, 40 to 60 years; equipment, 3 to 15 years, and leasehold improvements, 3 to 5 years.
If a property that reaches its full residual value is still in use, it is depreciated over its newly estimated service life.
Upon sale or other disposal of properties, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is credited or charged
to nonoperating income or expense.
If the recoverable amount of the property is less than its carrying amount, the carrying amount of the property will be reduced to its recoverable amount. That
reduction is an impairment loss. If the recoverable amount increases, this increase is recognized as income. However, the increased carrying amount of the
property due to a reversal of an impairment loss should not exceed the carrying amount that would have been determined (net of depreciation) had no impairment
loss been recognized for the asset in prior years.
Pension and Severance Benefits
Pension cost under a defined benefit plan is determined by actuarial valuations.
cost during the year in which employees render services.
Contributions made under a defined contribution plan are recognized as pension
Curtailment or settlement gains or losses of the defined benefit plan are recognized as part of the net periodic pension cost for the year.
39
Financial Reports
Properties Leased to Others
These properties are depreciated using the straight-line method over service lives of 50 to 55 years.
If the recoverable amount of the properties leased to others is less than its carrying amount, the carrying amount of the properties leased to others will be reduced to
its recoverable amount. That reduction is an impairment loss. If the recoverable amount increases, this increase is recognized as income. However, the
increased carrying amount of the properties leased to others due to a reversal of an impairment loss should not exceed the carrying amount that would have been
determined (net of depreciation) had no impairment loss been recognized for the asset in prior years.
Deferred Charges
Deferred charges, which include amounts paid for acquiring network construction and decoration or renovations, are capitalized and amortized on a straight-line
basis for 3 to 5 years.
If the recoverable amount of the deferred charges is less than its carrying amount, the carrying amount of the deferred charges will be reduced to its recoverable
amount. That reduction is an impairment loss. If the recoverable amount increases, this increase is recognized as income. However, the increased carrying
amount of the deferred charges due to a reversal of an impairment loss should not exceed the carrying amount that would have been determined (net of amortization)
had no impairment loss been recognized for the asset in prior years.
Consolidation Debits
Consolidation debits (presented as other assets - other) are the difference between the investment cost and the equity in the investee’s net asset on the investment
acquisition date. Debit accounts are amortized by the straight-line method over five years and are presented in the financial statements at net amounts. Effective
January 1, 2006, based on the revised Statement of Financial Accounting Standards No. 5 - “Long-term Investments in Equity Securities,” debit accounts should no
longer be amortized but tested for impairment at least annually.
If the recoverable amount of the consolidation debits is less than its carrying amount, the carrying amount of the consolidation debits will be reduced to its
recoverable amount. That reduction is an impairment loss. However, if the recoverable amount increases, the impairment loss on goodwill cannot be reversed.
Payment Collected for Warrant Exercise and Share Subscription
Payment received by the Corporation for exercising warrants and share subscriptions, both on the clients’ behalf, are presented as “other assets - cash and cash
equivalents - payments collected for exercising warrants” (or “payments collected for share subscriptions”) and “other liabilities - payments collected for exercising
warrants” (or “payments collected for share subscriptions”).
Securities Brokerage Accounts
These accounts pertain to open brokerage transactions. Under the Criteria Governing the Preparation of Financial Reports by Securities Firms, the following
unsettled brokerage transactions are recorded as: (a) debit accounts (such as cash in bank - settlement, accounts receivable - customers’ purchases, net exchange
clearing receivable, margin transaction, and accounts receivable - settlement) and (b) credit accounts (such as accounts payable - customers’ sales, net exchange
clearing payable, margin transaction, and accounts payable - settlement). These transactions are presented in the financial statements at net amounts.
Income Tax
The Group applies intra-year and inter-year allocations for its income tax, whereby (1) a portion of income tax expense is allocated to the cumulative effect of
changes in accounting principles; and (2) deferred income tax assets and liabilities are recognized for the tax effects of temporary differences, unused loss
carryforward and unused tax credits. Valuation allowances are provided to the extent, if any, that it is more likely than not that deferred income tax assets will not
be realized. A deferred tax asset or liability is classified as current or noncurrent in accordance with the classification of its related asset or liability. However, if
a deferred income tax asset or liability does not relate to an asset or liability in the financial statements, then it is classified as either current or noncurrent based on
the expected length of time before it is realized or settled.
Adjustments of prior year’s tax are added to or deducted from the current year’s income tax expense.
Income taxes (10%) on undistributed earnings generated since 1998 by the Corporation, SinoPac Futures Corporation and SinoPac Capital Management Corporation
are recorded as expense when stockholders resolve to retain the earnings.
In the filing of returns, the linked-tax system is used, i.e., the Corporation, its parent company (SinoPac Holdings) and subsidiaries of SinoPac Holdings
(collectively, the Group) “linked” their taxes in filing their returns. The accounting treatment applied by the Group to the income tax is to adjust in SinoPac
Holdings’ book the difference between the combined current/deferred taxes and the total of each Group member’s ones. Related payables and receivables are
recorded in each of the Group members’ books.
Reserve for Default Accounts
As required by the Rules Governing Securities Firms, for securities traded for customers’ accounts, the Corporation should allocate monthly 0.0028% of the
transaction price of the traded securities as a reserve for default accounts. When the accumulated reserve for default accounts reaches $200,000 thousand,
allocation will be suspended. This reserve should be used only for covering the losses caused by breach of contracts for trading on customers’ accounts or for
other purposes approved by the Securities and Futures Bureau.
As required by the Rules Governing Futures Commission Merchants, for futures traded for customers’ accounts, SinoPac Futures Corporation should allocate 2% of
commission revenues from futures transactions as a reserve for default accounts. When the accumulated reserve for default accounts reaches the minimum paid-in
capital of SinoPac Futures Corporation ($715,000 thousand), allocation will be suspended. This reserve should be used only for covering the losses caused by
breach of contracts on trading on customers’ accounts or for other purposes approved by the Securities and Futures Bureau.
Reserve for Trading Losses
An amount equal to 10% of the net gains from sale of securities and futures is recognized monthly as reserve for trading losses under the Rules Governing Securities
Firms and Rules Governing Futures Commission Merchants. This reserve is recognized until its accumulated balance reaches $200,000 thousand for the trading
department. This reserve can be used only to offset actual loss from securities and futures dealings.
Foreign-currency Transactions
Non-derivative foreign-currency transactions (except derivative transactions) are recorded in New Taiwan dollars at the rates of exchange in effect when the
transactions occur. Exchange difference arising from settlement of foreign-currency assets and liabilities are recognized in profit or loss.
40
At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are restated at the prevailing exchange rates, and the resulting
differences are recorded as current income or loss.
Gains or losses resulting from restatement at period-end of foreign-currency denominated long-term equity investments accounted for by the equity method are
credited or charged to “cumulative transaction adjustment” under stockholders’ equity.
The prevailing exchange rate is based on the main bank’s middle quotation.
Revenue Recognition
Revenue from rendering services - brokerage and underwriting commissions and fees, stock transaction agent’s fees, futures commissions and fees, etc. - is
recognized on the basis of the stage of service completion as of the balance sheet date.
Interest income is accrued over time by referring to the principal outstanding and the effective interest rate.
Dividend income on equity securities is recognized on ex-dividend dates or on the dates when the stockholders declare dividends.
3. CASH AND CASH EQUIVALENTS
December 31
2010
Cash
Petty cash and cash on hand
Demand deposits
Checking accounts
Time deposits
Cash equivalents - short-term notes, due in January 2011, discount rates at 0.36% to 0.45% in 2010; due
in January 2010, discount rates at 0.16% to 0.19% in 2009
$
2,876
1,921,713
390,579
3,705,654
2009
$
2,158
2,832,941
441,356
2,703,762
99,882
$
189,808
6,120,704
$
6,170,025
4. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial instruments held for trading are summarized as follows:
2010
Financial assets held for trading - current
Open-end mutual funds
Operating securities - dealing
Operating securities - underwriting
Operating securities - hedging
Premiums paid for long options - non-hedging
Margin deposits - futures and options
Derivative financial assets - OTC
Interest rate swap contracts
Exchange rate swap contracts
Convertible bond asset swap - options
Forward exchange transactions
$
December 31
395,683
14,430,285
2,214,865
3,970,828
33,444
734,543
$
1,222,173
690
12,120
7,585
2009
Note
641,516
12,989,850
2,903,614
1,979,680
12,105
944,642
a
b
b
b
e
e
1,485,803
54,554
-
g
h
i
k
$
23,022,216
$
21,011,764
$
50,003
$
62,317
Financial assets held for trading - noncurrent
Operating securities - dealing
b
Financial liabilities held for trading
Investments in bonds with resale agreements short sale
Liabilities on sale of borrowed securities - non-hedging
Warrant liabilities
Repurchase of warrants issued
Premiums received from short options - futures
Derivative financial liabilities - OTC
Exchange rate swap contracts
Convertible bond asset swap - interest rate swap contracts
Convertible bond asset swap - options
Forward exchange transactions
$
Equity - linked note
$
105,051
282,238
7,167,202
(6,453,411)
19,102
49,438
5,675,995
(5,337,288)
14,860
c
d
f
f
e
1,225,535
891
6,274
371,429
8,612
2,732,923
1,501,638
21,937
276,949
2,203,529
g
h
i
i
k
57,212
-
j
2,790,135
$
$
2,203,529
41
Financial Reports
a. Open-end mutual funds
December 31
2010
Open-end mutual funds
$
2009
394,191
Unrealized gains from valuation
$
636,435
1,492
$
5,081
395,683
$
641,516
b. Operating securities
December 31
2010
2009
Dealing department
Bonds
Issued by the government (interest rates at 0.875% to 7.30% in 2010 and 0.00% to 7.75% in
2009)
Issued by corporations (interest rates at 0.68813%-8.00% in 2010 and 0.37438% to 2.15% in
2009)
$
Issued by banks (interest rates at 0.38563%-6.125% in 2010 and 0.27125% to 4.625% in 2009)
692,658
$
852,088
2,666,242
2,886,063
1,550,430
1,410,076
27,808
100,000
290,584
-
Collateralized loan obligations (interest rates at 3.005% in 2010 and 2009)
Issued by foreign corporations listed on Taiwan OTC (interest rates at 2.80% in 2010)
Issued by foreign corporations not listed on Taiwan OTC (interest rates at 2.875%-6.125% in
2010)
15,166
-
5,242,888
5,248,227
Listed stocks
1,475,371
1,977,406
Stocks and convertible bonds traded over the counter
5,553,239
3,212,422
Beneficiary certificates
1,396,863
1,780,317
467,009
474,075
Emerging stocks
Stocks other than listed and traded over the counter
72
-
14,135,442
12,692,447
Unrealized gains from valuation - dealing
344,846
359,720
14,480,288
13,052,167
Less: Noncurrent portion
(50,003)
$
14,430,285
(62,317)
$
12,989,850
December 31
2010
2009
Underwriting department
Listed stocks
$
1,341,319
$
1,716,621
Stocks and convertible bonds traded over the counter
811,745
120,000
2,550
2,273,064
2,669,700
Unrealized gains (losses) from valuation - underwriting
950,529
(58,199)
233,914
$
2,214,865
$
2,903,614
$
3,899,394
$
1,893,793
Securities held for hedging purposes
Stocks held for warrants
Warrants
2,438
Stock held for equity-linked note
1,072
-
3,902,904
1,893,793
67,924
85,887
Unrealized gains from valuation - hedging
$
42
3,970,828
-
$
1,979,680
The aggregate market values of securities based on the closing prices and reference prices as of December 31, 2010 and 2009 were as follows:
December 31
2010
Dealing department - bonds
Dealing department - listed and over-the-counter stocks and convertible bonds
Dealing department - Beneficiary certificates
Underwriting department - listed and over-the-counter stocks and convertible bonds
Securities held for hedging purposes - stocks held for warrants
Securities held for hedging purposes - warrants
Securities held for hedging purposes - structured note-linked position
$
2009
5,241,518
7,364,111
1,407,578
2,094,865
3,963,993
5,750
1,085
$
5,271,821
5,522,422
1,783,849
2,901,064
1,979,680
-
Bonds held by the Group’s Dealing Department, Underwriting Department and purchased under resell agreements were sold under repurchase agreements for the
aggregate face amounts of $16,805,997 thousand and $12,897,242 thousand as of December 31, 2010 and 2009, respectively.
c. Investments in bonds with resale agreements - short sales
December 31
2010
Bonds traded over the counter
Government bonds - A99106
Government bonds - A98106
2009
$
105,291
105,291
(240)
$
49,520
49,520
(82)
$
105,051
$
49,438
Unrealized loss from valuation
d. Liabilities on sale of borrowed securities - non-hedging (December 31, 2009: None)
December 31, 2010
Listed stocks
Unrealized loss from valuation - non-hedging
$
260,667
21,571
$
282,238
e. Futures and options
1) The objective of using futures and options and related strategies to achieve the objective:
The Group use futures and options contracts for trading purposes, to increase its investment instruments, to aggressively develop various services and enhance
working capital efficiency. The Group use futures contracts to hedge risks from the exercise of warrants and risk from changes in warrants positions held
since 2009.
2) Contract amount and fair value
Opening
Position
Item
Futures
Options
Instrument Type
TAIEX Futures
Finance Sector Index Futures
Mini-TAIEX Futures
TAIEX Futures
Electronic Sector Index Futures
Mini-TAIEX Futures
SGX MSCI Taiwan Index Future
CME Australian Dollar Futures
HSIEX Futures
TAIEX Options - call
TAIEX Options - put
HSIEX Options - call
HSIEX Options - put
UMC Stock Options - put
Mega Holdings Stock Options - put
TAIEX Options - put
HSIEX Options - call
HSIEX Options - put
UMC Stock Options - call
Long/
Short
Long
Long
Long
Short
Short
Short
Short
Short
Short
Long
Long
Long
Long
Long
Long
Short
Short
Short
Short
Short
Volume
99
16
247
20
32
12
18
20
8
1,342
4,143
271
149
10
15
1,925
2,527
402
191
5
December 31, 2010
Contract
Amount/
Premium
Paid
(Received)
$
176,778
16,662
113,948
35,946
43,389
5,354
16,347
57,029
93,954
5,606
28,524
8,915
5,435
(3,145)
(8,848)
(12,613)
(7,433)
-
Fair
Value
$
177,942
16,672
115,034
35,948
43,738
5,392
16,759
59,082
94,219
8,134
17,897
3,505
3,908
(5,091)
(4,987)
(4,297)
(4,727)
-
43
Financial Reports
Item
Futures
Options
Long/
Short
Instrument Type
TAIEX Futures
Mini-TAIEX Futures
Electronic Sector Index Futures
TAIEX Futures
Mini-TAIEX Futures
TAIEX Options - put
TAIEX Options - put
December 31, 2009
Contract
Amount/
Premium
Paid
(Received)
Opening
Position
Volume
Long
Long
Long
Long
Short
Short
Short
Short
Short
Long
Long
Short
Short
66
20
28
2,777
47
61
2
1,781
2
1,048
1,530
1,045
1,019
$
Fair
Value
59,241
32,706
10,855
2,583,709
62,942
94,769
819
2,525,027
1,792
4,230
4,694
(5,190)
(5,881)
$
60,126
32,804
11,481
2,629,534
64,249
100,052
820
2,665,319
1,822
10,945
1,160
(13,860)
(1,000)
As of December 31, 2010 and 2009, the fair values of premiums paid for option transactions were recognized as long options - non-hedging at $33,444
thousand and $12,105 thousand, respectively, and those received from options transactions were recognized as short options - futures at $19,102 thousand and
$14,860 thousand, respectively.
3) Gains (losses) from futures and options transactions
Gains (losses) for the years ended December 31, 2010 and 2009 are summarized as follows:
Year Ended December 31, 2010
Gains (Losses)
Gains (Losses)
from Futures
from Option
Transactions
Transactions
Non-hedging and realized
Non-hedging and unrealized
Hedging and realized
Hedging and unrealized
$
(65,292)
(1,085)
308
201
$
17,806
(1,751)
(329)
-
$
(65,868)
$
15,726
Gains (Losses)
Gains (Losses)
from Futures
from Option
Transactions
Transactions
Non-hedging and unrealized
Hedging and realized
Hedging and unrealized
e. Warrants
$
112,676
(102,766)
402
269
$
23,035
(608)
-
$
10,581
$
22,427
1) The objective of issuing warrants and strategies to achieve this objective:
The Corporation issues warrants for trading purposes.
The Corporation holds underlying securities to hedge risks from the exercise of warrants and risks from changes in warrant positions held. The Corporation’s
hedging strategy is to minimize the market value risks. The change in market values of the underlying securities are highly correlated to those of the warrants,
and the Corporation evaluates and adjusts the positions held periodically.
2)Warrant liabilities
December 31, 2010
Listed Date
44
SinoPac Securities - CA
July 2, 2010
SinoPac Securities - CB
SinoPac Securities - CC
SinoPac Securities - CD
July 2, 2010
July 2, 2010
July 2, 2010
SinoPac Securities - CE
SinoPac Securities - CF
July 2, 2010
July 2, 2010
SinoPac Securities - CG
SinoPac Securities - T7
July 2, 2010
July 2, 2010
Underlying Securities
China Petrochemical
Development Corporation
Hiwin Technologies Corp.
Tsrc Corporation
Huang Hsiang Construction
Corporation
Novatek Microelectronics Corp.
Global Mixed-Mode Technology
Inc
Globe Union Industrial Corp.
Zeng Hsing Industrial Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
7,500,000
$0.75
6,000,000
7,500,000
5,000,000
0.82
0.68
0.66
5,000,000
5,000,000
10,000,000
5,000,000
Amount
$
5,625
Strike
Price
(In New
Taiwan
Dollars
/Index)
$
Leverage
at
Issuance
18.53
11.47
4,920
5,100
3,300
73.32
44.78
50.91
9.03
14.60
8.46
0.89
1.47
4,450
7,350
93.19
160.43
11.00
10.17
0.75
1.12
7,500
5,600
39.08
150.02
10.62
12.59
December 31, 2010
Listed Date
July 2, 2010
SinoPac Securities - CH
SinoPac Securities - CI
SinoPac Securities - CJ
July 5, 2010
July 5, 2010
July 5, 2010
SinoPac Securities - CK
SinoPac Securities - CL
SinoPac Securities - CM
July 5, 2010
July 5, 2010
July 5, 2010
SinoPac Securities - CN
July 5, 2010
SinoPac Securities - CP
SinoPac Securities - CQ
SinoPac Securities - CR
July 7, 2010
July 7, 2010
July 7, 2010
SinoPac Securities - CS
July 7, 2010
SinoPac Securities - CT
July 7, 2010
July 7, 2010
SinoPac Securities - U1
July 7, 2010
July 7, 2010
July 7, 2010
SinoPac Securities - CU
SinoPac Securities - CV
SinoPac Securities - CW
July 8, 2010
July 8, 2010
July 8, 2010
SinoPac Securities - CX
SinoPac Securities - CY
SinoPac Securities - CZ
SinoPac Securities - DA
SinoPac Securities - DB
SinoPac Securities - DC
SinoPac Securities - DD
SinoPac Securities - DE
July 8, 2010
July 8, 2010
July 8, 2010
July 8, 2010
July 8, 2010
July 8, 2010
July 8, 2010
July 8, 2010
SinoPac Securities - DF
July 8, 2010
SinoPac Securities - DG
July 8, 2010
July 9, 2010
July 9, 2010
SinoPac Securities - V1
July 9, 2010
July 9, 2010
July 9, 2010
July 9, 2010
July 9, 2010
SinoPac Securities - DH
SinoPac Securities - DI
July 9, 2010
July 12, 2010
July 12, 2010
SinoPac Securities - DJ
SinoPac Securities - DK
SinoPac Securities - DL
SinoPac Securities - DM
SinoPac Securities - DN
SinoPac Securities - DP
July 12, 2010
July 12, 2010
July 12, 2010
July 12, 2010
July 12, 2010
July 12, 2010
SinoPac Securities - DQ
SinoPac Securities - DR
SinoPac Securities - DS
SinoPac Securities - DT
SinoPac Securities - DU
July 12, 2010
July 12, 2010
July 13, 2010
July 13, 2010
July 13, 2010
Solar Applied Materials
Technology Corp.
Standard Foods Corporation
Feng Hsin Iron & Steel Co., Ltd.
Compeq Manufacturing Co.,
Ltd.
Ruentex Industries Limited
Iteq Corporation
Chang Hwa Commercial Bank,
Ltd.
Ju Teng International Holdings
Limited
Uni-President Enterprises Corp.
Taiwan Fertilizer Co., Ltd.
China Life Insurance Company,
Ltd.
China Development Financial
Holding Corp.
Powertech Technology Inc.
Mag.Layers Scientific-Technics
Co., Ltd.
Soft-World International
Corporation
Prosperity Dielectrics Co., Ltd.
Gamania Digital Entertainment
Co., Ltd.
Lian Hwa Foods Corporation
Eternal Chemical Co., Ltd.
China Man-Made Fiber
Corporation
Taiwan Glass Ind. Corp.
Ritek Corporation
Qisda Corporation
Asustek Computer Inc.
Aurora Corporation
Walsin Technology Corporation
Eva Airways Corporation
Formosa International Hotels
Corporation
Taiwan Prosperity Chemical
Corporation
Ton Yi Industrial Corp.
Sinmag Bakery Machine
Corporation
Taiwan Chi Cheng Enterprise
Co., Ltd.
Newmax Technology Co., Ltd.
Microbio Co., Ltd.
Episil Technologies Inc.
Pchome Online Inc.
Prime View International Co.,
Ltd.
Kaori Heat Treatment Co., Ltd.
Walsin Lihwa Corporation
Advanced Semiconductor
Engineering,Inc.
Yageo Corporation
Clevo Co.
Mediatek Inc.
Catcher Technology Co., Ltd.
Taiwan Business Bank
E.Sun Financial Holding
Company,Ltd.
Wistron Corporation
Wpg Holdings Limited
Htc Corporation
Forhouse Corporation
Young Fast Optoelectronics Co.,
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
$0.63
10,000,000
5,000,000
10,000,000
0.70
0.76
0.44
12,000,000
10,000,000
5,000,000
Amount
$
6,300
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
65.15
14.02
7,000
3,800
4,400
76.47
47.66
9.07
13.92
11.37
9.56
0.91
0.69
0.57
10,920
6,900
2,850
98.27
47.53
16.14
9.99
12.14
12.55
10,000,000
0.60
6,000
26.85
8.65
5,000,000
5,000,000
15,000,000
0.60
0.80
0.57
3,000
4,000
8,550
36.89
95.57
26.10
16.91
11.12
11.35
5,000,000
0.58
2,900
9.62
16.30
10,000,000
10,000,000
0.72
0.85
7,200
8,500
101.13
97.69
13.07
10.54
10,000,000
1.50
15,000
174.53
11.03
10,000,000
7,000,000
0.71
0.59
7,100
4,130
37.43
57.64
9.46
8.98
5,000,000
5,000,000
6,000,000
0.50
0.50
0.67
2,500
2,500
4,020
18.04
31.18
11.03
7.85
13.86
6.97
5,000,000
10,000,000
15,000,000
10,000,000
5,000,000
12,000,000
10,000,000
10,000,000
0.71
0.43
0.53
0.50
0.50
0.58
0.62
0.51
3,550
4,300
7,950
5,000
2,500
6,960
6,200
5,100
32.36
9.50
18.48
242.36
46.19
20.76
21.95
416.55
8.27
9.38
7.43
8.92
9.01
7.37
7.94
8.29
5,000,000
0.80
4,000
65.02
7.22
15,000,000
5,000,000
0.50
2.04
7,500
10,200
15.95
135.08
14.62
6.79
10,000,000
0.61
6,100
22.85
6.66
3,000,000
15,000,000
3,000,000
500,000
3,000,000
2.25
0.66
0.50
1.61
0.54
6,750
9,900
1,500
805
1,620
144.05
55.33
17.90
129.33
46.63
4.62
7.62
5.76
7.24
7.46
12,000,000
5,000,000
5,000,000
0.82
0.59
0.59
9,840
2,950
2,950
80.83
13.25
25.17
7.74
10.21
12.06
12,000,000
15,000,000
20,000,000
5,000,000
10,000,000
7,500,000
0.61
0.66
0.71
0.68
0.59
0.57
7,320
9,900
14,200
3,400
5,900
4,275
14.67
74.63
457.03
74.20
9.76
15.03
10.68
9.83
13.01
10.51
15.85
13.08
5,000,000
7,500,000
10,000,000
15,000,000
5,500,000
0.76
0.64
0.88
0.71
0.60
3,800
4,800
8,800
10,650
3,300
51.88
54.68
494.96
35.92
274.37
14.48
11.40
12.38
9.33
8.57
45
Financial Reports
December 31, 2010
Listed Date
46
SinoPac Securities - DV
SinoPac Securities - DW
SinoPac Securities - DX
SinoPac Securities - DY
July 16, 2010
July 16, 2010
July 16, 2010
July 16, 2010
SinoPac Securities - DZ
July 16, 2010
SinoPac Securities - EA
SinoPac Securities - EB
SinoPac Securities - EC
SinoPac Securities - ED
July 16, 2010
July 16, 2010
July 16, 2010
July 16, 2010
July 19, 2010
July 19, 2010
SinoPac Securities - EE
July 19, 2010
SinoPac Securities - EF
SinoPac Securities - EG
SinoPac Securities - EH
SinoPac Securities - EI
July 19, 2010
July 19, 2010
July 19, 2010
July 19, 2010
SinoPac Securities - EJ
SinoPac Securities - EK
SinoPac Securities - EL
July 19, 2010
July 19, 2010
July 19, 2010
SinoPac Securities - EM
SinoPac Securities - EN
July 19, 2010
July 19, 2010
July 19, 2010
July 19, 2010
July 19, 2010
July 19, 2010
July 19, 2010
SinoPac Securities - EP
SinoPac Securities - EQ
July 20, 2010
July 20, 2010
SinoPac Securities - ER
SinoPac Securities - ES
July 20, 2010
July 22, 2010
SinoPac Securities - ET
SinoPac Securities - EU
July 22, 2010
July 22, 2010
SinoPac Securities - W1
SinoPac Securities - EV
July 22, 2010
July 27, 2010
SinoPac Securities - EW
July 27, 2010
SinoPac Securities - EX
July 27, 2010
SinoPac Securities - EY
SinoPac Securities - EZ
SinoPac Securities - FA
July 27, 2010
July 27, 2010
July 27, 2010
SinoPac Securities - FB
SinoPac Securities - FC
SinoPac Securities - FD
July 28, 2010
July 28, 2010
July 28, 2010
SinoPac Securities - FE
July 28, 2010
SinoPac Securities - FF
July 28, 2010
SinoPac Securities - FG
SinoPac Securities - FH
July 28, 2010
July 28, 2010
SinoPac Securities - FI
SinoPac Securities - FJ
SinoPac Securities - FK
July 28, 2010
July 28, 2010
July 28, 2010
SinoPac Securities - FL
July 28, 2010
Yungtay Engineering Co., Ltd.
Mitac International Corp.
Chroma Ate Inc.
Kobin Environmental
Enterprise Co., Ltd.
Chi Mei Optoelectronics
Corporation
Solartech Energy Corp.
Sonix Technology Co., Ltd.
Tekcore Co., Ltd.
Motech Industries Inc
Transcend Information, Inc.
Unity Opto Technology Co.,
Ltd.
Yang Ming Marine Transport
Corp.
Unimicron Technology Corp.
Txc Corporation
Green Energy Technology Inc.
Siliconware Precision
Industries Co., Ltd.
Sunplus Technology Co., Ltd.
Au Optronics Corp.
Visual Photonics Epitaxy Co.,
Ltd.
Htc Corporation
First Steamship Co., Ltd.
Alltop Technology Co., Ltd.
Zentel Electronic Corporation
Etron Technology, Inc.
Sino-American Silicon
Products Inc.
Gamania Digital
Entertainment Co., Ltd.
China Steel Chemical Co.,
Evergreen International
Storage & Transport
Gintech Energy Corporation
Garnd Pacific Petrochemical
Corporation
Delta Electronics, Inc.
Elite Semiconductor Memory
Technology Inc.
Fulltech Fiber Glass Corp.
Chang Hwa Commercial
Bank, Ltd.
Cathay Financial Holding Co.,
Ltd.
First Financial Holding Co.
Ltd.
Taiwan Cooperative Bank
Aurora Corporation
Young Fast Optoelectronics
Co., Ltd.
TSEC Taiwan 50 Index
Nan Ya Plastics Corporation
China Synthetic Rubber
Corporation
Synnex Technology
International Corp.
King Yuan Electronics Co.,
Ltd.
Radium Life Tech. Co., Ltd.
Evergreen Marine Corp.
(Taiwan) Ltd.
Opto Tech Corporation
Global Sweeteners Holdings
Limited
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
5,000,000
10,000,000
5,000,000
7,500,000
$0.61
0.58
0.75
0.74
10,000,000
0.89
15,000,000
10,000,000
10,000,000
15,000,000
10,000,000
12,000,000
Amount
$
3,050
5,800
3,750
5,550
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
33.00
14.11
69.96
45.39
12.30
11.12
8.48
11.26
8,900
38.61
9.86
1.05
0.73
0.51
1.15
0.81
0.67
15,750
7,300
5,100
17,250
8,100
8,040
81.12
73.59
35.20
123.73
96.90
61.12
8.29
9.16
6.27
9.71
12.29
9.50
7,500,000
0.85
6,375
21.50
11.00
7,500,000
10,000,000
6,000,000
10,000,000
0.59
0.52
0.69
0.78
4,425
5,200
4,140
7,800
51.97
55.48
73.28
38.28
8.62
10.89
10.83
11.15
10,000,000
20,000,000
10,000,000
0.55
0.68
0.81
5,500
13,600
8,100
27.06
34.48
68.04
8.95
11.53
11.59
10,000,000
7,500,000
10,000,000
3,000,000
10,000,000
15,000,000
0.76
0.57
0.83
1.21
0.61
0.76
7,600
4,275
8,300
3,630
6,100
11,400
596.39
57.86
107.32
103.60
27.56
94.64
16.09
9.56
10.87
9.66
8.44
9.78
10,000,000
0.58
5,800
57.59
9.26
5,000,000
6,000,000
0.58
0.59
2,900
3,540
103.26
25.91
15.90
10.37
10,000,000
5,000,000
1.10
0.54
11,000
2,700
109.21
14.95
8.84
12.04
5,000,000
20,000,000
0.68
0.78
3,400
15,600
127.12
70.95
16.54
7.91
10,000,000
10,000,000
0.78
0.65
7,800
6,500
38.84
18.87
7.59
12.96
20,000,000
0.76
15,200
54.29
14.06
10,000,000
0.63
6,300
20.39
15.99
10,000,000
15,000,000
10,000,000
0.63
0.68
0.54
6,300
10,200
5,400
21.04
58.85
310.34
18.37
7.87
10.11
6,000,000
7,500,000
12,000,000
0.83
0.52
0.51
4,980
3,900
6,120
53.19
62.20
33.71
16.67
11.08
12.02
7,500,000
0.63
4,725
72.67
13.57
10,000,000
0.68
6,800
17.07
10.92
10,000,000
20,000,000
0.63
0.56
6,300
11,200
32.33
24.53
10.04
9.96
12,000,000
12,000,000
15,000,000
0.51
0.92
0.51
6,120
11,040
7,650
25.02
62.14
16.58
8.92
12.03
6.89
20,000,000
0.75
15,000
61.19
11.26
December 31, 2010
Listed Date
SinoPac Securities - FM
SinoPac Securities - FN
SinoPac Securities - FP
SinoPac Securities - FQ
SinoPac Securities - FR
SinoPac Securities - FS
SinoPac Securities - FT
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
July 29, 2010
SinoPac Securities - PA
SinoPac Securities - PB
SinoPac Securities - PC
SinoPac Securities - PD
July 30, 2010
July 30, 2010
July 30, 2010
July 30, 2010
July 30, 2010
SinoPac Securities - FU
SinoPac Securities - FV
SinoPac Securities - FW
SinoPac Securities - FX
SinoPac Securities - FY
July 30, 2010
August 2, 2010
August 2, 2010
August 2, 2010
August 2, 2010
August 2, 2010
SinoPac Securities - FZ
August 2, 2010
SinoPac Securities - GA
August 2, 2010
SinoPac Securities - GB
SinoPac Securities - GC
SinoPac Securities - GD
August 2, 2010
August 2, 2010
August 2, 2010
SinoPac Securities - GE
SinoPac Securities - GF
SinoPac Securities - GG
August 2, 2010
August 2, 2010
August 2, 2010
SinoPac Securities - GH
SinoPac Securities - GI
August 2, 2010
August 2, 2010
SinoPac Securities - GJ
August 2, 2010
SinoPac Securities - GK
SinoPac Securities - PE
SinoPac Securities - PF
August 2, 2010
August 3, 2010
August 3, 2010
SinoPac Securities - PG
August 3, 2010
SinoPac Securities - GL
August 4, 2010
SinoPac Securities - GM
August 4, 2010
SinoPac Securities - GN
August 4, 2010
SinoPac Securities - GP
August 4, 2010
SinoPac Securities - GQ
SinoPac Securities - GR
SinoPac Securities - GS
SinoPac Securities - GT
SinoPac Securities - GU
August 4, 2010
August 4, 2010
August 4, 2010
August 4, 2010
August 4, 2010
SinoPac Securities - GV
SinoPac Securities - PH
August 4, 2010
August 4, 2010
SinoPac Securities - PJ
August 4, 2010
Phihong Technology Co., Ltd.
Ite Tech. Inc
Zinwell Corporation
Ralink Technology Corp.
Iteq Corporation
Advanced Ceramic X
Corporation
Ardentec Corporation
Userjoy Technology Co., Ltd.
Netronix,Inc.
Youngtek Electronics
Corporation
Advanced Wireless
Semiconductor Company
Wafer Works Corp.
Systex Corporation
Firich Enterprises Co., Ltd.
Wah Hong Industrial Corp.
Channel Well Technology Co.,
Ltd.
Taiwan Cement Corp.
Greatwall Ent
Upc Technology Corporation
Far Eastern New Century
Corporation
Cheng Shin Rubber Ind., Co.,
Ltd.
Far Eastern Department Stores
Ltd.
Largan Precision Co., Ltd.
Ali Corporation
Tong Hsing Electronic
Industries ,Ltd.
Acbel Polytech Inc.
Wistron Neweb Corporation
Chang Wah Electronmaterials
Inc.
Taiwan Pcb Techvest Co., Ltd.
Highwealth Construction
Corp.
Chong Hong Construction Co.,
Ltd.
Shih Wei Navigation Co., Ltd.
Pixart Imaging Inc.
STATS Chippac Taiwan
Semiconductor Corp.
Kenmec Mechanical
Engineering Co., Ltd.
Lee Chang Yung Chemical
Industry Corp.
Corporation
Nankang Rubber Tire
Corp.,Ltd.
Engineering,Inc.
Yageo Corporation
Mitac Technology Corp.
Asia Optical Co., Inc.
Jess-Link Products Co., Ltd.
Cal-Comp Electronics
(Thailand) Pub Co Ltd.
Pou Chen Corporation
Technology Corp.
Vanguard International
Semiconductor Co.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
7,500,000
12,000,000
7,500,000
10,000,000
20,000,000
10,000,000
20,000,000
12,000,000
$0.79
0.67
0.63
0.84
0.58
1.24
0.56
0.53
15,000,000
5,000,000
9,000,000
8,000,000
0.57
0.50
0.92
0.67
16,000,000
Amount
$
5,925
8,040
4,725
8,400
11,600
12,400
11,200
6,360
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
94.16
51.35
85.85
66.55
66.01
145.73
52.64
250.13
10.10
8.00
12.56
13.43
9.90
9.96
9.07
10.46
8,550
2,500
8,280
5,360
28.00
342.35
86.08
85.70
11.01
7.70
8.96
12.02
0.58
9,280
51.61
7.69
15,000,000
15,000,000
12,000,000
5,000,000
12,000,000
0.52
0.51
0.60
0.73
0.62
7,800
7,650
7,200
3,650
7,440
52.22
52.72
69.96
67.45
46.32
8.98
8.95
11.69
8.14
8.72
10,000,000
5,000,000
10,000,000
5,000,000
5,000,000
5,000,000
0.60
0.53
0.61
0.55
0.80
0.65
6,000
2,650
6,100
2,750
4,000
3,250
23.98
30.96
32.76
21.51
20.34
39.24
7.71
13.60
14.18
8.89
12.81
11.90
5,000,000
0.61
3,050
64.94
15.86
5,000,000
0.67
3,350
33.10
9.65
5,000,000
10,000,000
10,000,000
0.55
0.57
1.42
2,750
5,700
14,200
639.49
62.38
155.17
10.75
9.68
9.26
10,000,000
5,000,000
10,000,000
0.60
0.65
1.69
6,000
3,250
16,900
25.56
63.58
194.70
10.77
10.37
9.76
10,000,000
10,000,000
0.60
0.57
6,000
5,700
63.39
55.77
9.43
8.89
7,500,000
0.71
5,325
67.88
9.74
15,000,000
8,000,000
12,000,000
0.52
1.69
0.54
7,800
13,520
6,480
46.01
207.63
19.85
9.69
11.15
8.46
10,000,000
0.53
5,300
27.94
9.51
5,000,000
0.55
2,750
41.71
13.92
5,000,000
0.59
2,950
12.31
9.07
12,000,000
0.81
9,720
49.68
10.67
5,000,000
0.54
2,700
28.45
11.76
10,000,000
12,000,000
20,000,000
15,000,000
10,000,000
0.65
0.51
0.54
1.48
0.53
6,500
6,120
10,800
22,200
5,300
16.21
22.25
57.27
120.22
6.18
11.07
10.72
9.22
8.21
10.43
7,500,000
20,000,000
0.50
0.54
3,750
10,800
26.35
75.15
12.20
12.48
6,000,000
0.57
3,420
15.44
12.19
47
Financial Reports
December 31, 2010
Listed Date
48
SinoPac Securities - PK
SinoPac Securities - PL
August 4, 2010
August 4, 2010
SinoPac Securities - GW
SinoPac Securities - GX
SinoPac Securities - GY
SinoPac Securities - GZ
August 5, 2010
August 5, 2010
August 5, 2010
August 5, 2010
SinoPac Securities - HA
August 5, 2010
SinoPac Securities - HB
SinoPac Securities - HC
August 5, 2010
August 5, 2010
SinoPac Securities - HD
SinoPac Securities - HE
SinoPac Securities - HF
August 5, 2010
August 5, 2010
August 5, 2010
SinoPac Securities - PM
SinoPac Securities - PN
August 5, 2010
August 5, 2010
SinoPac Securities - PP
SinoPac Securities - HG
SinoPac Securities - HH
SinoPac Securities - HI
SinoPac Securities - HJ
August 5, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
SinoPac Securities - HK
August 11, 2010
SinoPac Securities - HL
August 11, 2010
SinoPac Securities - HM
SinoPac Securities - HN
SinoPac Securities - HP
SinoPac Securities - HQ
SinoPac Securities - HR
SinoPac Securities - HS
SinoPac Securities - HT
SinoPac Securities - HU
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
SinoPac Securities - HV
August 11, 2010
SinoPac Securities - HW
August 11, 2010
SinoPac Securities - HX
August 11, 2010
SinoPac Securities - HY
August 11, 2010
SinoPac Securities - HZ
SinoPac Securities - JA
SinoPac Securities - JB
SinoPac Securities - JC
SinoPac Securities - JD
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
August 11, 2010
SinoPac Securities - JE
SinoPac Securities - JF
August 11, 2010
August 11, 2010
SinoPac Securities - JG
August 11, 2010
SinoPac Securities - JH
SinoPac Securities - JI
August 11, 2010
August 11, 2010
SinoPac Securities - JJ
August 11, 2010
SinoPac Securities - JK
SinoPac Securities - JL
SinoPac Securities - JM
August 11, 2010
August 11, 2010
August 11, 2010
SinoPac Securities - JN
SinoPac Securities - JP
August 11, 2010
August 11, 2010
SinoPac Securities - PQ
August 11, 2010
SinoPac Securities - PR
August 11, 2010
Longwell Company
Taiwan Semiconductor Co.,
Ltd.
Hey-Song Corporation
Tsrc Corporation
Semiconductor Corp.
Hon Hai Precision Ind. Co.,
Ltd.
Kindom Construction Corp.
Corporation
Neo Solar Power Corp.
Limited
Hu Lane Associate Inc.
Prime View International Co.,
Ltd.
A-Data Technology Co., Ltd.
Usi Corporation
Qisda Corporation
Htc Corporation
Corporation
Tingyi (Cayman Islands)
Holding Corp.
Medtecs International
Corporation Ltd.
Tong Yang Industry Co., Ltd.
China Motor Corporation
Acer Incorporated
Foxconn Technology Co., Ltd.
Wintek Corporation
Cheng Uei Precision Industry
Co., Ltd.
Corp.
Corporation
China Life Insurance
Company, Ltd.
Taishin Financial Holding Co.,
Ltd.
Waterland Financial Holdings
Wah Lee Industrial Corp.
Wistron Corporation
Taiwan Capitalization
Weighted Stock Index
Wei Chuan Foods Corp.
China Petrochemical
Namchow Chemical Industrial
Ltd.
Tung Ho Steel Enterprise
Corp.
Ltd.
Yulon Motor Co., Ltd.
Taiwan Life Insurance Co.,
Ltd.
Yuanta Financial Holdings
Ruentex Development Co.,
Ltd.
Chipbond Technology
Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
5,000,000
10,000,000
$0.50
0.75
10,000,000
5,000,000
5,000,000
10,000,000
0.59
0.57
0.62
0.50
15,000,000
Amount
$
2,500
7,500
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
52.08
28.49
9.53
8.23
5,900
2,850
3,100
5,000
29.38
15.93
52.75
29.85
8.81
12.15
15.19
13.33
0.82
12,300
132.49
18.21
10,000,000
10,000,000
0.62
0.63
6,200
6,300
26.97
60.26
9.46
8.32
15,000,000
12,000,000
12,000,000
0.94
0.64
0.66
14,100
7,680
7,920
83.60
115.05
33.35
8.34
15.23
8.79
10,000,000
10,000,000
0.76
0.55
7,600
5,500
100.83
53.25
10.79
8.47
20,000,000
5,000,000
10,000,000
10,000,000
5,000,000
0.61
0.78
0.72
0.81
0.83
12,200
3,900
7,200
8,100
4,150
62.68
21.71
21.36
705.60
74.60
9.20
16.28
12.57
14.52
8.01
12,000,000
0.55
6,600
46.29
14.64
12,000,000
0.33
3,960
9.69
6.55
10,000,000
10,000,000
5,000,000
5,000,000
10,000,000
5,000,000
12,000,000
10,000,000
0.73
0.52
0.53
0.53
0.73
0.90
0.66
0.55
7,300
5,200
2,650
2,650
7,300
4,500
7,920
5,500
100.54
62.10
38.64
22.94
102.35
120.73
36.00
63.80
11.67
10.38
13.02
9.83
12.19
15.01
9.48
10.55
15,000,000
0.52
7,800
24.15
10.10
15,000,000
0.55
8,250
517.50
9.90
10,000,000
0.58
5,800
32.14
12.50
5,000,000
0.62
3,100
15.65
13.52
5,000,000
10,000,000
10,000,000
12,000,000
5,000,000
0.63
0.67
0.82
0.63
1.04
3,150
6,700
8,200
7,560
5,200
11.00
53.99
63.83
65.23
8,291.57
16.79
14.01
13.54
13.21
15.33
12,000,000
7,500,000
0.69
0.50
8,280
3,750
44.91
20.13
11.32
9.15
10,000,000
0.56
5,600
43.34
7.04
5,000,000
10,000,000
0.70
0.57
3,500
5,700
37.30
34.75
9.51
13.49
10,000,000
0.54
5,400
80.27
12.93
5,000,000
12,000,000
10,000,000
0.50
0.50
0.69
2,500
6,000
6,900
45.87
276.10
40.94
8.34
10.04
10.32
15,000,000
10,000,000
0.47
0.58
7,050
5,800
20.90
64.98
10.11
9.74
7,000,000
0.53
3,710
49.56
8.56
10,000,000
1.09
10,900
141.00
11.10
December 31, 2010
Listed Date
SinoPac Securities - PS
August 11, 2010
SinoPac Securities - JQ
August 16, 2010
SinoPac Securities - JR
August 16, 2010
SinoPac Securities - JS
SinoPac Securities - JT
SinoPac Securities - JU
SinoPac Securities - JV
August 16, 2010
August 16, 2010
August 16, 2010
August 16, 2010
SinoPac Securities - JW
SinoPac Securities - JX
SinoPac Securities - JY
SinoPac Securities - JZ
August 16, 2010
August 16, 2010
August 16, 2010
August 16, 2010
SinoPac Securities - KA
SinoPac Securities - KB
SinoPac Securities - KC
SinoPac Securities - KD
SinoPac Securities - KE
SinoPac Securities - KF
SinoPac Securities - KG
SinoPac Securities - KH
August 16, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
SinoPac Securities - KI
SinoPac Securities - KJ
SinoPac Securities - KK
SinoPac Securities - KL
SinoPac Securities - KM
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
SinoPac Securities - KN
August 17, 2010
SinoPac Securities - PT
SinoPac Securities - PU
SinoPac Securities - PV
SinoPac Securities - PW
SinoPac Securities - KP
August 17, 2010
August 17, 2010
August 17, 2010
August 17, 2010
August 18, 2010
SinoPac Securities - KQ
August 18, 2010
SinoPac Securities - KR
August 18, 2010
SinoPac Securities - KS
SinoPac Securities - KT
August 18, 2010
August 18, 2010
SinoPac Securities - KU
August 18, 2010
SinoPac Securities - KV
August 18, 2010
SinoPac Securities - KW
SinoPac Securities - KX
SinoPac Securities - KY
SinoPac Securities - KZ
August 18, 2010
August 18, 2010
August 18, 2010
August 18, 2010
SinoPac Securities - LA
August 18, 2010
SinoPac Securities - LB
SinoPac Securities - LC
SinoPac Securities - LD
SinoPac Securities - LE
August 18, 2010
August 20, 2010
August 20, 2010
August 20, 2010
SinoPac Securities - LF
August 20, 2010
SinoPac Securities - LG
August 20, 2010
SinoPac Securities - LH
August 20, 2010
SinoPac Securities - LI
August 20, 2010
SinoPac Securities - LJ
August 20, 2010
SinoPac Securities - LK
SinoPac Securities - LL
August 20, 2010
August 20, 2010
Chinese Gamer International
Corporation
Industry Corp.
Oriental Union Chemical
Corp.,
China Steel Corporation
Ritek Corporation
Micro-Star International Co.,
Ltd.
Mediatek Inc.
Mediatek Inc.
Storage & Transport
Globe Union Industrial Corp
Tainan Spinning Co., Ltd.
Makalot Industrial Co., Ltd.
Sanyang Industry Co., Ltd.
Chroma Ate Inc.
Greatek Electrontcs Inc.
Kobin Environmental
D-Link Corporation
Aurora Corporation
Ability Enterprise Co., Ltd.
Technology Inc.
Co., Ltd.
Celxpert Energy Corporation
Microbio Co., Ltd.
St.Shine Optical Co., Ltd.
Macroblock, Inc.
Corporation
Industry Corp.
Corporation
Clevo Co.
Prince Housing &
Development Corp.
(Taiwan) Ltd.
Bank, Ltd.
Taiwan Tea Corporation
Asia Vital Components Co.,
Ltd.
Corporation
Asia Cement Corporation
Sincere Navigation
Corporation
U-Ming Marine Transpost
Corp.
Chinese Maritime Transport
Ltd.
Fubon Financial Holding Co.,
Ltd.
Mega Financial Holding Co.,
Ltd.
Ltd.
Cybertan Technology Inc.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.64
5,000,000
Amount
$
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Leverage
at
Issuance
12,800
$ 300.15
9.30
0.57
2,850
48.07
14.81
5,000,000
0.51
2,550
28.75
12.25
10,000,000
12,000,000
10,000,000
10,000,000
0.58
0.43
0.44
0.50
5,800
5,160
4,400
5,000
123.90
33.59
10.52
19.14
18.10
18.08
10.58
8.70
15,000,000
10,000,000
12,000,000
10,000,000
0.63
0.46
0.59
0.56
9,450
4,600
7,080
5,600
490.56
372.30
69.10
28.95
13.90
19.04
10.55
11.68
10,000,000
5,000,000
10,000,000
10,000,000
5,000,000
10,000,000
10,000,000
10,000,000
0.78
0.63
0.52
0.68
0.60
0.55
0.54
0.68
7,800
3,150
5,200
6,800
3,000
5,500
5,400
6,800
46.46
16.96
87.52
18.11
80.83
34.62
25.70
53.57
10.36
11.71
14.63
11.29
11.42
15.95
10.35
13.48
10,000,000
5,000,000
10,000,000
10,000,000
20,000,000
0.55
0.53
0.68
0.75
0.71
5,500
2,650
6,800
7,500
14,200
25.53
29.95
76.58
58.42
70.15
10.09
12.50
9.54
13.55
8.59
20,000,000
0.62
12,400
352.97
10.02
8,000,000
15,000,000
3,000,000
5,000,000
10,000,000
0.51
0.50
0.63
1.33
0.58
4,080
7,500
1,890
6,650
5,800
56.17
64.80
310.24
171.00
17.82
9.49
10.80
9.10
10.19
13.02
5,000,000
0.61
3,050
59.72
16.48
5,000,000
0.59
2,950
14.16
10.00
10,000,000
5,000,000
0.68
0.76
6,800
3,800
88.38
18.83
11.01
11.57
12,000,000
0.53
6,360
28.64
11.75
10,000,000
0.63
6,300
22.54
15.16
10,000,000
15,000,000
10,000,000
10,000,000
0.53
0.55
0.85
0.72
5,300
8,250
8,500
7,200
11.40
23.77
118.56
41.56
19.72
9.53
11.62
11.26
15,000,000
0.65
9,750
44.16
11.82
10,000,000
10,000,000
10,000,000
10,000,000
0.59
0.55
0.59
0.55
5,900
5,500
5,900
5,500
74.29
34.49
58.63
44.28
10.95
16.44
10.11
17.50
10,000,000
0.52
5,200
70.45
12.10
10,000,000
0.60
6,000
83.26
12.07
12,000,000
0.50
6,000
42.66
15.10
10,000,000
0.55
5,500
22.14
17.50
5,000,000
0.68
3,400
40.53
10.10
10,000,000
14,000,000
0.66
0.63
6,600
8,820
42.09
84.99
11.81
11.73
49
Financial Reports
December 31, 2010
Listed Date
50
SinoPac Securities - LM
SinoPac Securities - LN
SinoPac Securities - LP
SinoPac Securities - LQ
SinoPac Securities - PX
August 20, 2010
August 20, 2010
August 20, 2010
August 20, 2010
August 20, 2010
SinoPac Securities - LR
SinoPac Securities - LS
SinoPac Securities - LT
SinoPac Securities - LU
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
SinoPac Securities - LV
SinoPac Securities - LW
SinoPac Securities - LX
SinoPac Securities - LY
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
SinoPac Securities - LZ
SinoPac Securities - MA
SinoPac Securities - MB
SinoPac Securities - MC
SinoPac Securities - MD
SinoPac Securities - ME
SinoPac Securities - MF
SinoPac Securities - MG
SinoPac Securities - MH
SinoPac Securities - MI
SinoPac Securities - MJ
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 23, 2010
August 24, 2010
SinoPac Securities - MK
August 24, 2010
SinoPac Securities - ML
SinoPac Securities - MM
SinoPac Securities - MN
August 24, 2010
August 24, 2010
August 24, 2010
SinoPac Securities - MP
SinoPac Securities - MQ
SinoPac Securities - MR
August 24, 2010
August 24, 2010
August 24, 2010
SinoPac Securities - MS
SinoPac Securities - PY
SinoPac Securities - PZ
August 24, 2010
August 24, 2010
August 24, 2010
SinoPac Securities - QA
SinoPac Securities - QB
August 24, 2010
August 24, 2010
SinoPac Securities - QC
August 24, 2010
SinoPac Securities - QD
August 24, 2010
SinoPac Securities - QE
August 24, 2010
SinoPac Securities - QF
SinoPac Securities - QG
SinoPac Securities - MT
August 24, 2010
August 24, 2010
August 26, 2010
SinoPac Securities - MU
SinoPac Securities - MV
SinoPac Securities - MW
August 26, 2010
August 26, 2010
August 26, 2010
SinoPac Securities - MX
August 26, 2010
SinoPac Securities - MY
August 26, 2010
SinoPac Securities - MZ
SinoPac Securities - NA
August 26, 2010
August 26, 2010
SinoPac Securities - NB
SinoPac Securities - NC
August 26, 2010
August 26, 2010
SinoPac Securities - ND
August 26, 2010
China Metal Products Co., Ltd.
Chicony Electronics Co. Ltd.
Darfon Electronics Corp
Products Inc.
Realtek Semiconductor Corp
Wintek Corporation
HTC Corporation
Holy Stone Enterprise Co.,
Ltd.
Faraday Technology Corp.
Shin Zu Shing Co ., Ltd.
Alpha Networks Inc.
Radiant Opto-Electronics
Corp.
Lite-On Technology Corp.
Gigabyte Technology Co., Ltd.
Precision Silicon Corp.
Compal Communications Inc.
Elan Microelectronics Corp
Coretronic Corporation
Rich Development Co., Ltd.
Simplo Tchnology Co., Ltd.
Industry Corp.
Everlight Chemical Industrial
Corporation
Goldsun Development &
Construction Co., Ltd.
Altek Corporation
Corporation
China Petrochemical
Corporation
Corporation
Pacific Hospital Supply Co.,
Ltd.
Kenmec Mechanical
Pchome Online Inc.
Avy Precision Technology Inc.
Uni-President Enterprises
Corp.
Usi Corporation
Corporation
Corporation
Chinatrust Financial Holding
Company Ltd.
Gemtek Technology Co., Ltd.
Ltd.
Taiwan Semiconductor
Manufacturing Co., Ltd.
Macronix International Co.,
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
5,000,000
10,000,000
10,000,000
10,000,000
$0.76
0.72
0.61
0.71
0.72
10,000,000
12,000,000
10,000,000
10,000,000
0.67
0.72
0.64
0.75
10,000,000
10,000,000
10,000,000
5,000,000
Amount
$
7,600
3,600
6,100
7,100
7,200
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
39.62
109.98
72.93
42.32
122.43
9.07
12.94
10.87
10.37
13.10
6,700
8,640
6,400
7,500
78.44
44.76
631.30
44.24
11.82
10.36
9.22
10.53
0.61
0.77
0.60
0.76
6,100
7,700
6,000
3,800
62.81
104.31
26.84
46.84
9.36
11.78
10.17
10.91
5,000,000
6,000,000
10,000,000
10,000,000
10,000,000
10,000,000
5,000,000
7,500,000
10,000,000
20,000,000
7,500,000
0.53
0.50
0.59
0.61
0.62
0.53
0.80
0.67
0.66
0.55
0.53
2,650
3,000
5,900
6,100
6,200
5,300
4,000
5,025
6,600
11,000
3,975
21.40
21.78
18.76
37.35
41.89
33.14
95.11
38.57
29.90
50.33
62.84
9.43
9.90
13.47
13.55
12.06
11.47
10.34
10.98
8.51
8.32
10.36
10,000,000
0.70
7,000
37.26
9.26
6,000,000
12,000,000
10,000,000
0.53
0.52
0.68
3,180
6,240
6,800
52.14
19.36
17.83
8.94
8.46
11.40
6,000,000
10,000,000
10,000,000
0.60
0.53
0.90
3,600
5,300
9,000
28.46
51.65
90.62
10.31
10.35
8.60
12,000,000
10,000,000
10,000,000
0.76
0.69
0.50
9,120
6,900
5,000
49.44
53.96
18.63
11.03
13.62
7.90
3,000,000
10,000,000
1.09
0.82
3,270
8,200
202.08
82.92
15.37
8.10
5,000,000
1.82
9,100
164.09
7.55
4,000,000
1.02
4,080
116.33
8.06
10,000,000
0.62
6,200
31.97
11.05
3,000,000
10,000,000
10,000,000
1.78
1.49
0.56
5,340
14,900
5,600
163.50
192.34
42.26
7.11
11.11
16.70
6,000,000
10,000,000
10,000,000
0.51
0.58
0.71
3,060
5,800
7,100
21.29
35.48
77.16
9.75
13.53
9.06
12,000,000
0.54
6,480
587.65
9.46
7,500,000
0.54
4,050
19.47
9.63
10,000,000
10,000,000
0.71
0.66
7,100
6,600
49.57
81.60
12.14
10.30
10,000,000
5,000,000
0.54
0.71
5,400
3,550
18.11
64.91
14.58
16.93
10,000,000
0.50
5,000
20.79
9.45
December 31, 2010
Listed Date
SinoPac Securities - NE
August 26, 2010
SinoPac Securities - NF
SinoPac Securities - NG
SinoPac Securities - NH
SinoPac Securities - NI
SinoPac Securities - NJ
August 26, 2010
August 27, 2010
August 27, 2010
August 27, 2010
August 27, 2010
SinoPac Securities - NK
SinoPac Securities - NL
SinoPac Securities - NM
August 27, 2010
August 30, 2010
August 30, 2010
SinoPac Securities - NN
SinoPac Securities - NP
August 30, 2010
August 30, 2010
SinoPac Securities - NQ
SinoPac Securities - NR
SinoPac Securities - NS
August 30, 2010
August 30, 2010
August 30, 2010
SinoPac Securities - NT
August 30, 2010
SinoPac Securities - NU
August 30, 2010
SinoPac Securities - QH
SinoPac Securities - QJ
August 30, 2010
August 30, 2010
SinoPac Securities - QL
SinoPac Securities - QM
SinoPac Securities - 01
SinoPac Securities - NV
August 30, 2010
August 30, 2010
August 31, 2010
August 31, 2010
SinoPac Securities - NW
SinoPac Securities - NX
SinoPac Securities - NY
SinoPac Securities - NZ
SinoPac Securities - QN
SinoPac Securities - QP
SinoPac Securities - QQ
August 31, 2010
August 31, 2010
August 31, 2010
August 31, 2010
August 31, 2010
August 31, 2010
August 31, 2010
September 2, 2010
SinoPac Securities - QR
September 2, 2010
September 2, 2010
September 2, 2010
September 3, 2010
SinoPac Securities - QS
SinoPac Securities - QT
SinoPac Securities - QU
September 3, 2010
September 3, 2010
September 3, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
September 6, 2010
Farglory Land Development
Co., Ltd.
Huaku Construction Co., Ltd.
Tty Biopharm Company
Limited
Kd Holding Corporation
United Microelectronics Corp.
Silicon Integrated Systems
Corp.
Au Optronics Corp.
Tripod Technology
Corporation
Acbel Polytech Inc.
Richtek Technology Corp.
Formosa Advanced
Technologies Co., Ltd.
Co., Ltd.
Ltd.
Formosa Plastics Corporation
Shinkong Synthetic Fiber
Corporation
Wafer Works Corp.
Wintek Corporation
Industry Corp.
Htc Corporation
Bes Engineering Co
Topco Technologies Corp.
Microlife Corporation
Prince Housing &
Development Corp.
China Airlines Ltd.
Young Optics Inc.
Gloria Material Technology
Corp
Mjc Probe Inc.
Quanta Computer Inc.
Kinsus Interconnect
Technology Corp.
Ltd.
Technology Inc.
Entire Technology Co., Ltd.
Jentech Precision Industrial
Co., Ltd.
Limited
Acer Incorporated
Prince Housing &
Development Corp.
Corp.
Corporation
Lite-On It Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
$0.74
10,000,000
5,000,000
10,000,000
10,000,000
10,000,000
0.50
0.52
0.64
0.57
0.71
10,000,000
5,000,000
10,000,000
Amount
$
7,400
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
76.71
9.01
5,000
2,600
6,400
5,700
7,100
28.44
75.44
14.93
66.22
99.71
12.93
13.56
10.48
9.32
12.21
1.08
0.55
0.60
10,800
2,750
6,000
103.20
15.13
23.17
7.96
12.50
8.54
15,000,000
5,000,000
0.55
1.25
8,250
6,250
30.28
126.50
10.29
8.80
10,000,000
12,000,000
10,000,000
0.58
0.63
0.50
5,800
7,560
5,000
29.78
294.80
43.78
11.36
8.51
7.96
15,000,000
0.68
10,200
416.42
10.50
13,000,000
0.66
8,580
61.04
8.26
8,000,000
5,000,000
0.97
2.02
7,760
10,100
108.15
142.18
11.80
6.15
18,000,000
12,000,000
20,000,000
12,000,000
0.53
0.54
0.60
0.72
9,540
6,480
12,000
8,640
42.13
58.65
46.86
74.17
7.35
9.81
7.10
9.00
20,000,000
10,000,000
10,000,000
15,000,000
5,000,000
8,000,000
13,000,000
6,000,000
0.58
0.65
0.63
0.55
0.84
0.69
0.65
0.51
11,600
6,500
6,300
8,250
4,200
5,520
8,450
3,060
723.20
9.20
31.57
40.47
86.94
58.16
284.34
17.86
11.03
12.41
8.71
7.74
9.33
8.70
7.75
8.79
10,000,000
20,000,000
10,000,000
6,000,000
0.65
0.62
1.12
0.54
6,500
12,400
11,200
3,240
21.23
230.45
120.00
21.71
7.42
6.76
8.93
9.38
5,000,000
10,000,000
10,000,000
7,500,000
5,000,000
5,000,000
1.31
1.20
0.73
0.53
0.72
0.70
6,550
12,000
7,300
3,975
3,600
3,500
108.00
154.80
77.02
228.90
54.95
72.46
8.13
10.83
11.94
8.23
13.88
9.24
5,000,000
5,000,000
0.67
0.63
3,350
3,150
44.52
33.11
11.76
11.94
10,000,000
0.56
5,600
50.96
8.30
20,000,000
0.69
13,800
57.53
7.58
10,000,000
20,000,000
1.29
0.62
12,900
12,400
143.96
224.95
9.46
6.60
14,000,000
0.57
7,980
24.20
7.72
5,000,000
7,500,000
0.73
0.52
3,650
3,900
82.50
20.12
10.27
9.46
7,500,000
0.54
4,050
55.19
9.46
7,500,000
0.66
4,950
37.07
10.21
10,000,000
0.67
6,700
34.32
9.31
51
Financial Reports
December 31, 2010
Listed Date
52
SinoPac Securities - QV
September 6, 2010
SinoPac Securities - QW
SinoPac Securities - QX
September 6, 2010
September 6, 2010
SinoPac Securities - QY
SinoPac Securities - QZ
September 6, 2010
September 8, 2010
SinoPac Securities - RA
September 8, 2010
SinoPac Securities - RB
SinoPac Securities - RC
September 8, 2010
September 8, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
SinoPac Securities - RD
September 9, 2010
SinoPac Securities - RE
September 9, 2010
SinoPac Securities - RF
SinoPac Securities - RG
SinoPac Securities - RH
SinoPac Securities - RJ
SinoPac Securities - RK
SinoPac Securities - RL
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
September 9, 2010
SinoPac Securities - RM
September 9, 2010
SinoPac Securities - RN
SinoPac Securities - RP
SinoPac Securities - RQ
September 9, 2010
September 9, 2010
September 9, 2010
September 13, 2010
September 13, 2010
September 13, 2010
SinoPac Securities - RR
SinoPac Securities - RS
September 13, 2010
September 13, 2010
September 13, 2010
September 13, 2010
September 15, 2010
September 15, 2010
September 15, 2010
Gamania Digital
Quanta Storage Inc.
Zeng Hsing Industrial Co.,
Ltd.
Co., Ltd.
Dynapack International
Technology Corporation
Dahan Development Corp.
Engineering,Inc.
Pan-International Industrial
Corp.
Walsin Technology
Corporation
Young Optics Inc.
Inc.
Ali Corporation
Chung Hung Steel Co., Ltd.
King Slide Works Co., Ltd.
Ltd.
Ltd.
Co., Ltd.
Amtran Technology Co., Ltd.
Hung Poo Real Estate
Development Co., Ltd.
Global Unichip Corp.
Co., Ltd.
Industries ,Ltd.
Global Mixed-Mode
Technology Inc
International Games System
Co., Ltd.
Jih Sun Financial Holding Co.,
Ltd.
Longwell Company
Wei Mon Industry Co., Ltd.
Phison Electronics Corp.
Pixart Imaging Inc.
Corporation
Chipbond Technology
Corporation
Pchome Online Inc.
Kaori Heat Treatment Co.,
Ltd.
Corp.
Txc Corporation
P-Two Industries Inc.
Products Inc.
Usi Corporation
Cyberlink Co.,
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
$0.77
8,000,000
5,000,000
0.65
1.44
17,000,000
8,000,000
Amount
$
7,700
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
47.24
11.51
5,200
7,200
40.32
182.61
11.69
10.52
0.52
0.52
8,840
4,160
44.50
17.35
7.32
7.55
10,000,000
0.67
6,700
103.56
13.13
2,000,000
10,000,000
5,000,000
0.70
0.72
0.69
1,400
7,200
3,450
77.10
88.67
24.15
7.63
9.44
11.13
12,000,000
0.69
8,280
49.32
9.49
5,000,000
0.68
3,400
18.65
8.49
10,000,000
15,000,000
10,000,000
15,000,000
0.69
0.72
0.77
0.77
6,900
10,800
7,700
11,550
84.00
201.14
249.17
155.38
10.87
7.42
8.59
8.93
10,000,000
20,000,000
10,000,000
12,000,000
20,000,000
0.75
0.77
0.70
0.71
0.65
7,500
15,400
7,000
8,520
13,000
51.63
51.75
19.80
163.30
121.55
9.22
8.92
9.25
8.00
11.90
10,000,000
0.60
6,000
93.93
18.42
5,000,000
0.70
3,500
55.99
10.91
10,000,000
10,000,000
0.66
0.82
6,600
8,200
29.34
50.20
9.92
10.65
5,000,000
15,000,000
0.69
0.65
3,450
9,750
119.60
84.53
9.04
9.05
20,000,000
10,000,000
0.74
0.66
14,800
6,600
133.40
158.13
6.27
8.33
5,000,000
0.70
3,500
144.90
9.00
10,000,000
0.69
6,900
193.49
13.65
10,000,000
0.69
6,900
11.61
8.66
20,000,000
5,400,000
9,000,000
16,000,000
20,000,000
20,000,000
0.66
0.72
0.65
0.66
0.76
0.69
13,200
3,888
5,850
10,560
15,200
13,800
26.33
45.46
22.36
170.63
176.81
151.59
9.44
10.75
9.25
8.88
9.90
11.41
3,000,000
0.71
2,130
46.83
9.58
20,000,000
20,000,000
10,000,000
0.70
0.82
0.71
14,000
16,400
7,100
153.53
191.48
63.02
9.36
5.71
7.75
10,000,000
20,000,000
7,500,000
0.70
0.69
0.63
7,000
13,800
4,725
36.85
42.84
22.39
9.57
8.32
8.08
10,000,000
20,000,000
8,000,000
20,000,000
0.68
0.64
0.69
0.64
6,800
12,800
5,520
12,800
63.69
53.08
49.74
113.67
10.22
7.68
9.42
8.28
5,000,000
10,000,000
20,000,000
0.70
0.70
0.69
3,500
7,000
13,800
24.81
140.81
109.01
11.71
12.07
7.18
December 31, 2010
Listed Date
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
September 15, 2010
SinoPac Securities - RT
September 15, 2010
SinoPac Securities - RU
September 15, 2010
SinoPac Securities - RV
September 15, 2010
SinoPac Securities - RW
SinoPac Securities - RX
September 15, 2010
September 15, 2010
SinoPac Securities - RY
SinoPac Securities - RZ
SinoPac Securities - SA
September 15, 2010
September 16, 2010
September 16, 2010
SinoPac Securities - SB
September 16, 2010
SinoPac Securities - SC
SinoPac Securities - SD
September 16, 2010
September 16, 2010
SinoPac Securities - SE
SinoPac Securities - SF
September 16, 2010
September 16, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
September 21, 2010
SinoPac Securities - SG
SinoPac Securities - SH
SinoPac Securities - SJ
September 21, 2010
September 21, 2010
September 21, 2010
SinoPac Securities - SK
SinoPac Securities - SL
SinoPac Securities - SM
September 21, 2010
September 21, 2010
September 21, 2010
September 23, 2010
September 23, 2010
September 23, 2010
September 23, 2010
September 23, 2010
September 23, 2010
September 23, 2010
September 24, 2010
Lotes Co., Ltd.
Industry Corp.
Everlight Chemical
Industrial Corporation
Foxconn Technology Co.,
Ltd.
Chroma Ate Inc.
China Airlines Ltd.
Wintek Corporation
Formosa Epitaxy
Incorporation
Tung Thih Electronic Co.,
Ltd.
Limited
Corporation
Newmax Technology Co.,
Ltd.
Formosa Optical Technology
Co., Ltd.
Yang An Electronics Co.,
Ltd.
Anpec Electronics
Corporation
Systex Corporation
Mjc Probe Inc.
Qisda Corporation
(Taiwan) Ltd.
Tripod Technology
Corporation
Corporation
Green Energy Technology
Inc.
Everlight Electronics Co.,
Ltd.
Au Optronics Corp.
Ite Tech. Inc
Usi Corporation
Phihong Technology Co.,
Ltd.
Efun Technology Co., Ltd.
Macroblock, Inc.
Ltd.
Tekcore Co., Ltd.
Kd Holding Corporation
Acme Electronics
Corporation
Mediatek Inc.
Htc Corporation
Prince Housing &
Development Corp.
Chinatrust Financial Holding
Company Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
18,000,000
20,000,000
$0.73
0.72
10,000,000
Amount
$
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Leverage
at
Issuance
13,140
14,400
$ 201.25
76.57
7.19
9.29
0.68
6,800
43.46
8.56
5,000,000
0.70
3,500
104.64
10.58
5,000,000
10,000,000
7,500,000
10,000,000
10,000,000
10,000,000
10,000,000
20,000,000
16,000,000
0.67
0.67
0.66
0.71
0.69
0.64
0.65
0.64
0.66
3,350
6,700
4,950
7,100
6,900
6,400
6,500
12,800
10,560
87.69
76.02
23.00
686.70
59.61
132.16
93.50
53.39
45.25
9.27
9.28
9.25
8.87
11.67
7.38
6.54
7.38
9.18
10,000,000
0.68
6,800
144.67
7.24
20,000,000
0.74
14,800
130.88
10.72
6,300,000
0.76
4,788
268.79
9.48
11,000,000
10,000,000
0.68
0.63
7,480
6,300
52.18
159.93
8.95
5.24
6,250,000
7,000,000
10,000,000
0.67
0.70
0.63
4,187
4,900
6,300
40.03
371.74
82.34
6.95
9.43
8.34
8,000,000
0.63
5,040
26.68
7.47
6,000,000
20,000,000
0.61
0.63
3,660
12,600
192.92
51.43
11.11
8.13
10,000,000
15,000,000
15,000,000
7,500,000
0.67
0.66
0.67
0.69
6,700
9,900
10,050
5,175
47.75
113.33
22.18
23.41
9.91
7.31
10.34
10.60
10,000,000
0.65
6,500
123.17
8.38
20,000,000
0.68
13,600
43.22
11.25
10,000,000
0.65
6,500
89.50
9.75
17,000,000
12,000,000
10,000,000
0.73
0.65
0.73
12,410
7,800
7,300
138.43
100.44
97.18
8.39
5.82
10.60
15,000,000
10,000,000
15,000,000
10,000,000
0.77
0.74
0.73
0.75
11,550
7,400
10,950
7,500
33.61
70.06
30.25
65.45
11.90
10.05
12.61
9.11
10,000,000
18,000,000
10,000,000
0.67
0.65
0.71
6,700
11,700
7,100
58.65
156.98
155.12
7.22
8.31
8.65
10,000,000
12,000,000
20,000,000
0.79
0.75
0.89
7,900
9,000
17,800
41.63
137.30
103.62
9.11
5.08
5.06
10,000,000
10,000,000
20,000,000
20,000,000
12,000,000
0.82
0.73
0.75
0.76
0.76
8,200
7,300
15,000
15,200
9,120
61.82
105.23
543.20
830.50
25.14
9.42
10.03
12.93
9.93
8.78
12,000,000
0.76
9,120
21.45
10.26
10,000,000
6,000,000
0.86
0.76
8,600
4,560
69.78
57.19
9.42
15.50
53
Financial Reports
December 31, 2010
54
Listed Date
September 24, 2010
September 24, 2010
September 24, 2010
September 24, 2010
September 24, 2010
SinoPac Securities - SN
September 24, 2010
September 24, 2010
SinoPac Securities - SP
September 24, 2010
September 28, 2010
September 28, 2010
September 28, 2010
September 28, 2010
September 28, 2010
September 28, 2010
September 28, 2010
September 28, 2010
SinoPac Securities - SQ
September 28, 2010
SinoPac Securities - SR
September 28, 2010
SinoPac Securities - SS
SinoPac Securities - ST
September 28, 2010
September 28, 2010
SinoPac Securities - SU
SinoPac Securities - SV
September 28, 2010
September 28, 2010
SinoPac Securities - SW
SinoPac Securities - SX
September 28, 2010
September 28, 2010
SinoPac Securities - 1A
September 29, 2010
SinoPac Securities - 1B
September 29, 2010
September 29, 2010
September 29, 2010
SinoPac Securities - 1C
SinoPac Securities - 1D
September 29, 2010
September 30, 2010
September 30, 2010
SinoPac Securities - 1E
SinoPac Securities - 1F
SinoPac Securities - 1G
September 30, 2010
October 1, 2010
October 1, 2010
SinoPac Securities - 1H
SinoPac Securities - SY
SinoPac Securities - SZ
October 1, 2010
October 1, 2010
October 1, 2010
SinoPac Securities - TA
SinoPac Securities - 1J
October 1, 2010
October 4, 2010
SinoPac Securities - 1K
SinoPac Securities - 1L
October 4, 2010
October 4, 2010
SinoPac Securities - 1M
October 4, 2010
SinoPac Securities - 1N
SinoPac Securities - 1P
SinoPac Securities - 1Q
October 4, 2010
October 5, 2010
October 5, 2010
SinoPac Securities - 1R
SinoPac Securities - 1S
October 5, 2010
October 5, 2010
SinoPac Securities - 1T
SinoPac Securities - 1U
SinoPac Securities - 1V
SinoPac Securities - 1W
October 6, 2010
October 6, 2010
October 6, 2010
October 6, 2010
Corporation
Company, Ltd.
Chong Hong Construction
Co., Ltd.
Corporation
Alcor Micro,Corp.
Industry Corp.
D-Link Corporation
Hua Nan Financial Holdings
Co., Ltd.
Zinwell Corporation
China Petrochemical
Taiwan Chinsan Electronic
Industrial Co., Ltd.
Mag.Layers
Scientific-Technics Co.,
Ltd.
Avy Precision Technology
Inc.
Netronix,Inc.
Limited
Prosperity Dielectrics Co.,
Ltd.
Inc.
Synnex Technology
International Corp.
Alpha Networks Inc.
Inc.
Ali Corporation
Ltd.
Products Inc.
Ltd.
Asia Vital Components Co.,
Ltd.
Ltd.
Qisda Corporation
Far Eastern Department
Stores Ltd.
Co., Ltd.
Mediatek Inc.
Htc Corporation
Wintek Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
5,000,000
0.70
15,000,000
5,000,000
$0.72
0.64
10,000,000
12,000,000
Amount
$
3,500
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
44.35
11.31
10,800
3,200
49.80
17.81
9.02
12.42
0.82
0.76
8,200
9,120
56.39
89.59
12.17
9.23
10,000,000
20,000,000
0.67
0.66
6,700
13,200
23.21
100.51
15.75
12.73
12,000,000
15,000,000
0.60
0.73
7,200
10,950
65.32
64.59
9.33
8.08
5,000,000
10,000,000
10,000,000
5,000,000
0.69
0.79
0.69
0.67
3,450
7,900
6,900
3,350
25.76
138.60
35.09
21.78
10.00
11.16
11.25
13.30
20,000,000
12,000,000
6,000,000
0.78
0.63
0.66
15,600
7,560
3,960
63.02
31.57
25.47
9.13
8.71
11.75
12,000,000
0.77
9,240
59.86
7.80
5,300,000
0.66
3,498
84.12
9.94
7,100,000
12,400,000
0.67
0.65
4,757
8,060
27.29
171.76
12.56
9.57
9,200,000
20,000,000
0.70
0.71
6,440
14,200
89.07
174.23
8.05
10.18
5,000,000
20,000,000
0.81
0.66
4,050
13,200
94.52
49.22
6.47
8.15
10,000,000
0.75
7,500
108.79
8.83
10,000,000
5,000,000
10,000,000
0.68
0.64
0.76
6,800
3,200
7,600
73.11
19.15
81.77
9.51
10.59
14.03
10,000,000
15,000,000
20,000,000
0.68
0.67
0.71
6,800
10,050
14,200
29.04
59.46
175.72
11.34
9.26
8.76
10,000,000
10,000,000
5,000,000
0.69
0.63
0.66
6,900
6,300
3,300
58.19
15.41
22.50
9.53
11.70
13.94
15,000,000
10,000,000
14,000,000
0.63
0.61
0.64
9,450
6,100
8,960
30.41
90.74
103.07
7.53
7.69
8.01
20,000,000
10,000,000
0.62
0.63
12,400
6,300
20.36
18.31
7.88
10.29
10,000,000
10,000,000
0.66
0.65
6,600
6,500
89.47
37.91
11.79
8.64
20,000,000
0.67
13,400
70.96
8.44
15,000,000
12,000,000
5,000,000
0.67
0.62
0.67
10,050
7,440
3,350
87.51
24.07
43.84
5.29
10.31
8.69
12,000,000
10,000,000
0.68
0.63
8,160
6,300
94.40
188.24
6.61
5.75
20,000,000
10,000,000
10,000,000
20,000,000
0.78
0.80
0.73
0.69
15,600
8,000
7,300
13,800
493.90
767.19
48.47
57.01
11.51
8.96
10.39
6.64
December 31, 2010
Listed Date
SinoPac Securities - 1X
October 6, 2010
SinoPac Securities - TB
October 6, 2010
SinoPac Securities - TC
October 6, 2010
SinoPac Securities - TD
October 6, 2010
SinoPac Securities - TE
SinoPac Securities - TF
SinoPac Securities - TG
SinoPac Securities - 1Y
SinoPac Securities - 1Z
October 6, 2010
October 6, 2010
October 6, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 8, 2010
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
SinoPac Securities - TH
October 12, 2010
October 12, 2010
October 12, 2010
SinoPac Securities - TJ
SinoPac Securities - TK
October 12, 2010
October 12, 2010
Kobin Environmental
Corp
Chipbond Technology
Corporation
Advanced Wireless
Longwell Company
Engineering,Inc.
Yageo Corporation
Au Optronics Corp.
China Airlines Ltd.
Kinsus Interconnect
Technology Corp.
Corporation
Shinkong Textile Co., Ltd.
Lealea Enterprise Co., Ltd.
Nien Hsing Textile Co., Ltd.
Teco Electric & Machinery
Co., Ltd.
Yungshin Global Holding
Corporation
Champion Building Materials
Co., Ltd.
Kinpo Electronics, Inc.
Ltd.
Mosel Vitelic Inc.
Accton Technology Corp.
United Integrated Services
Co., Ltd.
Gigastorage Corporation
Pan Jit International Inc.
Cathay Real Estate
Hung Sheng Construction Ltd.
Wan Hai Lines Ltd.
Far Eastern International Bank
Mercuries & Associates, Ltd.
Hola Home Furnishings Co.,
Ltd.
Wt Microelectronics Co., Ltd.
San Chih Semiconductor Inc.
Ltd.
Pegatron Corporation
Career Technology (Mfg.) Co.,
Ltd.
Taiflex Scientific Co., Ltd.
Nan Ya Printed Circuit Board
Corporation
Taiwan Acceptance
Corporation
Li Peng Enterprise Co., Ltd.
Ho Tung Chemical Corp.
Cheng Loong Corp.
Kenda Rubber Industrial Co.,
Ltd.
Chin-Poon Industrial Co., Ltd.
Kings Town Bank
Taichung Commercial Bank
Co., Ltd.
Holtek Semiconductor Inc.
Merida Industry Co., Ltd.
Capella Microsystems
(Taiwan), Inc.
Ablerex Electronics Co., Ltd.
Orient Europharma Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
$0.71
15,000,000
0.62
20,000,000
Amount
$
7,100
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
57.23
9.36
9,300
24.21
9.14
0.65
13,000
52.04
8.68
7,600,000
0.67
5,092
58.76
7.05
20,000,000
15,000,000
6,700,000
10,000,000
5,000,000
0.65
0.68
0.65
0.63
0.67
13,000
10,200
4,355
6,300
3,350
35.56
286.35
50.43
21.02
28.53
7.25
7.71
10.15
10.33
11.31
10,000,000
15,000,000
12,000,000
5,000,000
0.63
0.72
0.64
0.74
6,300
10,800
7,680
3,700
15.30
37.26
25.43
90.40
10.78
13.50
8.79
9.73
15,000,000
0.70
10,500
48.88
10.93
10,000,000
10,000,000
10,000,000
10,000,000
0.72
0.66
0.66
0.66
7,200
6,600
6,600
6,600
48.59
19.60
24.65
20.08
8.60
7.91
11.48
10.94
10,000,000
0.69
6,900
46.68
12.20
10,000,000
0.65
6,500
28.81
7.75
10,000,000
10,000,000
0.62
0.64
6,200
6,400
12.29
11.53
9.23
8.81
20,000,000
12,000,000
10,000,000
0.66
0.62
0.66
13,200
7,440
6,600
18.48
23.38
45.43
6.59
8.71
7.45
20,000,000
20,000,000
12,000,000
0.64
0.71
0.64
12,800
14,200
7,680
51.29
42.49
20.10
6.18
8.18
8.72
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
0.70
0.64
0.64
0.63
0.65
7,000
6,400
6,400
6,300
6,500
20.74
24.63
15.84
25.65
28.44
8.80
8.54
8.72
7.51
8.81
10,000,000
10,000,000
0.62
0.67
6,200
6,700
48.10
111.66
7.98
6.42
10,000,000
10,000,000
0.68
0.72
6,800
7,200
45.71
45.29
7.84
6.88
10,000,000
10,000,000
0.61
0.67
6,100
6,700
72.63
138.14
7.88
9.29
10,000,000
0.67
6,700
70.40
8.55
10,000,000
10,000,000
10,000,000
10,000,000
0.63
0.64
0.63
0.69
6,300
6,400
6,300
6,900
17.83
18.16
15.18
36.40
8.86
10.06
12.09
9.88
10,000,000
10,000,000
10,000,000
0.63
0.61
0.61
6,300
6,100
6,100
27.24
16.10
12.24
11.02
8.43
8.91
10,000,000
10,000,000
10,000,000
0.68
0.64
0.73
6,800
6,400
7,300
49.97
60.06
182.28
8.76
10.22
4.93
10,000,000
10,000,000
0.78
0.68
7,800
6,800
367.20
66.25
4.58
9.32
55
Financial Reports
December 31, 2010
Listed Date
56
SinoPac Securities - TL
SinoPac Securities - TM
SinoPac Securities - TN
SinoPac Securities - TP
SinoPac Securities - TQ
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
October 12, 2010
SinoPac Securities - TR
October 12, 2010
SinoPac Securities - TS
SinoPac Securities - TT
October 12, 2010
October 12, 2010
SinoPac Securities - TU
SinoPac Securities - TV
October 12, 2010
October 12, 2010
SinoPac Securities - TW
SinoPac Securities - TX
SinoPac Securities - TY
October 12, 2010
October 12, 2010
October 13, 2010
October 13, 2010
October 13, 2010
SinoPac Securities - TZ
October 13, 2010
SinoPac Securities - UA
SinoPac Securities - UB
October 13, 2010
October 13, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 14, 2010
October 15, 2010
SinoPac Securities - UC
October 15, 2010
October 15, 2010
October 18, 2010
SinoPac Securities - UD
SinoPac Securities - UE
SinoPac Securities - UF
SinoPac Securities - UG
October 18, 2010
October 18, 2010
October 18, 2010
October 18, 2010
October 19, 2010
October 19, 2010
October 19, 2010
October 19, 2010
October 19, 2010
SinoPac Securities - UH
October 19, 2010
October 19, 2010
October 19, 2010
SinoPac Securities - UJ
SinoPac Securities - UK
October 19, 2010
October 19, 2010
October 20, 2010
Center Laboratories, Inc.
Pan Asia Chemical Co.
Swancor.Ind.Co., Ltd.
New Era Electronics Co., Ltd.
Yeashin International
Gallant Precision Machining
Co., Ltd.
Genesyslogic,Inc.
Princeton Technology
Corporation
Prolific Technology Inc.
Taiwan Hopax
Chems.Mfg.Co., Ltd.
Coasia Microelectronics Corp.
Eng Electric Co., Ltd.
Taiwan Cement Corp.
Channel Well Technology Co.,
Ltd.
Ltd.
Acme Electronics Corporation
Compal Electronics, Inc.
Mediatek Inc.
Prince Housing &
Development Corp.
Corp.
Co., Ltd.
Nankang Rubber Tire
Corp.,Ltd.
(Taiwan) Ltd.
Corp.
Ltd.
Wintek Corporation
Neo-Neon Holdings Limited
Advanced Ceramic X
Corporation
Sporton International Inc.
Wafer Works Corp.
Namchow Chemical Industrial
Ltd.
Tsrc Corporation
Accton Technology Corp.
Co., Ltd.
Corporation
Tung Thih Electronic Co., Ltd.
Macroblock, Inc.
Corp.,
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
$0.64
0.62
0.84
0.88
0.69
10,000,000
0.65
10,000,000
12,000,000
Amount
$
6,400
6,200
8,400
8,800
6,900
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
54.10
19.80
69.46
64.23
37.50
8.08
6.65
7.38
6.95
7.20
6,500
22.43
6.55
0.67
0.71
6,700
8,520
64.52
26.48
7.01
6.87
12,000,000
15,000,000
0.66
0.64
7,920
9,600
52.90
33.56
6.98
7.08
12,000,000
8,500,000
10,000,000
12,000,000
10,000,000
0.61
0.78
0.70
0.64
0.65
7,320
6,630
7,000
7,680
6,500
60.12
124.02
36.19
80.27
36.83
5.44
7.05
13.49
7.55
7.94
12,000,000
0.85
10,200
142.03
7.88
15,000,000
5,000,000
10,000,000
5,000,000
10,000,000
10,000,000
10,000,000
20,000,000
15,000,000
0.62
0.71
0.69
0.74
0.73
0.69
0.68
0.71
0.64
9,300
3,550
6,900
3,700
7,300
6,900
6,800
14,200
9,600
20.50
82.84
116.11
86.52
67.20
28.62
39.46
439.27
27.23
7.24
5.91
11.06
8.23
8.84
10.09
13.29
11.62
8.89
10,000,000
0.85
8,500
59.61
13.11
20,000,000
0.84
16,800
388.58
8.43
12,000,000
20,000,000
0.66
0.69
7,920
13,800
40.91
49.53
10.36
10.05
7,500,000
0.64
4,800
25.28
10.78
7,500,000
0.63
4,725
23.59
7.85
10,000,000
10,000,000
20,000,000
30,000,000
10,000,000
0.62
0.69
0.70
0.73
0.64
6,200
6,900
14,000
21,900
6,400
24.75
31.14
95.45
158.48
55.71
16.73
13.47
7.33
5.77
6.12
20,000,000
10,000,000
10,000,000
0.64
0.61
0.79
12,800
6,100
7,900
56.65
15.27
198.24
5.67
5.93
10.44
6,000,000
10,000,000
12,000,000
17,000,000
10,000,000
10,000,000
0.64
0.78
0.70
0.64
0.76
0.68
3,840
7,800
8,400
10,880
7,600
6,800
77.28
97.87
85.16
51.55
92.85
48.96
8.34
9.15
7.90
9.98
10.42
7.67
5,000,000
15,000,000
10,000,000
0.80
0.78
0.84
4,000
11,700
8,400
62.78
25.04
67.97
14.63
9.88
13.12
10,000,000
20,000,000
10,000,000
0.85
0.83
0.92
8,500
16,600
9,200
72.74
168.90
146.03
11.45
6.67
6.98
12,000,000
5,500,000
10,000,000
0.93
0.80
0.74
11,160
4,400
7,400
154.96
186.44
36.30
7.39
8.94
11.82
December 31, 2010
Listed Date
SinoPac Securities - UL
SinoPac Securities - UM
October 20, 2010
October 20, 2010
October 22, 2010
October 22, 2010
SinoPac Securities - UN
October 22, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
SinoPac Securities - UP
October 25, 2010
October 25, 2010
October 25, 2010
October 25, 2010
October 26, 2010
October 26, 2010
October 26, 2010
October 26, 2010
SinoPac Securities - UQ
SinoPac Securities - UR
October 26, 2010
October 26, 2010
October 26, 2010
SinoPac Securities - US
SinoPac Securities - UT
SinoPac Securities - UU
SinoPac Securities - UV
SinoPac Securities - UW
SinoPac Securities - UX
October 26, 2010
October 27, 2010
October 27, 2010
October 27, 2010
October 27, 2010
October 27, 2010
SinoPac Securities - UY
October 27, 2010
October 28, 2010
October 28, 2010
October 29, 2010
October 29, 2010
October 29, 2010
SinoPac Securities - UZ
SinoPac Securities - VA
October 29, 2010
October 29, 2010
October 29, 2010
Mediatek Inc.
Htc Corporation
Sirtec International Co., Ltd.
Ltd.
Formosa Chemicals & Fibre
Corporation
Nien Hsing Textile Co., Ltd.
Au Optronics Corp.
Company, Ltd.
Co., Ltd.
W.I.S.E.Polariscsi300etf
Corporation
Corporation
Greatwall Ent
China Petrochemical
Corporation
Ltd.
Corporation
Wintek Corporation
Htc Corporation
Novatek Microelectronics
Corp.
Young Optics Inc.
Limited
Netronix, Inc.
Corporation
Microbio Co., Ltd.
Corporation
Industry Corp.
Corp.,
Anpec Electronics Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Leverage
at
Issuance
15,800
6,900
14,200
7,920
$ 434.99
694.65
51.18
26.65
15.38
9.70
5.92
9.19
Amount
20,000,000
10,000,000
20,000,000
12,000,000
$0.79
0.69
0.71
0.66
$
17,000,000
5,000,000
0.85
0.73
14,450
3,650
147.50
88.06
8.15
13.08
10,000,000
15,000,000
5,000,000
12,000,000
0.65
0.69
0.82
0.68
6,500
10,350
4,100
8,160
26.45
33.08
93.38
27.69
15.26
14.21
12.24
10.14
10,000,000
12,000,000
0.63
0.71
6,300
8,520
667.63
204.14
8.71
8.51
30,000,000
10,000,000
5,000,000
10,000,000
10,000,000
10,000,000
0.75
0.68
0.83
0.71
0.69
0.73
22,500
6,800
4,150
7,100
6,900
7,300
161.53
21.73
90.56
73.22
26.94
53.50
7.60
17.21
14.82
12.34
12.67
12.68
10,000,000
0.64
6,400
16.96
8.88
11,000,000
10,000,000
15,000,000
0.64
0.68
0.65
7,040
6,800
9,750
42.75
35.11
29.76
9.19
12.61
11.10
12,000,000
0.66
7,920
18.40
9.15
10,000,000
10,000,000
0.69
0.85
6,900
8,500
24.21
82.05
11.83
14.26
7,500,000
0.76
5,700
74.41
8.34
10,000,000
10,000,000
30,000,000
20,000,000
10,000,000
20,000,000
15,000,000
10,000,000
0.71
0.70
0.63
0.67
0.71
0.66
0.94
0.77
7,100
7,000
18,900
13,400
7,100
13,200
14,100
7,700
101.95
55.83
56.37
46.83
55.00
55.69
795.32
104.48
9.70
10.53
7.63
8.15
10.48
7.31
13.60
11.44
7,500,000
10,000,000
20,000,000
0.68
0.73
0.69
5,100
7,300
13,800
172.87
81.48
166.09
8.35
8.35
9.42
20,000,000
10,000,000
10,500,000
15,000,000
12,700,000
8,400,000
0.72
0.88
0.71
0.66
0.71
0.82
14,400
8,800
7,455
9,900
9,017
6,888
132.25
70.15
86.54
74.69
32.03
247.80
9.13
8.70
8.43
9.17
7.12
9.98
9,300,000
15,000,000
10,000,000
15,000,000
0.78
0.69
0.78
0.62
7,254
10,350
7,800
9,300
57.10
23.26
147.78
20.47
9.65
9.64
9.69
10.77
15,000,000
0.63
9,450
69.74
7.99
15,000,000
0.83
12,450
37.55
11.49
12,700,000
15,000,000
20,000,000
0.72
0.67
0.72
9,144
10,050
14,400
154.96
41.89
22.97
9.13
8.04
10.83
57
Financial Reports
December 31, 2010
Listed Date
58
SinoPac Securities - VB
October 29, 2010
November 1, 2010
November 1, 2010
November 1, 2010
November 1, 2010
November 1, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
November 3, 2010
SinoPac Securities - VC
SinoPac Securities - VD
SinoPac Securities - VE
November 3, 2010
November 3, 2010
November 3, 2010
November 4, 2010
November 4, 2010
November 4, 2010
November 4, 2010
November 4, 2010
November 4, 2010
SinoPac Securities - VF
SinoPac Securities - VG
November 4, 2010
November 4, 2010
SinoPac Securities - VH
November 4, 2010
November 5, 2010
November 5, 2010
SinoPac Securities - VJ
November 5, 2010
November 5, 2010
November 10, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 11, 2010
November 12, 2010
Cathay Real Estate
Corporation
Co., Ltd.
Acer Incorporated
Corp.
Aurora Corporation
China Airlines Ltd.
Wt Microelectronics Co., Ltd.
Want Want China Holdings
Limited
Cub Elecparts Inc.
Ltd.
(Taiwan) Ltd.
Storage & Transport
Globe Union Industrial Corp
Taiwan Hon Chuan Enterprise
Co., Ltd.
Corp
Elitegroup Computer Systems
Co., Ltd.
Ltd.
Ltd.
Winbond Electronics Corp.
Clevo Co.
Co., Ltd.
Mediatek Inc.
Mediatek Inc.
Htc Corporation
Corp.
Wistron Corporation
Limited
Lotes Co., Ltd.
Prince Housing &
Development Corp.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Leverage
at
Issuance
11,484
7,400
12,450
13,000
$ 272.58
28.46
277.98
19.81
7.97
9.93
11.86
9.32
Amount
13,200,000
10,000,000
15,000,000
20,000,000
$0.87
0.74
0.83
0.65
$
20,000,000
12,000,000
0.71
0.80
14,200
9,600
45.24
91.48
8.14
8.28
12,000,000
0.67
8,040
21.91
11.82
10,000,000
10,000,000
12,000,000
20,000,000
10,000,000
0.74
0.73
0.66
0.69
0.76
7,400
7,300
7,920
13,800
7,600
104.13
64.41
76.65
38.73
53.53
11.85
13.61
12.71
8.76
12.26
10,000,000
0.80
8,000
9,031.24
20.73
12,000,000
10,000,000
0.71
0.66
8,520
6,600
114.14
38.70
9.12
14.73
10,000,000
12,000,000
20,000,000
12,000,000
15,200,000
0.63
0.64
0.73
0.77
0.63
6,300
7,680
14,600
9,240
9,576
62.39
28.58
58.88
54.88
31.98
8.84
9.43
9.35
9.34
11.11
15,000,000
8,000,000
10,000,000
10,000,000
10,000,000
1.07
0.63
0.93
0.67
0.65
16,050
5,040
9,300
6,700
6,500
175.72
112.19
222.53
25.53
15.90
7.59
4.44
12.71
10.41
10.85
15,000,000
0.70
10,500
29.67
11.12
12,000,000
0.72
8,640
30.79
11.52
10,000,000
15,100,000
0.67
0.80
6,700
12,080
36.94
69.69
10.47
15.28
8,000,000
20,000,000
0.69
0.66
5,520
13,200
85.91
25.21
9.33
8.94
20,000,000
10,000,000
10,000,000
0.64
0.64
0.63
12,800
6,400
6,300
28.85
16.38
12.65
6.38
13.64
10.17
12,000,000
15,000,000
19,900,000
0.81
0.73
0.70
9,720
10,950
13,930
277.15
49.28
131.28
8.91
9.68
10.46
20,000,000
0.69
13,800
129.64
13.51
10,000,000
12,000,000
10,000,000
0.62
0.67
0.68
6,200
8,040
6,800
9.23
79.01
72.57
8.98
9.84
13.11
20,000,000
10,000,000
30,000,000
15,000,000
0.79
0.66
0.68
0.65
15,800
6,600
20,400
9,750
439.01
324.49
895.28
26.28
14.72
17.61
10.85
8.33
10,000,000
12,000,000
15,000,000
20,000,000
10,000,000
0.73
0.67
0.72
0.68
0.68
7,300
8,040
10,800
13,600
6,800
69.06
63.44
63.83
58.42
22.24
13.17
21.16
10.77
10.81
8.43
20,000,000
20,000,000
0.65
0.66
13,000
13,200
169.33
28.92
8.95
7.88
December 31, 2010
Listed Date
November 12, 2010
November 12, 2010
SinoPac Securities - VK
November 12, 2010
November 12, 2010
SinoPac Securities - VL
November 12, 2010
SinoPac Securities - VM
November 12, 2010
SinoPac Securities - VN
November 12, 2010
SinoPac Securities - VP
SinoPac Securities - VQ
November 12, 2010
November 12, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
SinoPac Securities - VR
SinoPac Securities - VS
SinoPac Securities - VT
SinoPac Securities - VU
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 16, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
November 19, 2010
SinoPac Securities - VV
November 19, 2010
SinoPac Securities - VW
November 19, 2010
Corp.
Corporation
Technology Corp.
Kenmec Mechanical
Advanced Wireless
Corporation
Pixart Imaging Inc.
Corp.
Corporation
Bes Engineering Co
Usi Corporation
China Petrochemical
Tsrc Corporation
Corporation
Mercuries & Associates,Ltd.
Corporation
Co., Ltd.
Ltd.
Ltd.
Macroblock, Inc.
W.I.S.E. Polariscsi300etf
Corp.
Ltd.
San Chih Semiconductor Inc.
Ltd.
Global Mixed-Mode
Technology Inc
Tingyi (Cayman Islands)
Holding Corp.
Solargiga Energy Holdings
Limited
Products Inc.
Mag.Layers
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.88
20,000,000
0.74
20,000,000
20,000,000
Amount
$
17,600
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
70.84
13.59
14,800
102.60
8.89
0.72
0.81
14,400
16,200
50.60
75.50
9.43
13.62
8,000,000
0.64
5,120
28.52
9.12
20,000,000
0.64
12,800
53.57
8.10
10,600,000
0.80
8,480
281.43
9.15
15,000,000
20,000,000
10,000,000
0.70
0.76
0.63
10,500
15,200
6,300
153.24
247.44
47.47
10.14
6.28
16.87
10,000,000
10,000,000
0.81
0.85
8,100
8,500
100.40
101.76
17.50
16.73
10,000,000
10,000,000
10,000,000
15,000,000
10,000,000
12,000,000
0.70
0.64
0.67
0.74
0.76
0.78
7,000
6,400
6,700
11,100
7,600
9,360
10.28
11.87
44.05
127.74
31.45
33.31
11.52
15.26
10.25
10.17
11.80
12.27
12,000,000
10,000,000
12,000,000
0.72
0.83
0.63
8,640
8,300
7,560
25.93
63.48
34.73
11.55
15.38
12.30
12,000,000
12,000,000
0.62
0.78
7,440
9,360
18.46
18.54
9.40
10.80
20,000,000
10,000,000
10,000,000
20,000,000
0.78
0.68
0.75
0.70
15,600
6,800
7,500
14,000
22.23
26.25
63.54
101.89
11.88
8.25
10.82
8.97
15,000,000
0.79
11,850
91.80
10.27
15,000,000
0.77
11,550
97.23
10.23
10,000,000
0.77
7,700
60.09
9.85
20,000,000
20,000,000
13,200,000
10,400,000
20,000,000
20,000,000
10,000,000
0.74
0.66
0.73
0.61
0.65
0.75
0.73
14,800
13,200
9,636
6,344
13,000
15,000
7,300
32.23
53.78
175.95
181.99
142.60
21.71
33.52
9.25
5.08
8.14
5.16
9.42
16.36
14.14
12,000,000
0.72
8,640
20.64
12.28
12,000,000
12,000,000
15,000,000
0.68
0.74
0.78
8,160
8,880
11,700
119.03
96.49
129.66
9.09
6.96
7.31
12,000,000
0.82
9,840
173.08
10.79
12,000,000
0.73
8,760
42.43
13.66
10,000,000
0.63
6,300
32.40
4.57
20,000,000
0.73
14,600
115.30
8.47
12,400,000
0.80
9,920
97.81
10.24
59
Financial Reports
December 31, 2010
60
Listed Date
November 22, 2010
November 22, 2010
November 22, 2010
November 22, 2010
November 24, 2010
November 24, 2010
November 24, 2010
SinoPac Securities - A1
November 24, 2010
November 24, 2010
November 26, 2010
November 26, 2010
November 26, 2010
SinoPac Securities - VX
SinoPac Securities - VY
SinoPac Securities - VZ
November 26, 2010
November 26, 2010
November 26, 2010
November 26, 2010
November 26, 2010
SinoPac Securities - B1
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
SinoPac Securities - WA
SinoPac Securities - WB
SinoPac Securities - WC
SinoPac Securities - C1
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 29, 2010
November 30, 2010
November 30, 2010
November 30, 2010
November 30, 2010
November 30, 2010
November 30, 2010
SinoPac Securities - WD
SinoPac Securities - WE
December 1, 2010
December 1, 2010
SinoPac Securities - WF
December 1, 2010
SinoPac Securities - WG
SinoPac Securities - WH
December 1, 2010
December 1, 2010
December 2, 2010
SinoPac Securities - D1
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 2, 2010
December 3, 2010
December 3, 2010
Corporation
Bank, Ltd.
Ali Corporation
Cathay Financial Holding
Co., Ltd.
Technology Inc.
Ite Tech. Inc
Htc Corporation
Ltd.
Ways Technical Corp., Ltd.
Acme Electronics
Corporation
Realtek Semiconductor Corp
Taishin Financial Holding
Co., Ltd.
Ltd.
Htc Corporation
Tripod Technology
Corporation
Corporation
Quanta Storage Inc.
C-Media Electronics Inc.
Netronix, Inc.
Ltd.
Kobin Environmental
Ltd.
Kinsus Interconnect
Technology Corp.
Capella Microsystems
(Taiwan), Inc.
Co., Ltd.
Engineering, Inc.
Mediatek Inc.
Ltd.
Iteq Corporation
Acbel Polytech Inc.
Corporation
Formosa Epitaxy
Incorporation
Xinhua A50 China Index Etf
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
12,000,000
$0.70
0.96
12,000,000
0.74
10,000,000
15,000,000
12,000,000
15,000,000
Amount
$
7,000
11,520
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
31.83
538.20
10.22
9.92
8,880
23.23
13.61
0.96
0.78
0.83
0.80
9,600
11,700
9,960
12,000
50.08
19.67
17.31
52.60
10.18
10.80
10.77
14.04
12,000,000
0.73
8,760
51.23
8.50
10,000,000
20,000,000
20,000,000
15,000,000
0.70
0.67
0.92
0.84
7,000
13,400
18,400
12,600
60.26
50.90
919.60
40.89
9.90
6.87
8.73
13.41
12,000,000
15,000,000
10,000,000
8,000,000
20,000,000
0.74
0.91
0.77
0.64
0.84
8,880
13,650
7,700
5,120
16,800
42.09
17.68
441.91
85.37
106.51
10.50
12.04
9.87
5.94
6.24
12,000,000
10,000,000
10,000,000
0.77
0.84
0.68
9,240
8,400
6,800
52.50
79.75
15.17
9.18
12.30
11.78
10,000,000
10,000,000
0.77
0.74
7,700
7,400
112.18
115.58
12.69
12.28
12,000,000
20,000,000
10,000,000
0.79
0.74
0.85
9,480
14,800
8,500
118.74
1,008.60
143.75
10.13
11.84
8.93
20,000,000
0.77
15,400
46.72
10.80
10,000,000
10,000,000
8,000,000
10,000,000
18,600,000
10,000,000
15,000,000
0.72
0.70
0.65
0.81
0.80
0.76
0.72
7,200
7,000
5,200
8,100
14,880
7,600
10,800
34.76
25.56
36.02
49.94
92.51
44.32
15.09
9.33
8.23
10.80
5.54
8.82
13.16
9.59
10,000,000
10,000,000
0.63
0.83
6,300
8,300
23.03
53.71
10.50
10.80
10,000,000
0.70
7,000
39.96
12.34
12,000,000
0.85
10,200
106.72
10.79
20,000,000
10,000,000
0.79
0.66
15,800
6,600
33.03
213.61
12.65
5.62
12,000,000
0.94
11,280
89.87
5.70
10,000,000
20,000,000
10,000,000
0.77
0.69
0.79
7,700
13,800
7,900
51.15
187.45
36.54
12.71
9.10
12.67
10,000,000
30,000,000
10,000,000
10,000,000
0.83
0.64
0.71
0.85
8,300
19,200
7,100
8,500
57.73
437.92
31.88
56.35
14.70
12.50
11.47
10.86
20,000,000
12,000,000
12,000,000
12,000,000
0.67
0.80
0.74
0.70
13,400
9,600
8,880
8,400
38.34
52.70
29.64
124.78
7.82
10.15
12.65
9.30
10,000,000
0.73
7,300
49.11
11.12
10,000,000
10,000,000
0.64
0.79
6,400
7,900
14.85
34.58
3.97
15.32
December 31, 2010
Listed Date
SinoPac Securities - E1
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
SinoPac Securities - F1
December 3, 2010
December 3, 2010
SinoPac Securities - WI
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
SinoPac Securities - WJ
SinoPac Securities - WK
SinoPac Securities - WL
SinoPac Securities - WM
SinoPac Securities - WN
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 3, 2010
December 8, 2010
December 8, 2010
December 8, 2010
SinoPac Securities - G1
December 8, 2010
December 8, 2010
December 8, 2010
SinoPac Securities - WP
SinoPac Securities - WQ
SinoPac Securities - WR
December 8, 2010
December 8, 2010
December 8, 2010
December 8, 2010
December 8, 2010
December 8, 2010
December 8, 2010
SinoPac Securities - WS
December 8, 2010
December 13, 2010
December 13, 2010
December 13, 2010
SinoPac Securities - H1
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
SinoPac Securities - I1
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
Greatek Electrontcs Inc.
Sincere Navigation
Corporation
U-Ming Marine Transpost
Corp.
Industries ,Ltd.
Wintek Corporation
Everlight Chemical Industrial
Corporation
Corp.
Wintek Corporation
Gamania Digital
Mjc Probe Inc.
Prolific Technology Inc.
Pchome Online Inc.
T.Join Transportation Co., Ltd.
Ltd.
Corp.
Ltd.
Taiwan Life Insurance Co.,
Ltd.
Lotes Co., Ltd.
Chipbond Technology
Corporation
Taiwan Hopax Chems. Mfg.
Co., Ltd.
Nankang Rubber Tire Corp.,
Ltd.
Walsin Technology
Corporation
Corp.
Co., Ltd.
Co., Ltd.
Ltd.
Wintek Corporation
Htc Corporation
Bank, Ltd.
Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
10,000,000
$0.68
0.80
10,000,000
0.83
10,000,000
Amount
$
6,800
8,000
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
33.93
39.83
14.77
16.67
8,300
69.83
13.47
0.79
7,900
165.85
8.70
30,000,000
10,000,000
0.68
0.80
20,400
8,000
62.79
40.19
6.96
9.41
10,000,000
10,000,000
0.93
0.81
9,300
8,100
160.18
71.94
14.68
19.05
15,000,000
12,000,000
0.69
0.71
10,350
8,520
307.63
20.87
11.78
9.69
10,000,000
10,000,000
10,000,000
30,000,000
5,500,000
0.91
0.79
0.74
0.70
0.78
9,100
7,900
7,400
21,000
4,290
105.80
53.02
76.25
58.97
52.64
12.32
12.70
12.22
6.07
11.56
12,000,000
15,000,000
20,000,000
20,000,000
9,000,000
10,000,000
12,000,000
0.73
0.74
0.74
0.90
0.68
0.76
0.68
8,760
11,100
14,800
18,000
6,120
7,600
8,160
105.28
48.70
218.89
202.67
32.89
36.77
48.88
7.29
7.45
7.09
5.53
7.12
8.66
8.94
12,000,000
0.80
9,600
63.48
15.24
30,000,000
15,000,000
0.67
0.66
20,100
9,900
54.74
17.78
7.56
11.42
10,000,000
0.69
6,900
35.25
10.77
12,000,000
10,000,000
10,000,000
10,500,000
20,000,000
12,000,000
20,000,000
0.69
0.82
0.85
0.88
0.83
0.70
0.75
8,280
8,200
8,500
9,240
16,600
8,400
15,000
804.56
66.82
197.23
39.09
60.77
22.18
64.86
9.84
10.43
8.33
9.93
6.35
9.50
9.41
12,000,000
0.64
7,680
29.90
8.08
12,000,000
12,000,000
15,000,000
0.71
0.82
0.86
8,520
9,840
12,900
60.57
162.30
55.57
10.82
10.17
11.51
10,000,000
0.69
6,900
22.71
9.12
15,000,000
0.93
13,950
76.23
14.24
10,000,000
12,000,000
0.73
0.82
7,300
9,840
68.89
352.53
14.28
10.77
10,000,000
10,000,000
0.79
0.89
7,900
8,900
38.84
78.60
12.28
14.73
20,000,000
0.86
17,200
71.45
9.95
30,000,000
10,000,000
10,000,000
30,000,000
12,000,000
0.75
0.70
0.70
0.74
0.80
22,500
7,000
7,000
22,200
9,600
74.56
28.12
138.58
1,060.80
27.55
8.80
10.41
14.85
11.93
15.43
10,000,000
0.75
7,500
25.70
17.56
61
Financial Reports
December 31, 2010
62
Listed Date
December 13, 2010
SinoPac Securities - J1
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
December 13, 2010
SinoPac Securities - WT
December 13, 2010
SinoPac Securities - WU
December 13, 2010
SinoPac Securities - WV
SinoPac Securities - WW
December 13, 2010
December 13, 2010
December 15, 2010
December 15, 2010
December 15, 2010
December 16, 2010
SinoPac Securities - K1
SinoPac Securities - WX
SinoPac Securities - WY
SinoPac Securities - WZ
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
December 16, 2010
SinoPac Securities - XA
December 16, 2010
SinoPac Securities - XB
December 16, 2010
SinoPac Securities - XC
SinoPac Securities - XD
December 16, 2010
December 16, 2010
SinoPac Securities - XE
SinoPac Securities - XF
SinoPac Securities - XG
SinoPac Securities - XH
SinoPac Securities - XI
SinoPac Securities - XJ
SinoPac Securities - XK
SinoPac Securities - XL
SinoPac Securities - XM
SinoPac Securities - Y1
December 16, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
SinoPac Securities - Z1
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
December 17, 2010
Ltd.
Altek Corporation
Wintek Corporation
Corp.
United Integrated Services Co.,
Ltd.
Mediatek Inc.
Ltd.
Technology Inc.
Semiconductor Corp.
Advanced Wireless
Pixart Imaging Inc.
Company, Ltd.
Pegatron Corporation
Wintek Corporation
Ta Chen Stainless Pipe Co.,
Ltd.
Htc Corporation
Htc Corporation
Kings Town Bank
Txc Corporation
Co., Ltd.
Corporation
Jih Sun Financial Holding Co.,
Ltd.
Limited
Netronix,Inc.
Macroblock, Inc.
Genesyslogic, Inc.
Systex Corporation
Mjc Probe Inc.
Alcor Micro,Corp.
Chroma Ate Inc.
Ltd.
Ltd.
Young Optics Inc.
Ltd.
Wintek Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
12,000,000
$0.76
10,000,000
12,000,000
30,000,000
10,000,000
10,000,000
0.71
0.72
0.68
0.70
0.85
10,000,000
Amount
$
9,120
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
27.28
16.64
7,100
8,640
20,400
7,000
8,500
48.85
77.86
65.62
18.48
53.82
11.92
8.75
6.39
14.06
10.74
0.80
8,000
51.92
9.17
20,000,000
10,000,000
0.79
0.78
15,800
7,800
497.96
49.91
16.08
10.15
12,000,000
0.73
8,760
59.47
9.65
10,000,000
0.76
7,600
21.91
8.29
20,000,000
0.75
15,000
56.67
7.92
20,000,000
15,000,000
10,000,000
0.94
0.71
0.75
18,800
10,650
7,500
177.00
58.82
20.76
11.17
9.63
13.13
10,000,000
30,000,000
10,000,000
0.79
0.69
0.68
7,900
20,700
6,800
48.53
71.46
23.20
11.16
7.94
11.79
10,000,000
20,000,000
10,000,000
10,000,000
10,000,000
13,600,000
10,000,000
12,000,000
14,300,000
15,000,000
15,000,000
0.83
0.91
0.88
0.71
0.71
0.81
0.86
0.67
0.89
0.88
1.14
8,300
18,200
8,800
7,100
7,100
11,016
8,600
8,040
12,727
13,200
17,100
127.50
1,023.78
770.10
17.83
595.85
70.38
64.86
96.08
301.79
159.85
112.38
14.75
9.63
9.95
9.92
9.94
10.78
12.66
8.91
7.97
7.56
7.33
12,000,000
0.88
10,560
168.45
11.49
10,000,000
0.69
6,900
13.71
10.22
20,000,000
20,000,000
0.73
0.66
14,600
13,200
61.80
153.53
5.79
8.30
8,300,000
12,000,000
5,000,000
12,000,000
15,000,000
15,000,000
10,000,000
12,000,000
12,000,000
12,000,000
10,000,000
12,000,000
0.71
0.74
0.73
0.85
0.76
1.13
0.70
0.82
0.73
0.83
0.78
0.70
5,893
8,880
3,650
10,200
11,400
16,950
7,000
9,840
8,760
9,960
7,800
8,400
100.74
22.48
176.71
137.10
69.00
248.98
50.21
53.36
128.75
64.55
102.98
17.19
9.42
11.55
8.66
5.88
7.43
13.19
7.46
9.88
8.79
8.93
10.15
11.94
10,000,000
10,000,000
0.71
0.72
7,100
7,200
21.19
44.90
8.95
13.72
10,000,000
10,000,000
20,000,000
11,000,000
16,600,000
11,100,000
0.78
0.65
0.69
0.73
0.74
0.80
7,800
6,500
13,800
8,030
12,284
8,880
94.76
82.17
208.86
172.80
57.87
19.14
10.74
7.97
7.80
10.24
8.11
9.03
28,100,000
0.70
19,670
66.30
7.87
December 31, 2010
Listed Date
SinoPac Securities - YA
December 20, 2010
December 20, 2010
December 20, 2010
December 20, 2010
December 20, 2010
December 20, 2010
December 20, 2010
SinoPac Securities - XN
SinoPac Securities - XP
December 20, 2010
December 21, 2010
December 21, 2010
SinoPac Securities - XQ
December 21, 2010
SinoPac Securities - XR
SinoPac Securities - XS
SinoPac Securities - XT
SinoPac Securities - XU
SinoPac Securities - YB
SinoPac Securities - YC
SinoPac Securities - YD
SinoPac Securities - YE
SinoPac Securities - YF
December 21, 2010
December 21, 2010
December 21, 2010
December 21, 2010
December 21, 2010
December 21, 2010
December 21, 2010
December 22, 2010
December 22, 2010
SinoPac Securities - YG
SinoPac Securities - YH
SinoPac Securities - YI
December 22, 2010
December 22, 2010
December 22, 2010
SinoPac Securities - YJ
December 22, 2010
SinoPac Securities - XV
December 23, 2010
SinoPac Securities - XW
December 23, 2010
SinoPac Securities - XX
SinoPac Securities - XY
SinoPac Securities - YK
SinoPac Securities - YL
SinoPac Securities - YM
December 23, 2010
December 27, 2010
December 27, 2010
December 27, 2010
December 27, 2010
SinoPac Securities - YN
December 27, 2010
SinoPac Securities - YP
December 27, 2010
SinoPac Securities - YQ
December 27, 2010
SinoPac Securities - YR
December 27, 2010
SinoPac Securities - YS
SinoPac Securities - YT
SinoPac Securities - YU
SinoPac Securities - YV
December 27, 2010
December 27, 2010
December 27, 2010
December 27, 2010
SinoPac Securities - YW
SinoPac Securities - YX
SinoPac Securities - YY
SinoPac Securities - YZ
SinoPac Securities - ZA
SinoPac Securities - ZB
SinoPac Securities - ZC
SinoPac Securities - ZD
December 27, 2010
December 27, 2010
December 27, 2010
December 27, 2010
December 29, 2010
December 29, 2010
December 29, 2010
December 29, 2010
SinoPac Securities - ZE
December 29, 2010
SinoPac Securities - P1
December 30, 2010
December 30, 2010
December 30, 2010
Winbond Electronics Corp.
Mediatek Inc.
Ite Tech. Inc
Kinsus Interconnect
Technology Corp.
Semiconductor Co.
Longwell Company
Yageo Corporation
Wintek Corporation
Synnex Technology
International Corp.
Zinwell Corporation
Ltd.
Corp.
Corporation
Corp
Corp.,
Engineering, Inc.
Ltd.
Ltd.
Htc Corporation
Hung Sheng Construction Ltd.
Corporation
Ta Chong Bank Ltd.
Wintek Corporation
Wintek Corporation
China Metal Products Co., Ltd.
Powercom Co .,Ltd.
Limited
Corporation
Limited
Pan Asia Chemical Co.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
10,000,000
$0.78
0.78
10,000,000
0.65
10,000,000
20,000,000
10,000,000
12,000,000
Amount
$
7,800
7,800
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
53.19
9,592.05
11.19
22.40
6,500
7,656.04
26.88
0.72
0.73
0.87
0.72
7,200
14,600
8,700
8,640
10.51
469.43
69.44
120.12
9.38
11.73
11.13
12.75
12,000,000
12,000,000
10,000,000
0.66
0.81
0.79
7,920
9,720
7,900
30.03
475.80
114.43
9.16
9.95
12.72
10,000,000
0.64
6,400
16.47
10.86
20,000,000
20,000,000
20,000,000
12,000,000
10,000,000
12,000,000
30,000,000
12,000,000
10,000,000
0.68
0.76
0.70
0.77
0.80
0.68
0.64
0.67
0.81
13,600
15,200
14,000
9,240
8,000
8,160
19,200
8,040
8,100
27.28
64.14
164.61
57.70
72.45
16.36
57.92
20.12
92.00
8.75
6.34
10.18
11.51
11.11
10.48
6.31
13.59
14.80
10,000,000
15,000,000
12,000,000
0.63
0.75
0.68
6,300
11,250
8,160
36.25
69.17
54.90
12.70
10.83
10.17
12,000,000
0.84
10,080
73.32
14.05
20,000,000
0.84
16,800
312.41
9.45
20,000,000
0.66
13,200
30.86
9.47
10,900,000
7,200,000
12,000,000
10,000,000
12,000,000
0.72
0.71
0.75
0.75
0.77
7,848
5,112
9,000
7,500
9,240
36.55
242.81
32.04
53.39
43.64
14.19
4.89
11.18
11.79
11.44
10,000,000
0.82
8,200
39.00
14.17
20,000,000
0.79
15,800
131.60
13.04
10,000,000
1.03
10,300
81.54
24.19
15,000,000
0.79
11,850
23.14
11.42
10,000,000
20,000,000
10,000,000
20,000,000
0.84
0.87
0.83
0.69
8,400
17,400
8,300
13,800
141.90
1,033.98
23.40
582.40
12.64
9.94
10.84
7.67
10,000,000
10,400,000
30,000,000
10,000,000
10,000,000
20,000,000
10,000,000
20,000,000
0.72
0.62
0.68
0.63
0.71
0.70
0.66
0.78
7,200
6,448
20,400
6,300
7,100
14,000
6,600
15,600
13.14
41.83
60.49
43.13
38.61
68.02
34.96
24.90
10.47
7.08
6.92
8.30
9.38
5.24
11.50
8.48
11,100,000
0.83
9,213
42.92
8.37
10,000,000
0.64
6,400
23.32
5.56
12,000,000
20,000,000
0.70
0.74
8,400
14,800
68.25
148.78
8.94
7.30
63
Financial Reports
December 31, 2010
Listed Date
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
SinoPac Securities - Q1
SinoPac Securities - XZ
SinoPac Securities - ZF
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
SinoPac Securities - ZG
SinoPac Securities - ZH
SinoPac Securities - ZI
SinoPac Securities - ZJ
December 30, 2010
December 30, 2010
December 30, 2010
December 30, 2010
SinoPac Securities - ZK
SinoPac Securities - ZL
December 30, 2010
December 30, 2010
SinoPac Securities - ZM
SinoPac Securities - ZN
December 30, 2010
December 30, 2010
SinoPac Securities - ZP
December 30, 2010
SinoPac Securities - ZQ
December 30, 2010
SinoPac Securities - ZR
SinoPac Securities - ZS
December 31, 2010
December 31, 2010
SinoPac Securities - ZT
December 31, 2010
SinoPac Securities - ZU
December 31, 2010
Yang An Electronics Co., Ltd.
Advanced Ceramic X
Corporation
Semiconductor Corp.
New Era Electronics Co., Ltd.
Products Inc.
Alcor Micro,Corp.
D-Link Corporation
Corporation
Mosel Vitelic Inc.
Mediatek Inc.
(Taiwan) Ltd.
Wan Hai Lines Ltd.
Ltd.
Young Optics Inc.
Co., Ltd.
Ltd.
Ltd.
Tsrc Corporation
Semiconductor Corp.
Cathay Real Estate
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
10,000,000
10,000,000
$0.76
0.65
20,000,000
0.70
15,000,000
20,000,000
Amount
$
7,600
6,500
10.79
8.71
14,000
25.05
9.32
0.80
0.64
12,000
12,800
68.83
103.18
7.93
7.66
12,000,000
13,700,000
14,200,000
5,100,000
10,000,000
10,000,000
0.77
0.71
0.66
0.63
0.66
0.70
9,240
9,727
9,372
3,213
6,600
7,000
71.16
75.21
35.46
25.19
23.14
23.39
9.63
6.86
8.26
6.85
6.44
11.34
15,000,000
10,000,000
20,000,000
15,000,000
0.77
0.67
0.69
0.72
11,550
6,700
13,800
10,800
183.00
16.13
461.44
34.49
9.90
7.42
12.51
11.96
10,000,000
10,000,000
0.69
0.75
6,900
7,500
28.00
57.54
10.48
10.80
20,000,000
15,000,000
0.70
0.70
14,000
10,500
210.30
314.72
8.12
8.40
14,000,000
0.77
10,780
21.75
7.50
14,500,000
0.77
11,165
24.06
10.00
10,000,000
10,000,000
0.68
0.74
6,800
7,400
76.71
31.88
14.85
12.75
15,000,000
0.71
10,650
22.17
9.12
28,600,000
0.83
23,738
23.75
8.12
8,337,879
(1,170,677)
$ 7,167,202
December 31, 2009
64
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
Lien Hwa Industrial
Corporation
Corporation
Yieh Phui Enterprise Co., Ltd.
Ltd.
Bes Engineering Co., Ltd.
Evermore Chemical Industry
Co., Ltd.
Tlg Asset Management Co.,
Ltd.
$
Leverage
at
Issuance
97.18
147.49
Less: Gain on change in market value of warrant liabilities as of December 31, 2010
Market value
Listed Date
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.91
20,000,000
20,000,000
0.83
0.64
20,000,000
20,000,000
20,000,000
20,000,000
Amount
$
18,200
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
18.30
8.64
16,600
12,800
38.07
10.93
7.87
6.88
0.66
0.72
0.60
0.68
13,200
14,400
12,000
13,600
52.47
16.47
14.81
31.19
5.72
7.64
10.09
6.97
20,000,000
20,000,000
20,000,000
20,000,000
0.56
0.88
0.57
0.97
11,200
17,600
11,400
19,400
18.24
37.60
10.72
39.19
5.55
6.36
7.19
5.89
20,000,000
20,000,000
0.67
0.80
13,400
16,000
53.67
33.03
7.57
6.74
20,000,000
0.60
12,000
11.33
7.85
December 31, 2009
Listed Date
July 9, 2009
July 9, 2009
July 9, 2009
July 9, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
July 10, 2009
SinoPac Securities - S6
July 10, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 15, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 30, 2009
July 31, 2009
July 31, 2009
Technology Inc.
Shining Building Business
Co., Ltd.
Darfon Electronics Corp.
Chia Hsin Cement Corporation
Usi Corporation
Shihlin Paper Corporation
Industry Corp.
Pihsiang Machinery Mfg. Co.,
Ltd.
Ltd.
Wan Hai Lines Ltd.
Taichung Commercial Bank
Co., Ltd.
Ite Tech. Inc.
Alpha Networks Inc.
Co., Ltd.
Ltd.
Semiconductor Co., Ltd.
Chipbond Technology
Corporation
Gamania Digital
Ene Technology Inc.
Taiwan Surface Mounting
Technology Corp.
Ltd.
Yageo Corporation
Acer Incorporated
Mediatek Inc.
Corp.
Synnex Technology
International Corp.
Universal Scientific Industrial
Co., Ltd.
Corp.
Greatek Electronitcs Inc.
Ltd.
Storage & Transport
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.81
20,000,000
20,000,000
0.68
0.81
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
Amount
$
16,200
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
63.15
5.89
13,600
16,200
71.47
46.03
8.47
5.64
0.65
0.57
0.56
0.54
0.81
0.56
13,000
11,400
11,200
10,800
16,200
11,200
49.63
16.38
15.44
14.37
48.67
31.13
6.91
5.44
5.39
5.26
9.53
11.17
20,000,000
20,000,000
0.60
0.56
12,000
11,200
27.16
72.41
8.05
10.43
20,000,000
20,000,000
0.56
0.57
11,200
11,400
23.78
42.21
8.13
7.19
20,000,000
20,000,000
20,000,000
0.54
0.73
0.61
10,800
14,600
12,200
21.92
19.09
8.86
7.66
10.68
6.30
20,000,000
20,000,000
20,000,000
20,000,000
0.74
0.80
0.93
0.55
14,800
16,000
18,600
11,000
79.48
33.63
59.71
411.25
7.77
7.27
10.33
5.49
20,000,000
1.30
26,000
92.21
6.52
20,000,000
20,000,000
0.58
0.51
11,600
10,200
50.80
14.27
10.51
5.45
20,000,000
12,000,000
0.61
0.70
12,200
8,400
40.74
33.09
6.34
6.57
20,000,000
0.89
17,800
73.66
6.63
12,000,000
12,000,000
0.89
0.89
10,680
10,680
80.15
66.22
7.31
7.23
12,000,000
20,000,000
20,000,000
20,000,000
0.53
0.62
0.66
0.78
6,360
12,400
13,200
15,600
39.96
49.62
23.49
50.03
5.34
6.94
6.36
5.79
20,000,000
20,000,000
20,000,000
0.66
0.62
0.52
13,200
12,400
10,400
49.50
26.05
32.44
6.73
7.63
6.31
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.52
0.80
0.51
0.76
0.60
0.94
0.68
10,400
16,000
10,200
15,200
12,000
18,800
13,600
9.58
19.19
9.12
81.36
540.79
102.89
38.99
7.68
9.00
7.20
8.95
7.38
10.30
10.67
20,000,000
0.74
14,800
70.48
9.14
20,000,000
0.72
14,400
16.61
8.61
20,000,000
0.50
10,000
29.32
2.59
20,000,000
20,000,000
20,000,000
0.61
0.70
0.72
12,200
14,000
14,400
25.65
37.03
15.94
7.07
9.06
8.19
20,000,000
20,000,000
0.62
0.83
12,400
16,600
45.74
38.08
6.57
7.08
20,000,000
0.70
14,000
27.94
6.84
65
Financial Reports
December 31, 2009
Listed Date
66
July 31, 2009
July 31, 2009
July 31, 2009
July 31, 2009
July 31, 2009
July 31, 2009
July 31, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 4, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 5, 2009
August 6, 2009
August 6, 2009
August 6, 2009
August 6, 2009
August 6, 2009
August 6, 2009
August 10, 2009
August 10, 2009
August 10, 2009
August 10, 2009
August 10, 2009
August 10, 2009
August 14, 2009
August 14, 2009
August 14, 2009
August 14, 2009
August 14, 2009
August 14, 2009
August 14, 2009
August 17, 2009
SinoPac Securities - L1
August 17, 2009
August 17, 2009
August 17, 2009
August 17, 2009
August 17, 2009
August 24, 2009
August 24, 2009
August 24, 2009
Ltd.
Technology Inc.
Innolux Display Corporation
Co., Ltd.
Technology Corp.
Pixart Imaging Inc.
Kenmec Mechanical
Quanta Storage Inc.
Walsin Technology
Corporation
Ltd.
Ltd.
Realtek Semiconductor Corp.
Co., Ltd.
Corporation
Co., Ltd.
Ltd.
Products Inc.
Wafer Works Corp.
Corporation
Co., Ltd.
Corp.
Altek Corporation
Industry Corp.
Company, Ltd.
Wistron Corporation
Feng Hsin Iron & Steel Co.,
Ltd.
HTC Corporation
HTC Corporation
(Taiwan) Ltd.
Corporation
Taiwan Cement Corp.
The Ambassador Hotel, Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.95
20,000,000
0.97
20,000,000
20,000,000
Amount
$
19,000
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
16.67
7.05
19,400
75.14
6.09
0.57
0.69
11,400
13,800
53.06
464.40
7.95
5.32
20,000,000
20,000,000
20,000,000
20,000,000
0.63
0.57
0.62
1.22
12,600
11,400
12,400
24,400
62.69
24.47
14.79
98.59
7.33
8.75
9.92
7.12
15,000,000
1.00
15,000
121.07
8.86
20,000,000
20,000,000
15,000,000
0.51
0.46
0.58
10,200
9,200
8,700
298.75
21.18
37.57
5.39
7.11
9.97
20,000,000
15,000,000
20,000,000
20,000,000
0.70
1.09
0.58
0.68
14,000
16,350
11,600
13,600
80.43
90.43
304.80
13.78
8.86
7.24
4.58
8.13
20,000,000
0.68
13,600
86.76
10.56
20,000,000
0.57
11,400
18.34
6.93
20,000,000
20,000,000
20,000,000
0.66
0.98
0.73
13,200
19,600
14,600
64.14
91.12
81.25
7.61
8.24
9.25
20,000,000
20,000,000
0.55
0.53
11,000
10,600
31.88
21.42
4.26
7.11
20,000,000
0.50
10,000
309.35
5.62
15,000,000
0.59
8,850
26.69
6.58
20,000,000
1.01
20,200
99.27
7.80
20,000,000
15,000,000
0.87
0.82
17,400
12,300
70.67
77.62
8.02
7.86
15,000,000
20,000,000
20,000,000
1.11
0.75
0.87
16,650
15,000
17,400
100.92
40.47
15.31
8.37
10.01
7.50
20,000,000
20,000,000
0.61
0.66
12,200
13,200
68.79
43.95
10.18
5.91
20,000,000
20,000,000
20,000,000
0.61
0.71
0.74
12,200
14,200
14,800
39.06
62.82
38.99
6.10
8.95
10.14
20,000,000
20,000,000
20,000,000
0.59
0.78
0.55
11,800
15,600
11,000
35.79
104.19
23.86
10.83
11.01
7.90
20,000,000
20,000,000
20,000,000
20,000,000
0.71
0.55
0.66
0.65
14,200
11,000
13,200
13,000
74.69
51.21
34.29
72.31
8.13
7.41
8.22
8.23
30,000,000
20,000,000
20,000,000
0.53
0.43
0.52
15,900
8,600
10,400
398.48
294.53
24.46
6.47
7.98
7.98
20,000,000
15,000,000
0.85
1.08
17,000
16,200
109.00
132.76
9.25
10.53
20,000,000
20,000,000
20,000,000
0.72
0.81
0.83
14,400
16,200
16,600
42.31
100.81
36.72
10.00
10.09
8.18
December 31, 2009
Listed Date
August 24, 2009
SinoPac Securities - M1
August 24, 2009
August 24, 2009
August 28, 2009
August 28, 2009
August 28, 2009
August 28, 2009
August 28, 2009
August 28, 2009
September 1, 2009
SinoPac Securities - N1
September 1, 2009
September 1, 2009
September 1, 2009
September 1, 2009
September 1, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
SinoPac Securities - AA
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
September 8, 2009
SinoPac Securities - AB
SinoPac Securities - AC
SinoPac Securities - AD
SinoPac Securities - AE
SinoPac Securities - AF
September 9, 2009
September 9, 2009
September 9, 2009
September 9, 2009
September 9, 2009
SinoPac Securities - AG
September 9, 2009
SinoPac Securities - AH
September 10, 2009
SinoPac Securities - AI
September 10, 2009
SinoPac Securities - AJ
SinoPac Securities - AK
September 10, 2009
September 10, 2009
SinoPac Securities - AL
September 10, 2009
SinoPac Securities - AM
September 10, 2009
SinoPac Securities - AN
SinoPac Securities - AP
SinoPac Securities - AQ
September 11, 2009
September 11, 2009
September 11, 2009
SinoPac Securities - AR
September 11, 2009
SinoPac Securities - AS
September 11, 2009
SinoPac Securities - AT
September 11, 2009
SinoPac Securities - AU
SinoPac Securities - AV
September 14, 2009
September 14, 2009
First Financial Holding Co.,
Ltd.
Inc.
Chicony Electronics Co., Ltd.
Advantech Co., Ltd.
Cathay Real Estate
Ltd.
Formosa Petrochemical Corp
Engineering, Inc.
D-Link Corporation
Ali Corporation
Syncmold Enterprise Corp.
E-Ton Solar Tech. Co., Ltd.
Corp.
Simplo Technology Co., Ltd.
Prime Electronics &
Satellitics Inc.
Motech Industries Inc.
Taiwan Surface Mounting
Technology Corp.
Advanced International
Multitech Co., Ltd.
Hangsengh-Shareindexetf
Ltd.
Chroma Ate Inc.
Mediatek Inc.
Taiwan Navigation Co., Ltd.
Silitech Technology
Corporation
Corp.
Ltd.
Ltd.
Corp.
Tripod Technology
Corporation
Greatwall Ent
Inventec Corporation
Gigabyte Technology Co.,
Ltd.
U-Ming Marine Transport
Corp.
Corp.
Chong Hong Construction
Co., Ltd.
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.46
20,000,000
15,000,000
0.53
0.88
15,000,000
15,000,000
20,000,000
Amount
$
9,200
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
20.70
8.35
10,600
13,200
453.60
87.23
7.70
10.96
0.81
0.94
0.82
12,150
14,100
16,400
94.88
64.68
15.00
8.98
11.11
7.32
20,000,000
20,000,000
0.50
0.80
10,000
16,000
8.96
20.47
7.80
10.25
20,000,000
20,000,000
0.57
0.60
11,400
12,000
90.16
28.03
13.60
7.90
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
10,000,000
15,000,000
12,000,000
10,000,000
10,000,000
0.60
0.57
0.63
0.77
0.46
0.73
1.20
0.74
0.80
0.53
12,000
11,400
12,600
15,400
9,200
7,300
18,000
8,880
8,000
5,300
29.65
60.38
58.02
76.35
283.80
80.56
106.75
71.63
51.66
20.82
8.12
9.21
7.78
7.22
5.43
8.37
6.17
12.28
10.38
6.57
10,000,000
10,000,000
1.30
0.55
13,000
5,500
200.00
42.56
11.42
6.05
15,000,000
10,000,000
1.02
0.92
15,300
9,200
115.78
96.15
8.07
7.85
10,000,000
0.87
8,700
78.63
6.84
20,000,000
15,000,000
20,000,000
20,000,000
20,000,000
0.65
0.54
0.63
0.56
0.74
13,000
8,100
12,600
11,200
14,800
31.53
574.35
53.64
34.86
86.44
7.80
9.15
6.96
10.23
8.77
12,000,000
20,000,000
20,000,000
10,000,000
12,000,000
0.64
0.60
0.57
0.71
0.80
7,680
12,000
11,400
7,100
9,600
57.03
75.06
615.60
65.69
98.56
7.52
10.10
8.84
7.34
9.73
15,000,000
0.54
8,100
50.01
8.07
10,000,000
0.81
8,100
91.69
9.30
20,000,000
1.14
22,800
158.75
10.61
20,000,000
20,000,000
0.70
0.89
14,000
17,800
45.03
52.44
9.87
8.54
20,000,000
0.65
13,000
68.59
9.20
12,000,000
0.98
11,760
96.69
7.82
20,000,000
20,000,000
20,000,000
0.74
0.74
0.61
14,800
14,800
12,200
43.00
23.47
30.90
9.19
12.87
8.93
20,000,000
0.56
11,200
67.38
9.95
20,000,000
0.62
12,400
16.25
10.28
15,000,000
0.71
10,650
79.55
7.83
20,000,000
15,000,000
0.73
0.57
14,600
8,550
43.68
50.40
9.67
7.74
67
Financial Reports
December 31, 2009
68
Listed Date
SinoPac Securities - AW
September 14, 2009
SinoPac Securities - AX
September 14, 2009
SinoPac Securities - AY
SinoPac Securities - AZ
SinoPac Securities - BA
September 14, 2009
September 14, 2009
September 15, 2009
SinoPac Securities - BB
SinoPac Securities - BC
September 15, 2009
September 15, 2009
SinoPac Securities - BD
September 15, 2009
SinoPac Securities - BE
September 15, 2009
SinoPac Securities - BF
September 15, 2009
SinoPac Securities - BG
September 21, 2009
SinoPac Securities - BH
SinoPac Securities - BI
SinoPac Securities - BJ
SinoPac Securities - BK
September 21, 2009
September 21, 2009
September 21, 2009
September 21, 2009
SinoPac Securities - BL
September 21, 2009
SinoPac Securities - BM
SinoPac Securities - BN
SinoPac Securities - BP
SinoPac Securities - BQ
SinoPac Securities - BR
SinoPac Securities - BS
SinoPac Securities - BT
September 21, 2009
September 21, 2009
September 21, 2009
September 21, 2009
September 21, 2009
September 21, 2009
September 21, 2009
SinoPac Securities - BU
SinoPac Securities - BV
SinoPac Securities - BW
SinoPac Securities - BX
SinoPac Securities - BY
September 21, 2009
September 24, 2009
September 24, 2009
September 24, 2009
September 24, 2009
SinoPac Securities - BZ
September 24, 2009
September 24, 2009
September 28, 2009
September 28, 2009
September 28, 2009
September 28, 2009
September 28, 2009
September 28, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
September 29, 2009
October 1, 2009
October 1, 2009
October 1, 2009
Ltd.
Inventec Appliances Corp.
Corp.
Bank, Ltd.
China Bills Finance
Corporation
Ltd.
Holding Corp.
Corporation
Tsrc Corporation
Yageo Corporation
Wintek Corporation
Ltd.
Cyberlink Co., Ltd.
Usi Corporation
Far Eastern International
Bank
Ltd.
Ltd.
Giant Manufacturing Co., Ltd.
Acer Incorporated
Infortrend Technology, Inc.
Sincere Navigation
Corporation
Corporation
Co., Ltd.
Altek Corporation
Corporation
Ltd.
Corp.
Synnex Technology
International Corp.
Au Optronics Corp.
EPISTAR Corporation
Bes Engineering Co., Ltd.
Formosa Advanced
Technologies Co., Ltd.
Chia Hsin Cement
Corporation
Zinwell Corporation
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.83
15,000,000
1.11
20,000,000
12,000,000
20,000,000
Amount
$
16,600
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
57.06
10.89
16,650
123.41
9.46
0.63
0.65
0.54
12,600
7,800
10,800
12.66
38.49
22.39
8.69
9.60
7.28
15,000,000
20,000,000
1.14
0.68
17,100
13,600
134.40
18.19
9.08
10.63
20,000,000
0.59
11,800
11.73
16.05
20,000,000
0.59
11,800
63.54
8.69
20,000,000
0.78
15,600
10.48
10.65
20,000,000
0.80
16,000
73.75
15.28
20,000,000
20,000,000
20,000,000
20,000,000
0.73
0.84
0.79
0.66
14,600
16,800
15,800
13,200
44.75
11.89
29.82
63.88
10.23
10.45
5.97
7.35
20,000,000
0.81
16,200
42.54
8.72
10,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
1.07
0.78
0.77
0.76
0.78
0.66
0.61
10,700
15,600
15,400
15,200
15,600
13,200
12,200
166.40
24.18
80.46
19.72
19.41
87.30
11.88
11.40
12.69
16.68
10.30
9.74
10.86
7.69
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.84
0.77
0.55
0.52
0.47
16,800
15,400
11,000
10,400
9,400
45.94
59.22
29.96
47.81
19.98
8.55
13.19
9.20
8.08
7.40
20,000,000
0.51
10,200
25.28
8.55
10,000,000
20,000,000
12,000,000
15,000,000
0.77
0.68
0.60
0.76
7,700
13,600
7,200
11,400
103.32
95.58
50.49
45.22
11.43
11.90
6.80
9.74
20,000,000
0.61
12,200
459.43
6.73
20,000,000
0.49
9,800
21.64
8.12
20,000,000
20,000,000
0.70
0.71
14,000
14,200
69.54
45.75
8.64
10.61
15,000,000
0.57
8,550
88.13
12.21
20,000,000
0.58
11,600
60.12
8.50
20,000,000
0.66
13,200
83.00
10.56
20,000,000
20,000,000
12,000,000
20,000,000
20,000,000
10,000,000
0.66
1.21
1.26
0.54
0.51
0.71
13,200
24,200
15,120
10,800
10,200
7,100
37.41
131.52
142.72
11.24
47.64
40.56
9.94
8.26
9.09
8.50
8.07
9.72
15,000,000
0.84
12,600
21.00
9.79
20,000,000
20,000,000
0.50
0.72
10,000
14,400
44.04
81.88
7.00
8.82
December 31, 2009
Listed Date
October 1, 2009
October 1, 2009
October 1, 2009
October 1, 2009
October 2, 2009
October 2, 2009
October 2, 2009
October 2, 2009
October 2, 2009
October 2, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 8, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
Corp.
Ltd.
Co., Ltd.
Chroma Ate Inc.
Ltd.
Corporation
China Petrochemical
Cheng Loong Corp.
Ltd.
Ltd.
Zyxel Communications
Corporation
Cyntec Co., Ltd.
Ltd.
T.Join Transportation Co.,
Ltd.
Txc Corporation
Formosa Epitaxy
Incorporation
Lite-On Semiconductor Corp.
Hannstar Board Corp.
Acbel Polytech Inc.
Wanshih Electronic Co., Ltd.
Anpec Electronics
Corporation
Netronix, Inc.
Yufo Electronics Co., Ltd.
Longwell Company
Alcor Micro, Corp.
Advanced Wireless
Advanced Power Electronics
Corp.
Mag. Layers
Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.53
20,000,000
0.49
15,000,000
10,000,000
20,000,000
Amount
$
10,600
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
49.56
7.33
9,800
23.87
8.00
0.54
0.56
0.58
8,100
5,600
11,600
65.58
64.08
8,129.40
9.46
9.82
12.63
20,000,000
0.61
12,200
17.47
11.64
20,000,000
20,000,000
0.72
0.51
14,400
10,200
80.96
19.31
8.81
6.57
20,000,000
20,000,000
15,000,000
0.50
0.64
1.02
10,000
12,800
15,300
47.94
72.38
139.52
7.56
8.94
11.03
15,000,000
0.76
11,400
17.13
9.21
20,000,000
7,500,000
0.52
0.73
10,400
5,475
46.89
35.34
7.67
7.25
12,000,000
10,000,000
0.78
0.88
9,360
8,800
74.13
104.88
7.59
9.20
15,000,000
20,000,000
0.65
0.64
9,750
12,800
57.63
13.19
6.55
8.20
20,000,000
20,000,000
0.59
0.52
11,800
10,400
13.32
39.50
9.45
6.62
20,000,000
20,000,000
0.48
0.60
9,600
12,000
17.55
10.58
6.67
7.43
20,000,000
0.53
10,600
25.83
8.15
20,000,000
10,000,000
20,000,000
0.57
0.69
0.70
11,400
6,900
14,000
30.75
88.31
72.75
8.12
9.97
7.84
20,000,000
20,000,000
0.81
0.54
16,200
10,800
31.65
27.63
5.80
7.80
20,000,000
20,000,000
20,000,000
0.81
0.59
0.77
16,200
11,800
15,400
40.75
51.20
69.94
7.28
7.31
6.71
20,000,000
15,000,000
20,000,000
20,000,000
15,000,000
8,000,000
8,000,000
8,000,000
12,000,000
0.74
0.74
0.58
0.58
0.60
0.66
1.08
0.84
0.54
14,800
11,100
11,600
11,600
9,000
5,280
8,640
6,720
6,480
29.73
38.03
44.52
24.47
64.08
57.50
112.50
83.44
40.47
6.35
7.97
6.08
7.41
8.98
6.78
8.38
8.33
6.29
12,000,000
15,000,000
8,000,000
12,000,000
15,000,000
12,000,000
12,000,000
1.35
0.69
0.79
1.04
0.72
0.89
0.64
16,200
10,350
6,320
12,480
10,800
10,680
7,680
107.26
69.88
48.09
88.06
62.69
77.19
43.20
6.37
8.13
9.71
6.99
7.17
7.04
5.71
10,000,000
12,000,000
1.03
0.52
10,300
6,240
78.94
37.26
6.02
6.12
10,000,000
8,000,000
0.51
0.77
5,100
6,160
22.25
70.26
7.47
7.77
69
Financial Reports
December 31, 2009
Listed Date
70
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 12, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 15, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 16, 2009
October 20, 2009
October 20, 2009
October 20, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
Co., Ltd.
China Metal Products Co.,
Ltd.
Sunrex Technology
Corporation
Senao International Co., Ltd.
Ltd.
Aces Electronic Co., Ltd.
Industries, Ltd.
Co., Ltd.
Ju Teng International
Holdings Limited
Want Want China Holdings
Limited
Ltd.
Universal Scientific Industrial
Co., Ltd.
Elan Microelectronics Corp.
Co., Ltd.
Company, Ltd.
Ltd.
Corporation
Csbc Corporation, Taiwan
Company, Ltd.
Technology Inc.
Co., Ltd.
Far Eastone
Telecommunications Co.,
Ltd.
Corp.
Clevo Co., Ltd.
Stores Ltd.
Corp.
Kenmec Mechanical
Gamania Digital
Corp.
D-Link Corporation
Cathay Real Estate
Huaku Development Co., Ltd.
Tlg Asset Management Co.,
Ltd.
Co., Ltd.
Shining Building Business
Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
0.52
10,400
12,000,000
15,000,000
0.70
0.62
15,000,000
Amount
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
33.06
5.49
8,400
9,300
37.89
44.26
9.44
6.14
0.80
12,000
45.34
9.25
10,000,000
12,000,000
0.73
0.74
7,300
8,880
55.11
42.51
12.59
9.38
10,000,000
15,000,000
10,000,000
1.65
0.74
1.01
16,500
11,100
10,100
158.03
79.25
98.82
7.79
8.80
8.06
15,000,000
0.58
8,700
59.00
8.76
15,000,000
0.64
9,600
51.69
6.61
15,000,000
0.35
5,250
24.83
6.24
12,000,000
0.83
9,960
111.25
10.67
17,000,000
0.45
7,650
19.26
7.20
20,000,000
20,000,000
0.68
0.53
13,600
10,600
62.41
34.40
7.29
5.23
20,000,000
0.67
13,400
16.41
10.19
20,000,000
0.74
14,800
44.66
9.01
20,000,000
0.63
12,600
43.87
11.57
20,000,000
20,000,000
0.70
0.66
14,000
13,200
40.63
31.96
9.29
7.97
20,000,000
0.62
12,400
62.63
7.85
20,000,000
0.57
11,400
515.00
6.96
20,000,000
0.60
12,000
40.98
12.45
20,000,000
0.71
14,200
41.58
9.86
20,000,000
20,000,000
20,000,000
20,000,000
0.61
0.69
0.54
0.54
12,200
13,800
10,800
10,800
32.31
34.50
53.58
43.26
7.64
7.83
8.26
6.98
20,000,000
20,000,000
0.56
0.83
11,200
16,600
58.26
97.13
8.71
9.19
20,000,000
20,000,000
15,000,000
0.52
0.67
0.55
10,400
13,400
8,250
57.00
22.81
37.44
8.17
5.09
10.22
15,000,000
0.62
9,300
62.75
7.86
20,000,000
20,000,000
20,000,000
0.71
0.54
0.52
14,200
10,800
10,400
60.12
46.25
28.65
15.62
7.04
9.15
20,000,000
20,000,000
0.68
0.49
13,600
9,800
41.63
16.82
9.81
6.10
20,000,000
20,000,000
0.93
0.69
18,600
13,800
109.63
38.22
9.35
9.25
20,000,000
1.35
27,000
101.52
5.89
20,000,000
0.61
12,200
48.47
6.62
December 31, 2009
Listed Date
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 22, 2009
October 23, 2009
October 23, 2009
October 23, 2009
October 23, 2009
October 23, 2009
October 23, 2009
October 28, 2009
October 28, 2009
October 28, 2009
October 28, 2009
October 28, 2009
October 28, 2009
November 2, 2009
November 2, 2009
November 2, 2009
November 2, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 3, 2009
November 4, 2009
November 4, 2009
November 4, 2009
November 4, 2009
November 4, 2009
November 4, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
Corp.
Industry Corp.
Ltd.
Storage & Transport
Ltd.
Ltd.
Corp.
Kinsus Interconnect
Technology Corp.
Engineering, Inc.
Chinese Maritime Transport
Ltd.
Ltd.
Ltd.
Sporton International Inc.
Corporation
Pixart Imaging Inc.
China Petrochemical
Corporation
Ltd.
U-Ming Marine Transport
Corp.
Corporation
Advantech Co., Ltd.
Mediatek Inc.
Taiwan Mobile Co., Ltd.
Alpha Networks Inc.
Feng Hsin Iron & Steel Co.,
Ltd.
Ltd.
Ltd.
Ltd.
Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.62
20,000,000
0.60
20,000,000
Amount
$
12,400
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
44.67
12.16
12,000
46.47
12.37
0.51
10,200
44.10
7.22
20,000,000
0.49
9,800
34.70
6.05
20,000,000
0.64
12,800
73.20
9.42
20,000,000
20,000,000
10,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.69
0.57
1.82
0.54
0.59
0.53
0.52
1.03
13,800
11,400
18,200
10,800
11,800
10,600
10,400
20,600
73.00
50.34
196.73
60.56
61.94
51.93
10.96
135.13
8.32
7.25
8.38
8.61
9.05
8.10
9.14
10.05
20,000,000
0.63
12,600
59.91
7.78
20,000,000
15,000,000
0.60
1.12
12,000
16,800
53.46
113.84
7.58
8.17
20,000,000
0.61
12,200
34.34
9.44
20,000,000
20,000,000
15,000,000
15,000,000
0.55
0.74
0.54
0.91
11,000
14,800
8,100
13,650
73.20
42.82
60.96
114.10
10.89
9.11
10.22
9.78
20,000,000
0.52
10,400
22.88
8.19
15,000,000
12,000,000
6,000,000
0.48
0.82
1.10
7,200
9,840
6,600
20.46
81.47
99.98
7.42
8.27
7.27
6,000,000
20,000,000
0.68
0.79
4,080
15,800
77.06
539.52
9.22
5.65
20,000,000
20,000,000
0.45
0.65
9,000
13,000
283.20
15.16
5.93
9.31
20,000,000
20,000,000
0.58
0.51
11,600
10,200
58.88
44.51
8.56
8.24
20,000,000
0.56
11,200
28.25
8.50
20,000,000
20,000,000
0.73
0.59
14,600
11,800
18.97
71.88
11.34
10.73
20,000,000
20,000,000
1.12
0.52
22,400
10,400
117.91
10.34
8.75
8.38
15,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.58
0.55
0.71
0.59
0.52
0.67
0.56
8,700
11,000
14,200
11,800
10,400
13,400
11,200
69.06
558.61
67.62
30.38
53.79
15.00
59.85
10.72
8.55
16.68
9.17
9.23
9.22
8.96
20,000,000
1.08
21,600
167.19
11.99
20,000,000
0.66
13,200
16.25
9.96
20,000,000
0.61
12,200
48.41
12.10
20,000,000
0.87
17,400
6,749.90
16.87
20,000,000
20,000,000
0.56
0.65
11,200
13,000
78.36
75.90
11.16
9.69
71
Financial Reports
December 31, 2009
Listed Date
72
November 10, 2009
November 10, 2009
November 10, 2009
November 10, 2009
November 13, 2009
November 13, 2009
November 13, 2009
November 13, 2009
November 13, 2009
November 13, 2009
November 16, 2009
November 16, 2009
November 16, 2009
November 16, 2009
November 16, 2009
November 16, 2009
November 16, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 19, 2009
November 20, 2009
November 20, 2009
November 20, 2009
November 20, 2009
November 26, 2009
November 26, 2009
November 26, 2009
SinoPac Securities - QK
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
November 26, 2009
Wistron Corporation
Corp.
Co., Ltd.
Limited
Chipbond Technology
Corporation
Wafer Works Corp.
Quanta Storage Inc.
Yieh Phui Enterprise Co., Ltd.
Corp.
Gigabyte Technology Co.,
Ltd.
Corp.
China Metal Products Co.,
Ltd.
Au Optronics Corp.
HTC Corporation
Corporation
(Taiwan) Ltd.
Taiwan Navigation Co., Ltd.
Holding Corp.
Usi Corporation
The Ambassador Hotel, Ltd.
Technology Corp.
Products Inc.
Ltd.
Ltd.
Realtek Semiconductor Corp.
Greatek Electronics Inc.
Ite Tech. Inc.
Inc.
Lien Hwa Industrial
Corporation
Shihlin Paper Corporation
Walsin Technology
Corporation
Corp.
Co., Ltd.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
20,000,000
20,000,000
15,000,000
0.53
0.55
0.59
0.67
10,600
11,000
11,800
10,050
15,000,000
0.37
10,000,000
Amount
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
27.15
70.50
70.68
46.81
8.30
9.80
9.41
11.00
5,550
278.85
6.97
1.14
11,400
128.23
8.99
20,000,000
0.55
11,000
28.88
9.20
20,000,000
20,000,000
12,000,000
20,000,000
20,000,000
15,000,000
20,000,000
0.57
0.59
0.79
0.51
0.51
0.73
0.73
11,400
11,800
9,480
10,200
10,200
10,950
14,600
66.99
74.25
85.50
32.92
13.80
17.06
31.38
9.41
10.27
8.73
11.65
10.88
9.28
6.92
20,000,000
0.58
11,600
34.86
10.10
20,000,000
0.50
10,000
14.16
11.45
20,000,000
20,000,000
0.54
0.58
10,800
11,600
27.86
53.25
9.06
7.33
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.72
0.68
0.62
0.58
0.44
0.93
14,400
13,600
12,400
11,600
8,800
18,600
20.19
52.95
37.53
36.60
405.35
78.85
11.42
12.69
9.82
10.72
8.13
6.61
20,000,000
0.66
13,200
21.44
12.88
20,000,000
20,000,000
0.52
0.76
10,400
15,200
55.11
11.48
8.94
12.39
20,000,000
20,000,000
20,000,000
20,000,000
15,000,000
0.68
0.52
0.72
0.57
0.70
13,600
10,400
14,400
11,400
10,500
23.59
58.14
48.38
13.80
96.31
13.82
9.30
10.64
10.79
10.31
10,000,000
20,000,000
0.55
0.75
5,500
15,000
60.00
101.00
9.11
10.25
20,000,000
20,000,000
0.44
0.71
8,800
14,200
257.95
88.98
5.31
10.51
20,000,000
0.52
10,400
22.17
7.79
20,000,000
15,000,000
20,000,000
15,000,000
15,000,000
0.85
0.59
0.78
0.74
0.86
17,000
8,850
15,600
11,100
12,900
103.86
36.92
101.94
80.58
108.78
9.35
10.71
10.85
8.88
9.95
20,000,000
20,000,000
20,000,000
15,000,000
0.84
0.47
0.58
0.64
16,800
9,400
11,600
9,600
109.20
341.28
35.91
19.75
11.15
6.41
9.90
12.34
20,000,000
20,000,000
0.64
0.52
12,800
10,400
48.45
13.53
12.61
10.87
20,000,000
20,000,000
0.70
0.61
14,000
12,200
106.92
64.02
12.69
8.89
15,000,000
0.60
9,000
16.16
10.92
20,000,000
0.53
10,600
419.93
7.26
December 31, 2009
Listed Date
November 26, 2009
November 26, 2009
November 27, 2009
November 27, 2009
November 27, 2009
November 27, 2009
November 27, 2009
December 1, 2009
December 1, 2009
December 1, 2009
December 1, 2009
December 1, 2009
December 1, 2009
December 7, 2009
December 7, 2009
December 7, 2009
December 7, 2009
December 7, 2009
December 7, 2009
December 7, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 10, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 16, 2009
December 17, 2009
December 17, 2009
December 17, 2009
December 17, 2009
December 17, 2009
Ali Corporation
Corporation
Mag.Layers
Ltd.
Anpec Electronics
Corporation
Ene Technology Inc.
Advanced Power Electronics
Corp.
Inventec Corporation
Elan Microelectronics Corp.
Ltd.
Technology Inc.
Acbel Polytech Inc.
Taiwan Cement Corp.
Ltd.
Storage & Transport
Bank, Ltd.
Co., Ltd.
Corp.
Motech Industries Inc.
Advanced Wireless
Ways Technical Corp., Ltd.
Swancor. Ind. Co., Ltd.
Chroma Ate Inc.
Wintek Corporation
Zyxel Communications
Corporation
Corp.
Txc Corporation
Inventec Appliances Corp.
Industries, Ltd.
Young Optics Inc.
Corporation
Wanshih Electronic Co., Ltd.
Wafer Works Corp.
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
20,000,000
20,000,000
20,000,000
0.84
0.38
0.62
0.53
20,000,000
20,000,000
15,000,000
0.48
0.80
0.77
15,000,000
10,000,000
Amount
$
16,800
7,600
12,400
10,600
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
97.69
53.37
38.45
68.59
9.21
11.95
11.31
11.64
9,600
16,000
11,550
11.67
98.16
137.19
10.52
9.90
13.77
0.57
0.64
8,550
6,400
87.56
83.81
12.33
10.86
20,000,000
0.54
10,800
56.91
8.27
10,000,000
20,000,000
0.71
0.46
7,100
9,200
86.13
46.32
9.79
7.89
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.49
0.62
0.59
0.55
0.58
9,800
12,400
11,800
11,000
11,600
27.83
22.05
68.43
63.84
63.94
9.84
14.60
9.93
8.93
8.76
20,000,000
0.59
11,800
61.56
8.25
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.51
0.53
0.70
0.72
1.00
10,200
10,600
14,000
14,400
20,000
25.11
57.04
37.29
90.62
130.80
8.78
9.34
9.74
10.46
10.55
20,000,000
0.61
12,200
31.94
9.08
20,000,000
0.60
12,000
17.42
12.33
20,000,000
20,000,000
20,000,000
0.65
0.60
0.56
13,000
12,000
11,200
22.80
61.38
425.43
15.31
9.28
6.82
20,000,000
15,000,000
20,000,000
0.85
0.71
0.38
17,000
10,650
7,600
108.30
79.98
22.77
9.59
8.34
9.47
20,000,000
15,000,000
1.27
0.61
25,400
9,150
177.19
51.39
9.72
6.65
20,000,000
10,000,000
20,000,000
8,000,000
20,000,000
20,000,000
20,000,000
0.90
1.18
0.41
0.89
0.79
0.82
0.69
18,000
11,800
8,200
7,120
15,800
16,400
13,800
98.44
101.94
256.58
89.25
82.32
75.75
47.50
9.03
6.75
5.35
8.54
8.86
7.61
12.22
20,000,000
20,000,000
20,000,000
0.75
0.55
0.61
15,000
11,000
12,200
89.19
27.79
28.46
9.73
8.27
8.52
20,000,000
0.81
16,200
119.70
11.46
20,000,000
15,000,000
20,000,000
15,000,000
0.63
0.56
0.57
0.98
12,600
8,400
11,400
14,700
57.37
39.13
47.35
121.06
8.57
11.43
7.39
9.74
20,000,000
20,000,000
20,000,000
0.38
0.63
0.61
7,600
12,600
12,200
229.63
104.25
487.31
5.71
12.86
6.98
12,000,000
17,500,000
20,000,000
0.69
0.61
0.78
8,280
10,675
15,600
96.50
71.33
102.75
11.22
10.25
10.64
73
Financial Reports
December 31, 2009
Listed Date
74
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 21, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 22, 2009
December 24, 2009
December 24, 2009
December 24, 2009
December 24, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 25, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
Greatwall Ent
Cheng Loong Corp.
Ltd.
Ltd.
Tripod Technology
Corporation
Asrock Incorporation
Acbel Polytech Inc.
Ltd.
Ltd.
Synnex Technology
International Corp.
Mediatek Inc.
Zinwell Corporation
Stores Ltd.
Ju Teng International
Holdings Limited
Co., Ltd.
Products Inc.
Corporation
Advantech Co., Ltd.
Global Mixed-Mode
Technology Inc.
Corp.
Corp.
Tsrc Corporation
Au Optronics Corp.
Company, Ltd.
Ltd.
Ltd.
Co., Ltd.
Corp.
Corporation
Yageo Corporation
D-Link Corporation
Acer Incorporated
Strike
Price
(In New
Taiwan
Dollars)
/Index)
Leverage
at
Issuance
21,800
$ 8,135.30
14.35
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$1.09
20,000,000
20,000,000
20,000,000
0.63
0.52
0.74
12,600
10,400
14,800
40.05
14.43
19.53
11.44
12.36
11.18
20,000,000
0.52
10,400
77.31
12.00
20,000,000
0.63
12,600
18.31
11.94
20,000,000
15,000,000
0.63
0.95
12,600
14,250
70.62
119.50
10.08
10.05
10,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
1.35
0.50
0.55
0.79
0.87
0.68
13,500
10,000
11,000
15,800
17,400
13,600
164.06
33.75
48.62
41.38
135.00
42.24
9.74
11.44
8.72
8.76
12.41
10.54
20,000,000
0.69
13,800
44.73
11.10
20,000,000
0.66
13,200
77.86
10.41
20,000,000
20,000,000
20,000,000
0.54
0.52
0.50
10,800
10,400
10,000
581.35
70.98
39.11
9.69
11.56
7.22
20,000,000
0.53
10,600
38.03
6.92
20,000,000
0.66
13,200
33.97
8.58
20,000,000
20,000,000
20,000,000
0.40
0.97
0.71
8,000
19,400
14,200
23.55
119.54
109.81
9.95
8.95
12.41
20,000,000
0.47
9,400
12.30
10.48
20,000,000
15,000,000
10,000,000
0.60
0.53
1.26
12,000
7,950
12,600
35.34
86.76
213.75
10.53
13.66
11.98
20,000,000
20,000,000
0.47
0.50
9,400
10,000
66.84
52.10
11.51
8.94
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.62
0.48
0.55
0.58
0.55
12,400
9,600
11,000
11,600
11,000
36.69
451.83
60.31
68.94
37.46
9.35
8.83
9.64
9.86
12.18
20,000,000
20,000,000
20,000,000
15,000,000
20,000,000
0.56
0.72
0.53
0.80
0.52
11,200
14,400
10,600
12,000
10,400
42.64
53.70
43.53
148.13
28.00
13.54
12.22
13.55
13.81
8.94
20,000,000
0.55
11,000
63.91
10.35
20,000,000
20,000,000
0.54
0.50
10,800
10,000
49.28
46.06
7.91
8.16
20,000,000
20,000,000
0.65
0.52
13,000
10,400
19.86
16.23
12.62
13.08
20,000,000
0.51
10,200
28.28
9.75
20,000,000
0.57
11,400
39.30
11.79
20,000,000
20,000,000
20,000,000
0.52
0.59
0.64
10,400
11,800
12,800
13.34
37.00
108.45
9.86
10.54
14.19
Amount
$
December 31, 2009
Listed Date
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 29, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 30, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
December 31, 2009
Co., Ltd.
Sincere Navigation
Corporation
Formosa Epitaxy
Incorporation
Pixart Imaging Inc.
Co., Ltd.
Avy Precision Technology
Inc.
Taiwan Chinsan Electronic
Industrial Co., Ltd.
Corporation
Kenmec Mechanical
Gamania Digital
Corporation
Ltd.
Clevo Co., Ltd.
Corporation
Ltd.
Ltd.
Ltd.
Ltd.
Altek Corporation
Lite-On Semiconductor Corp.
Corp.
Co., Ltd.
Inc.
EPISTAR Corporation
HTC Corporation
Shin Zu Shing Co., Ltd.
Corporation
Corporation
Corp.
Less: Gain on change in market value of warrant liabilities as of December 31, 2009
Market value
Units
Issued
Price at
Issuance
(In New
Taiwan
Dollars)
20,000,000
$0.66
20,000,000
0.62
20,000,000
Amount
$
13,200
Strike
Price
(In New
Taiwan
Dollars)
/Index)
$
Leverage
at
Issuance
31.53
7.88
12,400
47.70
12.61
0.57
11,400
63.66
9.40
20,000,000
20,000,000
20,000,000
0.78
0.39
0.32
15,600
7,800
6,400
93.25
279.13
279.45
9.77
6.49
7.63
12,000,000
15,000,000
0.53
0.57
6,360
8,550
55.60
17.82
9.34
12.68
20,000,000
8,000,000
0.50
1.68
10,000
13,440
49.61
227.50
9.00
10.63
15,000,000
0.58
8,700
67.20
9.83
15,000,000
1.83
27,450
233.44
10.03
15,000,000
0.54
8,100
34.46
10.85
20,000,000
0.61
12,200
58.13
7.87
15,000,000
0.70
10,500
94.20
11.16
20,000,000
0.46
9,200
12.21
10.87
20,000,000
20,000,000
0.47
0.50
9,400
10,000
60.03
445.78
10.89
8.11
20,000,000
0.60
12,000
43.37
12.68
20,000,000
0.69
13,800
21.80
13.15
20,000,000
0.63
12,600
22.57
15.28
20,000,000
0.70
14,000
53.87
12.37
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
0.62
0.49
0.56
0.52
0.54
0.73
12,400
9,800
11,200
10,400
10,800
14,600
80.48
51.49
73.43
57.10
26.36
55.14
10.18
8.98
10.84
9.37
8.30
12.73
20,000,000
20,000,000
0.41
0.43
8,200
8,600
348.15
58.97
7.68
12.09
20,000,000
0.61
12,200
100.02
13.62
20,000,000
20,000,000
20,000,000
20,000,000
20,000,000
10,000,000
14,000,000
20,000,000
0.99
0.72
0.39
0.66
0.47
1.05
0.34
0.52
19,800
14,400
7,800
13,200
9,400
10,500
4,760
10,400
149.06
45.40
387.20
32.34
25.11
196.88
31.54
76.34
11.97
10.44
8.85
8.27
9.23
14.38
8.21
13.42
20,000,000
0.70
14,000
45.37
11.43
20,000,000
15,000,000
20,000,000
20,000,000
0.68
0.65
0.65
0.52
13,600
9,750
13,000
10,400
45.75
11.26
19.68
66.30
11.07
14.60
12.19
10.27
6,835,600
(1,159,605)
$ 5,675,995
75
Financial Reports
The warrants are American-type warrants, which expire within six months after their respective listing dates.
underlying securities or making cash payments.
The Corporation can exercise a warrant either by issuing the
The market values of warrant liabilities were calculated at their closing prices on December 31, 2010 and 2009.
3) Repurchase of warrants issued
Units
Repurchased
76
December 31
2010
Units
Repurchased
Amount
-
$
-
19,958,000
20,000,000
17,962,000
16,696,000
16,774,000
14,782,000
16,966,000
19,395,000
17,914,000
16,719,000
10,152,000
15,941,000
19,396,000
16,446,000
12,124,000
14,093,000
15,671,000
19,475,000
19,772,000
19,931,000
19,502,000
19,688,000
19,955,000
20,000,000
10,214,000
19,878,000
14,252,000
19,979,000
19,749,000
18,866,000
19,782,000
17,680,000
19,872,000
19,603,000
17,369,000
19,777,000
19,091,000
19,568,000
11,428,000
14,943,000
10,378,000
11,868,000
11,925,000
19,288,000
19,736,000
19,555,000
17,298,000
19,916,000
19,877,000
18,852,000
4,534,000
18,473,000
19,941,000
17,117,000
15,654,000
19,369,000
18,546,000
19,595,000
17,184,000
19,195,000
18,266,000
15,548,000
18,725,000
17,299,000
14,594,000
11,677,000
16,001,000
3,833,000
18,817,000
9,553,000
2009
Amount
$
17,757
21,347
7,286
7,598
10,288
6,586
7,866
7,483
12,103
7,177
4,484
4,473
13,257
7,503
2,756
2,082
7,450
13,188
10,690
10,466
10,272
14,343
13,803
12,970
5,829
11,963
5,851
11,251
13,614
8,899
12,319
8,945
20,908
10,505
10,606
11,904
7,713
10,813
3,205
11,183
5,869
11,869
8,737
8,378
11,458
13,818
7,752
13,023
10,495
8,661
551
9,958
15,297
7,836
10,568
12,118
12,750
17,910
6,963
12,804
10,491
7,251
12,587
11,413
5,283
8,265
9,772
425
11,528
1,562
Units
Repurchased
SinoPac Securities - AA
SinoPac Securities - AB
December 31
2010
Units
Repurchased
Amount
-
$
-
19,185,000
16,477,000
12,176,000
12,017,000
16,184,000
14,184,000
90,000
4,673,000
8,124,000
18,152,000
16,156,000
12,445,000
18,448,000
16,808,000
18,781,000
16,761,000
2,535,000
18,240,000
10,239,000
12,790,000
8,905,000
45,000
14,548,000
10,310,000
19,850,000
17,234,000
18,759,000
18,950,000
16,087,000
17,970,000
19,886,000
16,139,000
19,288,000
18,197,000
18,094,000
19,621,000
18,523,000
15,826,000
29,342,000
19,970,000
14,462,000
18,381,000
14,460,000
17,992,000
19,689,000
19,407,000
10,879,000
19,409,000
14,930,000
11,092,000
14,692,000
20,000,000
18,402,000
19,730,000
19,683,000
19,765,000
19,906,000
14,480,000
19,920,000
19,556,000
19,145,000
6,728,000
11,979,000
11,989,000
8,942,000
342,000
9,922,000
9,417,000
15,000,000
9,857,000
8,124,000
19,793,000
14,783,000
19,565,000
19,880,000
17,704,000
9,298,000
2009
Amount
$
9,436
7,723
3,875
5,868
4,718
2,698
29
581
1,109
9,023
5,521
3,919
9,195
10,201
13,593
6,732
687
7,790
3,190
8,399
4,049
5
11,629
5,230
15,609
8,140
11,026
11,173
9,459
11,256
14,642
7,965
14,235
10,197
10,909
10,146
9,360
8,390
14,622
8,444
6,993
12,420
12,470
12,263
17,527
15,887
4,500
8,813
12,287
5,509
14,289
16,363
8,871
15,902
10,545
11,879
13,302
5,865
12,776
15,204
8,610
5,483
12,781
9,301
7,584
77
12,965
4,940
14,341
8,686
6,133
13,575
7,970
11,653
11,027
9,096
7,439
77
Financial Reports
Units
Repurchased
SinoPac Securities - AC
SinoPac Securities - AD
SinoPac Securities - AF
SinoPac Securities - AG
SinoPac Securities - AH
SinoPac Securities - AI
SinoPac Securities - AJ
SinoPac Securities - AK
SinoPac Securities - AL
SinoPac Securities - AM
SinoPac Securities - AN
SinoPac Securities - AP
SinoPac Securities - AQ
SinoPac Securities - AR
SinoPac Securities - AS
SinoPac Securities - AT
SinoPac Securities - AU
SinoPac Securities - AV
SinoPac Securities - AW
SinoPac Securities - AX
SinoPac Securities - AY
SinoPac Securities - AZ
SinoPac Securities - BA
SinoPac Securities - BB
SinoPac Securities - BC
SinoPac Securities - BD
SinoPac Securities - BE
SinoPac Securities - BF
SinoPac Securities - BG
SinoPac Securities - BH
SinoPac Securities - BI
SinoPac Securities - BJ
SinoPac Securities - BK
SinoPac Securities - BL
SinoPac Securities - BM
SinoPac Securities - BN
SinoPac Securities - BP
SinoPac Securities - BQ
SinoPac Securities - BR
SinoPac Securities - BS
SinoPac Securities - BT
SinoPac Securities - BU
SinoPac Securities - BV
SinoPac Securities - BW
SinoPac Securities - BX
SinoPac Securities - BY
SinoPac Securities - BZ
78
December 31
2010
Units
Repurchased
Amount
-
$
-
17,345,000
17,074,000
11,709,000
13,590,000
8,621,000
18,106,000
19,389,000
19,634,000
18,060,000
10,501,000
17,138,000
15,888,000
19,699,000
19,381,000
16,972,000
14,631,000
9,845,000
12,289,000
13,149,000
13,840,000
17,228,000
5,720,000
18,574,000
14,890,000
19,890,000
16,646,000
13,658,000
13,061,000
19,507,000
15,201,000
18,357,000
16,752,000
19,544,000
17,143,000
9,053,000
17,509,000
18,178,000
18,588,000
19,955,000
7,777,000
16,309,000
17,570,000
19,704,000
19,103,000
19,668,000
17,889,000
18,327,000
9,750,000
19,803,000
5,691,000
14,634,000
18,028,000
19,828,000
19,669,000
18,736,000
8,370,000
10,902,000
18,868,000
19,625,000
19,726,000
11,294,000
19,580,000
19,208,000
7,990,000
14,309,000
18,805,000
18,380,000
18,498,000
17,376,000
13,970,000
7,334,000
18,738,000
19,546,000
19,805,000
17,009,000
18,207,000
15,580,000
2009
Amount
$
8,747
8,704
11,396
5,667
7,226
18,521
13,369
18,903
10,293
10,879
10,807
9,135
11,721
10,665
7,206
9,837
4,499
6,457
6,731
14,843
10,555
2,171
10,896
16,627
13,134
8,327
7,046
8,542
14,917
10,157
14,353
9,960
12,272
11,920
8,343
11,507
12,533
12,157
15,263
3,177
10,073
15,246
15,149
10,212
10,147
7,049
6,546
7,348
13,174
4,096
11,017
10,193
9,689
13,335
10,754
3,432
4,672
11,968
12,775
22,762
10,793
10,518
9,825
6,206
11,636
9,361
12,114
9,676
7,989
6,776
3,916
10,589
10,765
14,020
7,777
9,343
7,865
Units
Repurchased
December 31
2010
Units
Repurchased
Amount
-
$
-
13,498,000
12,201,000
19,009,000
1,665,000
11,571,000
6,647,000
13,163,000
17,811,000
19,371,000
15,734,000
18,057,000
18,143,000
19,978,000
19,978,000
9,960,000
14,721,000
17,718,000
19,343,000
14,664,000
19,907,000
15,324,000
18,458,000
14,465,000
18,097,000
19,479,000
13,726,000
312,000
6,452,000
6,819,000
10,435,000
11,153,000
12,271,000
7,524,000
11,913,000
14,356,000
11,643,000
8,656,000
9,512,000
10,686,000
8,954,000
7,082,000
16,239,000
10,341,000
12,217,000
14,761,000
9,845,000
10,747,000
9,572,000
14,622,000
9,321,000
13,293,000
13,389,000
9,251,000
11,151,000
16,716,000
17,530,000
19,610,000
19,314,000
19,477,000
16,451,000
18,503,000
17,311,000
19,728,000
8,879,000
19,038,000
19,551,000
19,119,000
16,934,000
19,750,000
18,542,000
14,768,000
19,514,000
17,316,000
18,643,000
8,286,000
14,528,000
19,990,000
2009
Amount
$
11,423
6,289
9,630
468
9,173
2,970
8,904
11,034
10,989
7,864
8,118
10,373
11,013
11,573
7,039
7,996
12,467
9,896
10,761
11,848
9,665
13,089
10,166
9,627
12,139
7,709
859
6,666
5,550
8,297
20,474
9,019
5,283
12,139
9,432
9,792
5,659
8,729
6,148
5,539
7,330
7,037
7,660
8,716
11,302
6,802
8,207
15,106
11,404
11,421
7,076
7,142
2,859
8,532
7,479
10,393
9,762
12,413
14,405
9,395
12,322
10,207
11,823
3,045
11,148
13,602
11,250
10,035
10,558
9,380
8,967
16,788
8,237
11,076
2,817
8,747
13,866
79
Financial Reports
Units
Repurchased
80
December 31
2010
Units
Repurchased
Amount
-
$
-
19,724,000
19,725,000
18,477,000
19,234,000
19,980,000
18,409,000
19,620,000
18,998,000
19,078,000
19,087,000
9,740,000
19,670,000
19,233,000
15,400,000
19,204,000
9,407,000
17,141,000
19,581,000
17,391,000
19,832,000
18,947,000
17,125,000
18,069,000
14,375,000
19,851,000
13,654,000
16,766,000
9,313,000
14,678,000
18,707,000
19,001,000
18,917,000
10,319,000
9,383,000
5,990,000
2,456,000
19,595,000
19,970,000
19,935,000
19,396,000
19,036,000
19,074,000
19,606,000
19,528,000
13,683,000
19,611,000
19,807,000
19,438,000
19,313,000
19,363,000
19,670,000
19,694,000
18,761,000
19,490,000
19,964,000
19,288,000
18,846,000
19,837,000
19,521,000
19,254,000
14,942,000
10,377,000
9,615,000
19,930,000
15,588,000
19,814,000
11,277,000
18,434,000
19,223,000
12,889,000
19,021,000
19,960,000
19,140,000
19,722,000
19,602,000
19,680,000
19,529,000
2009
Amount
$
9,739
9,909
12,241
9,249
18,581
12,427
25,137
10,402
10,858
11,078
4,456
9,436
12,001
9,708
10,170
16,074
6,957
10,867
8,438
9,749
19,209
9,140
10,656
15,992
11,893
4,296
11,804
4,088
12,679
9,073
14,615
8,226
4,766
9,365
6,561
729
12,346
11,686
10,106
10,350
13,668
11,181
21,897
10,280
8,768
10,634
13,915
11,442
10,324
11,129
11,003
21,128
12,393
11,774
17,362
10,691
12,269
10,420
10,621
11,218
10,293
3,119
10,585
10,960
8,744
10,743
9,206
9,353
9,522
8,934
13,556
11,542
9,444
10,550
11,338
14,076
13,202
Units
Repurchased
SinoPac Securities - QK
December 31
2010
Units
Repurchased
Amount
-
$
-
19,718,000
18,850,000
14,823,000
19,541,000
19,923,000
19,745,000
19,697,000
18,253,000
18,446,000
19,455,000
19,899,000
14,422,000
8,465,000
18,664,000
18,760,000
19,950,000
19,884,000
19,756,000
14,866,000
19,620,000
13,940,000
10,772,000
19,613,000
18,993,000
19,652,000
14,994,000
18,835,000
19,960,000
19,595,000
19,418,000
14,772,000
19,985,000
18,951,000
19,740,000
19,749,000
19,471,000
19,896,000
19,995,000
14,887,000
12,085,000
9,882,000
19,650,000
6,295,000
17,948,000
19,781,000
19,050,000
19,944,000
19,656,000
19,388,000
19,389,000
18,511,000
19,980,000
19,968,000
19,994,000
19,673,000
20,000,000
19,980,000
19,995,000
19,469,000
17,030,000
16,967,000
3,232,000
20,000,000
18,824,000
13,926,000
19,641,000
9,043,000
16,903,000
7,965,000
19,925,000
19,597,000
19,968,000
19,840,000
19,665,000
19,980,000
19,666,000
2009
Amount
$
12,127
11,074
5,856
17,959
12,928
10,261
14,934
11,677
9,009
13,759
11,281
10,027
4,405
14,018
8,268
14,071
10,315
16,829
8,649
15,221
10,302
7,986
16,465
8,168
11,381
9,593
11,746
10,332
13,770
11,721
8,938
10,663
15,141
7,500
12,226
10,292
9,550
15,933
11,526
8,496
6,588
10,626
4,475
8,153
9,681
11,810
11,752
10,531
11,529
11,435
10,984
10,588
13,973
14,390
19,722
12,200
11,985
12,988
11,680
9,227
14,285
5,149
7,595
23,192
8,253
17,744
10,636
7,458
7,055
15,727
15,971
13,775
14,863
10,957
12,286
15,917
81
Financial Reports
Units
Repurchased
82
December 31
2010
Units
Repurchased
Amount
-
$
-
19,761,000
14,920,000
19,998,000
14,150,000
18,923,000
19,540,000
20,000,000
11,538,000
17,499,000
19,891,000
19,979,000
19,980,000
19,625,000
19,942,000
19,732,000
19,940,000
19,351,000
14,949,000
9,566,000
18,932,000
19,995,000
19,370,000
19,978,000
19,540,000
19,724,000
19,780,000
19,275,000
19,940,000
19,994,000
19,934,000
19,949,000
19,924,000
19,505,000
19,830,000
19,875,000
20,000,000
14,679,000
9,878,000
19,934,000
20,000,000
19,980,000
20,000,000
19,980,000
20,000,000
19,980,000
20,000,000
19,773,000
19,554,000
14,825,000
20,000,000
19,930,000
20,000,000
19,792,000
20,000,000
20,000,000
20,000,000
19,965,000
19,849,000
19,967,000
19,913,000
19,909,000
19,930,000
19,990,000
20,000,000
19,953,000
19,930,000
12,000,000
14,950,000
19,724,000
7,980,000
14,986,000
14,790,000
15,000,000
19,993,000
15,000,000
19,606,000
19,940,000
2009
Amount
$
12,445
8,353
11,398
14,131
7,375
12,287
12,191
7,949
10,674
15,515
21,779
12,587
10,171
14,760
10,260
12,562
12,202
14,208
12,921
9,438
10,997
15,302
17,381
13,323
13,593
13,054
10,407
10,369
9,997
10,565
13,113
7,970
18,854
14,079
9,344
12,000
7,783
12,463
9,369
10,000
12,388
9,600
10,989
11,600
10,989
11,200
14,247
10,371
11,858
10,400
10,961
10,800
9,894
13,000
10,400
10,200
11,380
10,325
11,782
12,744
13,140
12,359
11,394
15,600
7,782
6,378
6,360
8,521
9,862
13,500
8,691
27,068
8,100
12,193
10,490
9,021
9,372
Units
Repurchased
7,407,000
5,988,000
7,500,000
4,995,000
4,993,000
4,990,000
7,950,000
4,331,000
10,000,000
9,990,000
5,000,000
9,995,000
11,950,000
9,856,000
4,999,000
7,567,000
4,583,000
5,000,000
13,877,000
5,000,000
10,000,000
9,840,000
9,709,000
9,026,000
6,652,000
4,998,000
4,858,000
6,000,000
4,989,000
9,233,000
14,540,000
10,000,000
4,990,000
11,771,000
9,958,000
9,965,000
4,933,000
2,038,000
4,911,000
9,151,000
3,000,000
6,587,000
2,951,000
500,000
2,578,000
9,195,000
4,971,000
4,919,000
11,895,000
December 31
2010
Amount
$
7,602
6,090
5,314
4,188
4,027
7,083
5,191
4,028
7,177
7,609
4,127
6,899
10,575
7,294
3,461
1,095
3,649
5,156
6,641
2,751
7,973
3,437
14,337
6,083
3,208
2,722
3,123
5,141
3,727
3,490
8,993
4,371
3,727
4,648
9,018
6,087
4,689
1,068
9,962
4,339
6,902
2,305
1,379
1,075
2,444
5,092
4,248
3,407
6,651
Units
Repurchased
20,000,000
20,000,000
20,000,000
20,000,000
19,847,000
19,891,000
19,970,000
19,961,000
20,000,000
19,895,000
19,998,000
19,990,000
20,000,000
19,995,000
20,000,000
19,970,000
19,848,000
20,000,000
20,000,000
10,000,000
13,950,000
20,000,000
20,000,000
20,000,000
15,000,000
20,000,000
20,000,000
-
2009
Amount
$
10,000
12,000
13,800
12,600
13,893
12,332
9,785
11,178
10,400
10,744
14,599
8,196
8,600
12,197
19,800
14,378
7,741
13,200
9,400
10,500
4,743
10,400
14,000
13,600
9,750
13,000
10,400
-
83
Financial Reports
Units
Repurchased
84
14,894,000
8,013,000
4,998,000
9,977,000
7,440,000
4,993,000
7,111,000
9,996,000
14,950,000
5,349,000
5,000,000
8,290,000
4,954,000
7,417,000
9,559,000
14,090,000
9,441,000
9,653,000
15,000,000
9,970,000
8,609,000
7,212,000
7,428,000
9,364,000
5,970,000
8,776,000
9,726,000
17,932,000
6,769,000
9,775,000
7,500,000
9,545,000
654,000
9,610,000
14,676,000
9,950,000
4,796,000
5,988,000
8,186,000
4,975,000
4,875,000
18,958,000
3,013,000
9,999,000
17,261,000
9,906,000
9,980,000
14,484,000
7,489,000
5,975,000
7,499,000
11,161,000
7,445,000
9,672,000
9,955,000
15,691,000
11,715,000
11,863,000
13,808,000
19,015,000
7,409,000
10,842,000
6,440,000
6,426,000
19,573,000
7,089,000
17,740,000
5,970,000
14,724,000
3,874,000
8,522,000
7,491,000
15,945,000
11,635,000
14,274,000
3,323,000
4,134,000
December 31
2010
Amount
$
9,737
1,015
3,775
7,006
4,570
5,154
4,232
9,561
10,077
4,218
4,272
3,782
4,601
6,165
8,886
17,250
2,719
3,979
17,190
6,463
4,815
8,097
4,333
4,974
5,218
1,951
4,993
4,833
3,431
20,730
5,578
7,627
549
4,919
13,528
5,602
4,695
3,882
5,116
3,844
3,458
13,081
1,482
7,066
7,337
7,007
6,621
10,093
2,075
5,441
3,981
4,785
4,728
5,546
10,737
10,286
5,009
8,218
5,630
13,815
9,584
10,329
5,757
3,565
5,838
4,218
6,892
2,693
7,373
1,694
6,088
5,099
7,583
4,589
3,151
475
4,336
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
10,146,000
7,577,000
4,840,000
9,455,000
4,711,000
5,000,000
4,984,000
4,834,000
4,998,000
4,441,000
8,662,000
9,534,000
9,949,000
4,998,000
8,634,000
8,252,000
9,761,000
6,672,000
13,987,000
4,861,000
11,975,000
6,055,000
4,838,000
4,969,000
6,465,000
4,955,000
9,192,000
11,940,000
19,517,000
13,524,000
9,628,000
7,434,000
17,373,000
5,880,000
3,613,000
2,931,000
6,929,000
4,793,000
4,945,000
9,438,000
1,206,000
9,868,000
9,779,000
11,193,000
10,174,000
8,643,000
7,998,000
7,934,000
19,002,000
4,999,000
8,961,000
9,939,000
4,394,000
10,667,000
9,400,000
4,891,000
2,147,000
5,000,000
4,939,000
9,099,000
4,467,000
11,258,000
7,647,000
13,159,000
12,081,000
8,364,000
4,571,000
4,729,000
8,602,000
8,749,000
9,048,000
4,884,000
11,313,000
7,491,000
7,582,000
4,529,000
9,816,000
December 31
2010
Amount
$
5,534
2,284
3,120
5,490
2,909
4,403
4,141
4,385
4,302
2,596
4,394
12,577
7,045
3,569
9,851
3,252
6,159
8,986
6,819
5,748
4,884
2,124
9,247
4,131
3,711
3,686
4,232
5,926
11,157
23,068
4,274
4,299
7,245
2,367
730
879
1,933
4,319
4,929
4,402
121
8,260
20,544
6,744
4,811
4,643
4,336
6,073
6,189
6,182
7,439
9,226
5,041
4,211
2,296
1,989
491
3,239
3,996
3,814
3,085
16,098
3,982
7,084
7,045
2,196
2,393
3,695
8,138
6,287
1,710
4,988
6,530
5,473
3,266
2,829
3,430
2009
Units
Repurchased
Amount
-
$
-
85
Financial Reports
Units
Repurchased
86
2,390,000
4,887,000
10,110,000
8,839,000
13,175,000
7,834,000
6,823,000
9,993,000
16,405,000
5,000,000
4,528,000
9,091,000
11,833,000
5,788,000
7,220,000
108,000
4,716,000
11,722,000
9,058,000
9,344,000
4,969,000
6,040,000
9,673,000
4,844,000
9,105,000
9,875,000
6,698,000
8,777,000
4,735,000
8,401,000
9,526,000
17,461,000
16,788,000
5,924,000
1,692,000
2,487,000
3,260,000
9,558,000
4,936,000
3,803,000
8,323,000
4,580,000
9,645,000
9,117,000
8,423,000
14,199,000
7,790,000
9,145,000
5,863,000
8,425,000
9,670,000
8,964,000
8,291,000
8,756,000
7,779,000
1,100,000
9,526,000
4,898,000
9,425,000
12,164,000
5,567,000
4,802,000
6,471,000
8,598,000
89,000
8,785,000
11,337,000
9,520,000
9,181,000
4,908,000
1,135,000
9,585,000
4,829,000
5,000,000
5,681,000
6,612,000
6,855,000
December 31
2010
Amount
$
96
4,298
3,288
5,814
4,373
1,928
2,912
10,963
5,912
3,000
6,789
4,619
4,743
1,758
2,607
13
1,664
6,316
4,393
6,187
3,403
2,677
6,553
3,848
4,371
8,394
2,297
3,390
3,589
3,069
6,427
8,747
11,152
2,700
78
2,026
3,457
8,236
6,797
3,705
4,224
9,683
3,418
8,305
5,711
4,834
3,965
3,869
907
3,790
4,811
5,326
3,800
3,082
3,953
180
5,318
4,670
7,468
9,527
2,840
3,946
1,927
4,672
14
4,636
21,841
8,271
6,009
1,685
164
5,310
5,663
2,765
5,025
4,278
2,972
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
9,082,000
9,978,000
4,793,000
7,393,000
6,402,000
17,771,000
7,094,000
8,440,000
5,530,000
10,400,000
40,000
5,841,000
9,666,000
6,191,000
9,751,000
9,377,000
8,658,000
2,957,000
9,991,000
3,495,000
3,401,000
9,736,000
2,472,000
9,177,000
8,295,000
5,952,000
9,018,000
8,220,000
10,887,000
7,454,000
9,457,000
9,859,000
9,846,000
4,964,000
4,080,000
9,285,000
9,468,000
4,983,000
8,787,000
9,981,000
5,253,000
7,522,000
4,579,000
9,558,000
10,130,000
5,000,000
4,392,000
7,800,000
9,796,000
1,000
12,449,000
7,806,000
4,934,000
8,033,000
5,861,000
14,921,000
576,000
15,478,000
8,013,000
8,826,000
12,850,000
4,947,000
6,827,000
12,741,000
5,990,000
9,857,000
18,320,000
1,867,000
5,960,000
4,318,000
9,970,000
102,000
7,177,000
4,950,000
4,774,000
4,732,000
4,801,000
9,775,000
December 31
2010
Amount
$
4,261
4,815
4,517
6,308
1,996
8,708
5,145
6,507
3,989
2,700
12
5,627
3,608
3,632
5,518
5,878
4,432
3,434
7,673
4,439
5,482
5,991
5,962
11,036
5,159
6,068
4,680
13,081
4,631
4,047
7,145
7,698
3,941
3,539
1,004
7,666
4,953
3,048
7,849
5,455
2,986
4,129
2,876
5,110
4,376
6,265
1,183
2,218
3,396
8,375
14,785
9,472
1,774
1,002
14,331
137
22,637
6,108
4,810
8,842
3,863
5,094
6,443
3,901
7,782
6,717
566
4,549
4,933
11,589
19
4,142
3,604
4,555
3,236
3,116
4,834
2009
Units
Repurchased
Amount
-
$
-
87
Financial Reports
Units
Repurchased
88
19,779,000
9,582,000
1,000
6,301,000
4,740,000
7,214,000
3,941,000
7,357,000
9,810,000
9,578,000
4,397,000
543,000
2,213,000
7,577,000
8,281,000
1,502,000
9,221,000
4,922,000
11,581,000
4,537,000
7,525,000
14,578,000
9,093,000
11,736,000
8,925,000
18,683,000
9,047,000
10,841,000
18,904,000
9,588,000
4,225,000
9,110,000
7,657,000
4,702,000
14,283,000
35,000
6,802,000
4,791,000
9,600,000
9,114,000
19,770,000
4,544,000
6,277,000
15,536,000
15,713,000
19,630,000
2,908,000
15,880,000
18,618,000
1,211,000
9,975,000
17,587,000
7,442,000
6,376,000
18,806,000
4,358,000
12,869,000
4,779,000
9,504,000
5,600,000
13,316,000
15,820,000
9,268,000
3,700,000
4,575,000
9,076,000
7,149,000
6,274,000
7,963,000
9,568,000
4,040,000
2,755,000
15,456,000
7,000
17,305,000
5,711,000
9,607,000
December 31
2010
Amount
$
13,306
11,082
1,263
4,039
6,652
3,125
5,860
5,376
6,553
1,670
32
171
3,164
5,015
2,713
6,543
6,197
7,337
3,411
4,775
9,409
7,160
10,111
3,297
13,316
6,050
6,290
11,697
4,515
5,030
5,417
5,376
3,429
8,779
3
3,094
3,373
6,055
6,523
12,642
4,158
3,100
10,111
8,132
12,969
2,380
9,804
12,920
410
6,879
12,831
5,561
1,839
12,640
2,021
5,101
4,129
5,853
2,756
6,920
8,294
5,304
2,840
2,906
3,695
5,513
4,298
4,123
6,430
956
1,789
9,293
3
17,435
3,751
6,024
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
SinoPac Securities - SA
SinoPac Securities - SB
SinoPac Securities - SC
SinoPac Securities - SD
SinoPac Securities - SE
SinoPac Securities - SF
SinoPac Securities - SG
SinoPac Securities - SH
SinoPac Securities - SJ
SinoPac Securities - SK
SinoPac Securities - SL
SinoPac Securities - SM
SinoPac Securities - SN
SinoPac Securities - SP
SinoPac Securities - SQ
SinoPac Securities - SR
SinoPac Securities - SS
SinoPac Securities - ST
SinoPac Securities - SU
SinoPac Securities - SV
SinoPac Securities - SW
SinoPac Securities – SX
SinoPac Securities - SY
SinoPac Securities - SZ
SinoPac Securities - TA
6,939,000
5,498,000
6,510,000
7,635,000
1,623,000
5,301,000
18,020,000
9,928,000
12,900,000
14,568,000
7,500,000
9,900,000
19,387,000
9,065,000
10,361,000
4,686,000
9,218,000
10,439,000
5,972,000
13,193,000
382,000
2,099,000
16,623,000
6,926,000
9,269,000
10,264,000
18,929,000
3,701,000
8,699,000
415,000
7,334,000
8,461,000
10,517,000
8,060,000
5,790,000
4,599,000
1,385,000
4,978,000
9,465,000
10,578,000
8,473,000
18,587,000
9,632,000
14,286,000
4,930,000
8,669,000
6,531,000
4,282,000
19,470,000
7,967,000
5,862,000
10,923,000
4,968,000
6,990,000
7,082,000
8,070,000
1,138,000
3,679,000
13,267,000
7,282,000
3,804,000
4,924,000
8,526,000
9,064,000
9,439,000
13,614,000
9,677,000
9,604,000
4,992,000
14,974,000
9,393,000
11,624,000
17,600,000
9,284,000
9,970,000
9,843,000
19,058,000
December 31
2010
Amount
$
4,177
847
5,039
6,000
866
3,727
8,115
6,064
7,802
9,562
5,662
6,509
12,531
6,117
4,308
1,486
5,710
3,902
2,848
8,794
53
995
11,586
2,160
5,837
6,741
10,799
3,110
5,973
35
7,937
6,497
7,184
5,533
4,445
4,939
506
3,229
6,709
7,126
6,932
10,448
4,288
10,556
4,611
6,679
2,575
4,054
14,565
9,274
5,100
7,058
3,407
5,151
3,630
4,204
281
4,121
6,545
1,667
514
5,650
6,168
5,649
5,260
8,370
6,193
5,826
3,763
9,236
4,925
5,861
10,133
5,547
6,550
6,184
11,619
2009
Units
Repurchased
Amount
-
$
-
89
Financial Reports
Units
Repurchased
SinoPac Securities - TB
SinoPac Securities - TC
SinoPac Securities - TD
SinoPac Securities - TE
SinoPac Securities - TF
SinoPac Securities - TG
SinoPac Securities - TH
SinoPac Securities - TJ
SinoPac Securities - TK
SinoPac Securities - TL
SinoPac Securities - TM
SinoPac Securities - TN
SinoPac Securities - TP
SinoPac Securities - TQ
SinoPac Securities - TR
SinoPac Securities - TS
SinoPac Securities - TT
SinoPac Securities - TU
SinoPac Securities - TV
SinoPac Securities - TW
SinoPac Securities - TX
SinoPac Securities - TY
SinoPac Securities - TZ
90
11,183,000
10,779,000
4,879,000
9,953,000
3,282,000
202,000
9,480,000
8,408,000
14,004,000
9,577,000
14,511,000
18,539,000
7,063,000
18,314,000
14,744,000
6,642,000
1,711,000
4,925,000
8,465,000
7,672,000
10,286,000
4,960,000
2,986,000
8,525,000
8,697,000
8,553,000
9,811,000
8,806,000
9,067,000
8,743,000
9,326,000
17,375,000
10,995,000
9,195,000
21,000
12,935,000
464,000
8,262,000
9,722,000
9,334,000
9,446,000
9,590,000
4,776,000
8,266,000
9,572,000
8,724,000
8,183,000
6,854,000
9,567,000
7,783,000
9,223,000
9,890,000
9,517,000
7,676,000
9,593,000
8,981,000
8,902,000
6,708,000
7,906,000
1,693,000
8,108,000
8,080,000
2,599,000
8,965,000
7,148,000
5,692,000
7,899,000
8,518,000
10,336,000
8,861,000
14,635,000
4,149,000
1,474,000
9,032,000
10,745,000
5,946,000
11,469,000
December 31
2010
Amount
$
5,297
5,522
3,448
5,279
1,110
47
7,428
4,044
8,328
3,829
9,630
12,525
3,568
9,301
9,174
4,223
599
3,783
5,001
1,597
5,855
4,509
434
8,017
4,201
5,565
6,480
5,641
5,629
4,103
11,689
9,819
7,104
5,167
7
6,269
193
5,054
6,038
5,095
5,083
5,731
2,517
5,349
5,918
5,608
4,478
2,376
5,417
3,891
5,682
5,992
6,427
4,238
5,475
4,539
4,598
3,112
5,053
451
4,722
4,153
1,379
6,622
5,299
3,840
4,103
4,642
6,554
4,441
8,363
1,453
4,057
4,701
6,489
2,514
9,311
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
SinoPac Securities - UA
SinoPac Securities - UB
SinoPac Securities - UC
SinoPac Securities - UD
SinoPac Securities - UE
SinoPac Securities - UF
SinoPac Securities - UG
SinoPac Securities - UH
SinoPac Securities - UJ
SinoPac Securities - UK
SinoPac Securities - UL
SinoPac Securities - UM
SinoPac Securities - UN
SinoPac Securities - UP
SinoPac Securities - UQ
SinoPac Securities - UR
SinoPac Securities - US
SinoPac Securities - UT
12,389,000
4,995,000
9,588,000
4,786,000
4,890,000
9,105,000
9,664,000
13,703,000
10,154,000
9,990,000
12,740,000
10,226,000
18,143,000
7,487,000
7,376,000
9,854,000
9,862,000
19,041,000
36,000
9,998,000
4,028,000
8,847,000
9,406,000
5,970,000
9,468,000
10,938,000
16,772,000
7,482,000
9,493,000
4,722,000
14,553,000
10,000,000
9,764,000
8,812,000
8,756,000
41,000
5,075,000
7,926,000
16,236,000
9,990,000
10,115,000
11,730,000
3,220,000
4,688,000
7,889,000
9,902,000
4,921,000
11,691,000
7,913,000
10,891,000
19,666,000
3,585,000
4,653,000
9,440,000
8,798,000
7,199,000
7,323,000
9,242,000
9,512,000
10,594,000
9,210,000
9,643,000
9,850,000
6,337,000
8,492,000
9,809,000
28,047,000
4,147,000
9,964,000
10,124,000
14,985,000
9,170,000
7,449,000
9,774,000
17,534,000
19,645,000
9,568,000
December 31
2010
Amount
$
7,682
3,562
6,198
8,124
2,045
7,036
6,617
7,952
6,042
8,996
8,111
5,034
12,140
5,053
4,797
5,999
6,237
12,936
5
6,257
1,550
5,032
6,735
3,821
7,067
6,928
10,625
5,045
6,126
3,994
9,517
9,006
8,210
7,228
7,539
15
3,978
7,998
12,912
7,001
11,856
7,579
7,556
4,062
4,821
5,557
5,260
8,214
6,033
7,719
14,569
964
4,762
6,239
5,470
4,254
4,317
5,342
5,896
8,212
4,704
6,697
8,336
6,601
5,784
7,037
17,459
1,405
6,977
4,542
14,416
6,795
5,338
6,612
9,623
12,688
8,325
2009
Units
Repurchased
Amount
-
$
-
91
Financial Reports
Units
Repurchased
SinoPac Securities - UU
SinoPac Securities - UV
SinoPac Securities - UW
SinoPac Securities - UX
SinoPac Securities - UY
SinoPac Securities - UZ
SinoPac Securities - VA
SinoPac Securities - VB
SinoPac Securities - VC
SinoPac Securities - VD
SinoPac Securities - VE
SinoPac Securities - VF
SinoPac Securities - VG
SinoPac Securities - VH
SinoPac Securities - VJ
SinoPac Securities - VK
SinoPac Securities - VL
SinoPac Securities - VM
SinoPac Securities - VN
SinoPac Securities - VP
SinoPac Securities - VQ
92
9,570,000
13,412,000
11,766,000
7,869,000
7,402,000
13,918,000
9,173,000
13,465,000
14,911,000
13,092,000
9,823,000
14,295,000
19,150,000
13,009,000
9,154,000
14,815,000
19,500,000
19,451,000
7,460,000
11,480,000
7,820,000
9,830,000
9,095,000
15,049,000
9,947,000
9,102,000
11,823,000
8,903,000
9,441,000
9,204,000
18,838,000
11,910,000
10,796,000
11,432,000
7,925,000
8,578,000
9,751,000
9,925,000
14,744,000
11,514,000
8,086,000
13,677,000
5,503,000
19,379,000
19,198,000
9,358,000
9,245,000
11,898,000
14,987,000
19,755,000
18,486,000
8,731,000
11,940,000
8,127,000
18,491,000
9,770,000
25,455,000
14,682,000
9,147,000
11,856,000
14,813,000
19,920,000
4,819,000
19,826,000
18,658,000
17,107,000
17,811,000
17,342,000
18,956,000
7,453,000
19,529,000
7,664,000
13,705,000
18,220,000
9,719,000
8,662,000
9,662,000
December 31
2010
Amount
$
7,272
8,335
8,271
7,835
5,235
9,020
6,955
8,233
9,288
11,072
6,392
8,731
12,930
11,029
6,828
12,497
12,561
13,814
5,562
7,194
5,373
7,201
5,750
8,043
9,152
6,667
12,447
5,307
5,712
4,812
17,132
9,147
6,329
10,844
4,985
7,860
6,139
6,472
9,232
8,134
5,148
10,997
3,182
14,070
12,644
6,122
5,670
9,569
10,936
13,687
11,464
5,413
7,592
5,319
14,988
5,458
20,615
9,697
5,801
7,823
10,634
13,254
3,413
13,214
11,321
14,833
12,746
12,066
15,270
4,365
12,485
5,534
10,187
14,114
5,820
7,014
8,238
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
SinoPac Securities - VR
SinoPac Securities - VS
SinoPac Securities - VT
SinoPac Securities - VU
SinoPac Securities - VV
SinoPac Securities - VW
SinoPac Securities - VX
SinoPac Securities - VY
SinoPac Securities - VZ
SinoPac Securities - WA
SinoPac Securities - WB
SinoPac Securities - WC
SinoPac Securities - WD
SinoPac Securities - WE
SinoPac Securities - WF
SinoPac Securities - WG
SinoPac Securities - WH
9,162,000
9,331,000
9,063,000
12,188,000
9,548,000
9,432,000
11,455,000
9,520,000
11,916,000
11,895,000
11,790,000
19,612,000
9,945,000
9,929,000
19,235,000
14,599,000
13,280,000
9,467,000
19,900,000
19,838,000
11,076,000
247,000
19,018,000
19,999,000
9,561,000
11,707,000
11,890,000
11,645,000
14,632,000
11,959,000
10,804,000
8,175,000
19,410,000
11,067,000
8,924,000
11,801,000
10,912,000
9,816,000
14,763,000
11,858,000
13,974,000
12,000,000
9,925,000
17,982,000
19,607,000
13,769,000
11,842,000
14,532,000
2,945,000
7,085,000
14,628,000
8,514,000
9,891,000
9,880,000
9,170,000
9,950,000
227,000
15,439,000
9,537,000
18,467,000
9,723,000
8,614,000
6,075,000
9,515,000
18,251,000
9,113,000
14,919,000
10,000,000
7,860,000
8,897,000
10,805,000
19,006,000
9,899,000
10,977,000
9,745,000
18,646,000
7,955,000
December 31
2010
Amount
$
5,876
5,590
6,980
17,926
7,001
6,384
8,171
8,284
7,401
7,366
8,968
15,092
6,732
7,498
13,287
11,404
9,776
6,778
15,130
13,224
7,063
115
12,624
14,999
6,982
8,444
8,084
8,286
11,363
9,814
7,776
4,109
13,500
8,600
6,552
11,441
11,533
9,426
11,535
9,961
10,711
8,855
6,955
11,805
18,101
10,736
8,727
12,893
2,206
4,847
12,591
6,958
8,312
6,905
6,865
7,957
135
11,078
7,919
13,402
6,044
8,863
3,567
7,745
14,584
6,882
14,655
6,301
5,785
6,995
9,353
15,018
6,323
10,783
7,671
12,539
6,231
2009
Units
Repurchased
Amount
-
$
-
93
Financial Reports
Units
Repurchased
SinoPac Securities - WI
SinoPac Securities - WJ
SinoPac Securities - WK
SinoPac Securities - WL
SinoPac Securities - WM
SinoPac Securities - WN
SinoPac Securities - WP
SinoPac Securities - WQ
SinoPac Securities - WR
SinoPac Securities - WS
SinoPac Securities - WT
SinoPac Securities - WU
SinoPac Securities - WV
SinoPac Securities - WW
94
9,960,000
19,920,000
9,815,000
9,914,000
19,510,000
11,900,000
11,457,000
10,612,000
6,146,000
9,691,000
9,998,000
9,711,000
9,984,000
9,319,000
9,443,000
27,662,000
8,712,000
9,763,000
8,898,000
14,106,000
11,073,000
6,101,000
9,818,000
8,837,000
25,542,000
5,311,000
11,540,000
14,133,000
19,955,000
17,219,000
8,566,000
7,708,000
11,362,000
11,480,000
29,840,000
12,978,000
9,617,000
7,737,000
8,319,000
7,880,000
10,193,000
14,961,000
11,955,000
19,903,000
10,692,000
11,074,000
8,670,000
12,986,000
7,347,000
14,979,000
9,461,000
11,401,000
9,727,000
9,910,000
19,824,000
24,269,000
9,785,000
9,358,000
27,539,000
9,304,000
8,405,000
11,901,000
9,876,000
11,568,000
16,204,000
8,761,000
9,848,000
9,825,000
15,132,000
9,844,000
12,000,000
8,392,000
19,984,000
19,376,000
14,779,000
9,533,000
9,910,000
December 31
2010
Amount
$
8,206
13,243
6,953
8,445
12,920
9,341
8,380
7,273
4,250
6,127
7,853
6,306
7,987
7,635
7,365
17,482
6,262
8,757
7,441
9,686
7,829
7,551
7,630
6,576
17,441
4,116
8,859
10,237
14,753
14,696
5,815
5,770
7,863
10,352
19,962
16,097
6,653
4,557
5,819
6,523
8,694
14,256
8,359
14,773
6,851
7,673
8,244
10,806
5,290
13,881
6,842
8,841
7,640
8,819
17,041
16,741
6,631
6,246
20,302
7,797
6,328
9,083
7,103
8,357
10,338
6,127
8,153
7,851
11,639
8,009
8,759
6,676
14,904
17,458
10,509
7,158
7,829
2009
Units
Repurchased
Amount
-
$
-
Units
Repurchased
SinoPac Securities - WX
SinoPac Securities - WY
SinoPac Securities - WZ
SinoPac Securities - XA
SinoPac Securities - XB
SinoPac Securities - XC
SinoPac Securities - XD
SinoPac Securities - XE
SinoPac Securities - XF
SinoPac Securities - XG
SinoPac Securities - XH
SinoPac Securities - XI
SinoPac Securities - XJ
SinoPac Securities - XK
SinoPac Securities - XL
SinoPac Securities - XM
SinoPac Securities - YA
SinoPac Securities - XN
SinoPac Securities - XP
SinoPac Securities - XQ
SinoPac Securities - XR
SinoPac Securities - XS
SinoPac Securities - XT
SinoPac Securities - XU
SinoPac Securities - YB
SinoPac Securities - YC
SinoPac Securities - YD
SinoPac Securities - YE
SinoPac Securities - YF
SinoPac Securities - YG
SinoPac Securities - YH
SinoPac Securities - YI
SinoPac Securities - YJ
SinoPac Securities - XV
SinoPac Securities - XW
SinoPac Securities - XX
SinoPac Securities - XY
SinoPac Securities - YK
SinoPac Securities - YL
SinoPac Securities - YM
SinoPac Securities - YN
SinoPac Securities - YP
SinoPac Securities - YQ
SinoPac Securities - YR
SinoPac Securities - YS
SinoPac Securities - YT
SinoPac Securities - YU
SinoPac Securities - YV
29,818,000
9,814,000
8,099,000
19,940,000
9,975,000
8,988,000
9,968,000
13,078,000
8,563,000
11,679,000
14,008,000
14,688,000
14,933,000
11,829,000
9,627,000
19,907,000
18,088,000
7,364,000
11,762,000
4,940,000
6,367,000
14,339,000
14,304,000
9,959,000
11,978,000
11,521,000
9,983,000
9,807,000
11,878,000
9,395,000
9,779,000
9,503,000
9,432,000
19,793,000
10,486,000
16,600,000
3,785,000
27,547,000
10,000,000
9,818,000
9,978,000
9,492,000
17,749,000
7,007,000
11,934,000
11,838,000
12,000,000
9,837,000
9,975,000
19,850,000
13,020,000
20,000,000
10,631,000
9,213,000
11,736,000
29,470,000
11,796,000
9,830,000
9,990,000
13,281,000
11,995,000
11,673,000
19,850,000
18,764,000
10,326,000
4,931,000
11,932,000
10,000,000
11,586,000
9,989,000
19,888,000
9,892,000
15,000,000
9,891,000
19,995,000
9,845,000
20,000,000
December 31
2010
Amount
$
20,555
6,646
6,307
18,113
8,719
6,250
7,073
11,163
7,021
7,818
12,443
12,885
16,737
10,404
6,674
14,525
11,791
5,149
8,601
3,597
5,340
10,470
15,884
6,944
9,769
8,408
8,350
7,310
8,338
6,651
6,770
7,349
6,128
13,653
7,615
12,284
5,869
19,106
7,800
7,607
6,484
6,666
12,762
6,051
8,548
7,841
9,720
7,632
6,377
13,459
9,977
14,000
8,029
7,327
7,923
18,859
7,903
7,944
6,283
9,583
8,155
9,700
16,672
12,359
7,149
3,497
8,948
7,373
8,801
8,188
15,699
10,187
11,749
8,306
17,393
8,171
13,795
2009
Units
Repurchased
Amount
-
$
-
95
Financial Reports
Units
Repurchased
SinoPac Securities - YW
SinoPac Securities - YX
SinoPac Securities - YY
SinoPac Securities - YZ
SinoPac Securities - ZA
SinoPac Securities - ZB
SinoPac Securities - ZC
SinoPac Securities - ZD
SinoPac Securities - ZE
SinoPac Securities - XZ
SinoPac Securities - ZF
SinoPac Securities - ZG
SinoPac Securities - ZH
SinoPac Securities - ZI
SinoPac Securities - ZJ
SinoPac Securities - ZK
SinoPac Securities - ZL
SinoPac Securities - ZM
SinoPac Securities - ZN
SinoPac Securities - ZP
SinoPac Securities - ZQ
SinoPac Securities - ZR
SinoPac Securities - ZS
SinoPac Securities - ZT
SinoPac Securities - ZU
December 31
2010
Amount
8,612,000
9,436,000
29,940,000
9,984,000
7,207,000
20,000,000
10,000,000
19,592,000
11,070,000
10,000,000
11,990,000
19,869,000
10,000,000
9,844,000
19,881,000
15,000,000
20,000,000
12,000,000
13,680,000
14,200,000
5,015,000
9,582,000
9,865,000
14,815,000
9,821,000
19,951,000
14,854,000
10,000,000
9,899,000
19,878,000
14,950,000
13,238,000
13,655,000
9,990,000
9,999,000
14,940,000
28,368,000
$
6,224
5,807
20,345
6,289
5,078
14,000
6,600
15,282
9,188
6,400
8,393
14,703
7,600
6,399
13,917
12,000
12,800
9,240
9,713
9,372
3,159
6,324
6,902
11,408
6,562
13,766
10,694
6,900
7,424
13,915
10,465
10,213
10,519
6,793
7,399
10,607
23,545
6,929,328
Less: Loss on change in market value of
warrant liabilities as of December 31,
2010 and 2009
2009
Units
Repurchased
Amount
-
$
(475,917)
Market value
$
5,823,896
(486,608)
6,453,411
$
5,337,288
The market values of warrants repurchased were calculated at their closing prices on December 31, 2010 and 2009.
4) Gains (losses) on warrants
Gains on warrants issued for the years ended December 31, 2010 and 2009 were $609,495 thousand and $19,731 thousand, respectively. Related details are
as follows:
Years Ended December 31
2010
2009
Gains (losses) on changes in market values of warrant liabilities
Gains from the exercise of warrants before maturity
Gains (losses) on changes in market values of warrants repurchased - realized
Losses on changes in market values of warrants repurchased - unrealized
$
$
g. Interest rate swap
7,515,810
459
(6,430,857)
(475,917)
$
609,495
(1,782,484)
9,972
2,278,851
(486,608)
$
19,731
1) The objective of engaging in interest rate derivative transactions and strategies to achieve this objective:
The Corporation entered into IRS contracts to profit from short-term fluctuations of interest rates.
2) The outstanding IRS contracts were as follows:
Nominal
Amount
For trading purposes
$
168,445,000
December 31
2010
Fair
Value
$
Nominal
Amount
(3,362)
$
133,460,000
2009
Fair
Value
$
(15,835)
Fair value is the present value of future interest income and expense discounted at the yield rate.
The fair values of outstanding IRS contracts as of December 31, 2010 and 2009 were recognized as derivative financial assets - OTC at $1,222,173 thousand
and $1,485,803 thousand, respectively, and derivative financial liabilities - OTC at $1,225,535 thousand and $1,501,638 thousand, respectively.
96
3) For the years ended December 31, 2010 and 2009, losses of $15,608 thousand and gains of $2,884 thousand, respectively, from interest rate swap were
recognized (presented as “gains (losses) from derivative transactions - OTC”).
h. Currency rate swaps
1) The objective of engaging in currency rate swaps contracts and strategies to achieve this objective:
The Corporation entered into currency rate swaps to achieve fund dispatching and hedge risk of exchange rate.
2) The outstanding currency rate swap contracts were as follows:
(December 31, 2009:
None)
Call Price
For trading purposes
USD
NTD
NTD
600
18,030
17,520
December 31, 2010
Put Price
NTD
USD
USD
17,531
600
600
Fair Value
$
690
(191)
(700)
Fair value is using the exchange rate revealed by the Corporation and the individual currency rate swaps forward exchange rate on maturity to calculate each
swap’s fair value.
The fair value of outstanding currency rate swap contracts as of December 31, 2010 was recognized as derivative financial assets - OTC at $690 thousand, and
derivative financial liabilities - OTC $891 thousand, respectively.
For the year ended December 31, 2010, losses of $566 thousand from currency rate swaps were recognized (presented as :gains (losses) from derivative
transactions - OTC”) (December 31, 2009: None).
i. Asset swap transactions - convertible bonds
1) The objective of engaging in convertible bond swap transactions and strategies to achieve this objective:
Convertible bond swap transactions have three types:
Fixed income, short call options and combination of both types.
In fixed income transactions, the Group sold convertible bonds, which were acquired from dealing or underwriting transactions, to counter-parties. The
selling price received was taken as a nominal amount. During the contract term, the Group took the pre-agreed interest rate in exchange for the coupon rate
and the interest compensation on the convertible bonds with counter-parties. It also acquired the right to purchase the convertible bonds from the
counter-parties anytime before the expiration date of the contract.
In short call options transactions, the Group sold call options, and the underlying securities which were acquired from dealing or underwriting transactions, to
counter-parties. It were acquired the right to purchase the convertible bonds by the counter-parties anytime before the expiration date of the contract.
The Group engaged in these transactions to diversify its financial instruments, to lower the capital pressure from underwriting convertible bonds, to reinforce
its capability in underwriting convertible bonds, reduce risks, and to enliven the second market for convertible bonds.
2) The outstanding convertible bond swap transactions were as follows:
Nominal
Amount
a) Fixed income transactions
Interest rate swap
Long call option on convertible bonds
$
b) Short call option on convertible bonds
180,000
-
December 31, 2010
Premiums
Paid
(Received)
$
2,560,168
Nominal
Amount
19,280
Fair
Value
$
(263,142)
(6,274)
12,120
(371,429)
December 31, 2009
Premiums
Paid
(Received)
Fair
Value
a) Fixed income transactions
Interest rate swap
Long call option on convertible bonds
b) Short call option on convertible bonds
$
285,000
1,606,898
$
42,357
(190,034)
$
(21,937)
54,554
(276,949)
The fair value is computed using the model approved by the ROC OTC. The parameters used in the model (including convertible bond market prices,
underlying stock prices, interest rates, etc.) are based on public information and available in the market, thus, the possibility of a risk-free arbitrage opportunity
is minimal.
The fair values of fixed income convertible bond swap transactions as of December 31, 2010 and 2009 were recognized as derivative financial liabilities - OTC
at $6,274 thousand and $21,937 thousand, respectively.
3) Gains (losses) from convertible bond swap transactions
For the years ended December 31, 2010 and 2009, marking to market of convertible bond swap transactions resulted in losses of $117,430 thousand and
$78,863 thousand (presented as “gains (losses) from derivative transactions - OTC”), respectively.
97
Financial Reports
j. Structured note transactions
1) The objective of engaging in structured note transactions and strategies to achieve this objective:
There are two types of engaging in structured note transactions authorized by the ROC OTC market: Principal-guaranteed note transactions and equity-linked
note transactions. The Corporation signs the contract with the counter-parties, receives all (principal-guaranteed note transaction) or part (equity-linked note
transaction) of the contract price and settles the contract with cash on the expiration date according to the return on the underlying assets. In substance, the
transactions include buying or selling of fixed-income instruments and rewards-linked options on the underlying assets.
The Corporation and subsidiaries engaged in these transactions to diversify its financial instruments, to increase profits, to enhance its hedging methods, and to
raise profitability.
2) For the year ended December 31, 2010, the outstanding structured note transactions were as follows:
$
None)
December 31, 2010
Premiums
Paid
(Received)
Nominal
Amount
Equity-linked note
(December 31, 2009:
58,019
$
Fair
Value
(57,197)
$
(57,212)
The fair value is computed using the model approved by the ROC OTC. The parameters used in the model (including underlying asset prices, interest rates,
etc.) are based on public information and available in the market, thus, the possibility of a risk-free arbitrage opportunity is minimal.
3) Gains (losses) from structured note transactions
For the year ended December 31, 2010, losses of $166 thousand from structured note transactions were recognized (presented as “gains (losses) from
derivative transactions - OTC”) (December 31, 2009: None).
k. Forward exchange transactions
The objective of engaging in forward exchange transactions and strategies to achieve this objective:
1) The subsidiaries engaged in forward exchange transaction is to profit from the judgement of the expected direction of exchange rate.
hedge the risk generated from the variation of exchange rate because of foreign currency bonds.
2) The outstanding forward exchange contracts as of December 31, 2010 were as follows:
Currency
Maturity Date
US$/NT$
US$/NT$
US$/NT$
US$/NT$
US$/NT$
US$/NT$
US$/NT$
US$/NT$
2011.01.07
2011.01.10
2011.01.10
2011.02.08
2011.02.08
2011.01.07
2011.01.07
2011.01.10
(December 31, 2009:
The other purpose is to
None)
Contract Amount
(In Thousands)
Buy US$4,000/Sell NT$123,440
Buy US$2,000/Sell NT$61,210
Buy US$2,000/Sell NT$59,690
Buy US$4,000/Sell NT$116,676
Buy US$4,000/Sell NT$116,000
Sell US$2,000/Buy NT$61,482
Sell US$2,000/Buy NT$59,720
Sell US$4,000/Buy NT$123,040
3) Gains (losses) from forward exchange transactions
For the year ended December 31, 2010, gains of $14,268 thousand from forward exchange transactions were recognized (presented as “gains (losses) from
l. Bond option transactions
1) The objective of engaging in bond option transactions and strategies to achieve this objective:
Bond option transactions mean that, under a contract, an option buyer pays a premium in exchange for obtaining a right of call option or put option to buy or
sell a specified quantity of a certain underlying bond under specified trading terms, which cover price and the purchase period. On the other hand, the option
seller should fulfill his/her duties based on the option contract when the option buyer exercises the right. The bond option contract is settled on the physical
delivery of the underlying bonds.
The Corporation engages in bond option transactions and bond forward transactions for trading purposes to diversify its financial instruments and to manage its
bond positions.
2) There were no outstanding bond option transactions as of December 31, 2010 and 2009.
3) Gains (losses) from bond option transactions
For the years ended December 31, 2010 and 2009, gains of $1,714 thousand and $478 thousand, respectively, from bond option transactions were recognized
(presented as “gains (losses) from derivative transactions - OTC”).
m. Convertible bonds option transactions
1) The objective of engaging in convertible bonds option transactions and strategies to achieve this objective:
The subsidiaries engage in convertible bonds option transactions to diversity its financial instruments, to increase profits, disperse investment objective and
increase the stability of increasing profits.
2) There were no outstanding bond option transactions as of December 31, 2010 and 2009.
98
3) Gains (losses) from convertible bonds options transactions
For the years ended December 31, 2010 and 2009, gains of $332 thousand and losses of $352 thousand, respectively, from convertible bonds option
transactions were recognized (presented as “gains (losses) from derivative transactions - OTC”).
n. Credit-linked securities
1) The objective of engaging in credit-linked securities transactions and strategies to achieve this objective:
The subsidiaries engage in credit-linked securities transactions to diversity its financial instruments, to increase profits, disperse investment objective and
increase the stability of increasing profits.
2) There were no outstanding credit-linked security transactions as of December 31, 2010 and 2009.
3) Gains (losses) from credit-linked securities
For the year ended December 31, 2010, gains of $2,975 thousand from credit-linked security transactions were recognized (presented as “gains (losses) from
5. BONDS PURCHASED UNDER RESELL AGREEMENTS
December 31
2010
Government bonds (interest rates at 0.00% to 0.51% in 2010 and 0.00% to 0.22% in 2009)
$
2009
7,513,674
$
4,057,274
Bonds outstanding as of December 31, 2010 will be resold for $7,515,432 thousand by February 8, 2011 under resell agreements.
6. AVAILABLE-FOR-SALE FINANCIAL ASSETS
December 31
2010
Noncurrent
Shin Sheng II Trend Venture Capital Investment Corp.
Honpang Venture Capital Corp.
Top Taiwan III Venture Capital Co., Ltd.
Parawin Venture Capital Corp.
Hua VI Venture Capital Corp.
China Power Venture Capital Co., Ltd.
Ying Jia Trend Venture Investment Corp.
GIGA - Trend Venture Investment Corp.
Yu-Ji Venture Capital Corp.
Shengtung Venture Capital Corporation
Taiwan Future Exchange Co., Ltd.
Taiwan Integrated Shareholder’s Service Company
Taiwan Securities Central Depository Co., Ltd.
IP Fund II Co.
Fu-Ban Securities Finance Co., Ltd.
$
Others
NAM Multi-Series Fund
2009
150,300
100,000
80,000
50,000
50,000
43,478
42,000
40,000
35,200
30,000
28,665
16,562
15,395
12,858
7,682
702,140
$
3
$
702,143
150,300
100,000
80,000
50,000
50,000
90,000
70,000
40,000
44,000
65,000
16,561
15,395
12,858
15,000
18,287
817,401
3
$
817,404
In September 2010, the Corporation acquired 3,000 thousand shares of Yu-Ji Venture Capital Corp. for a total of $30,000 thousand.
Shengtung Venture Capital Corporation have had a decision, the capital reduction by cash on January, July, November 2010, respectively.
obtained $36,335 thousand of investees.
The Corporation have
China Power Venture Capital Corporation, Hua VI Venture Capital Corp., IP Fund II Co. and Fu-Ban Securities Finance Co., Ltd. have had a decision, the capital
reduction by cash on May, June and December 2010, respectively. The Corporation have obtained $28,000 thousand, $46,522 thousand, $7,318 thousand and
$18,649 thousand of investees, respectively.
GIGA-Trend Venture Investment Corp. have had a decision, the capital reduction by cash on August 2010 and July 2009, respectively.
obtained $8,800 thousand and $11,000 thousand of investees, respectively.
The Corporation have
The Corporation had recognized impairment loss of Fu-Luing Hi-Tech Co., Ltd. after evaluated, thus its book value decreased to $0.
99
Financial Reports
7. PROPERTIES
Land
Buildings
Equipment
Leasehold
Improvements
Advance
Payments for
Equipment
$
$
Total
Cost
Balance, beginning of year
Addition
Disposals
Internal transfer
Translation adjustments
Balance, end of year
$
1,277,405
(993)
1,276,412
$
695,839
(3,075)
692,764
$
1,259,037
58,313
(15,926)
6,920
(6,389)
1,301,955
701,116
13,330
(2,469)
16,724
(1,456)
727,245
12,528
40,401
(28,858)
(112)
23,959
$
3,945,925
112,044
(18,395)
(9,282)
(7,957)
4,022,335
Accumulated depreciation
Depreciation expense
Disposals
Internal transfer
Net book value, end of year
$
1,276,412
145,573
13,636
(742)
158,467
$
534,297
1,113,707
70,511
(15,920)
(4,947)
1,163,351
$
138,604
571,465
35,004
(2,115)
(648)
603,706
$
123,539
Land
Buildings
Equipment
$
23,959
Leasehold
Improvements
Advance
Payments for
Equipment
$
$
1,830,745
119,151
(18,035)
(742)
(5,595)
1,925,524
$
2,096,811
Total
Cost
Addition
Disposals
Internal transfer
$
1,277,333
72
1,277,405
$
695,828
11
695,839
$
1,465,016
22,267
(232,172)
4,844
(918)
1,259,037
752,380
14,737
(69,849)
4,122
(274)
701,116
6,858
18,877
(13,125)
(82)
12,528
$
4,197,415
55,964
(302,021)
(4,159)
(1,274)
3,945,925
Disposals
Internal transfer
-
131,886
13,687
145,573
-
-
1,260,801
85,102
(231,684)
11
(523)
1,113,707
573,578
31,869
(34,006)
24
571,465
-
1,966,265
130,658
(265,690)
11
(499)
1,830,745
15,751
(15,751)
-
-
15,751
(15,751)
-
Accumulated impairment
Provision of impairment losses
$
1,277,405
$
550,266
$
145,330
$
129,651
$
12,528
$
2,115,180
The Corporation accepted the donated land and buildings of Kewang Village in Taoyuan Country. The scope of right had no material effect, the Corporation had
recognized $83 thousand of fix assets and donation revenue (presented as “other nonoperating revenues and gains”) were based on current assessed land and
buildings value.
The Corporation recognized impairment loss $15,751 in 2008, which was resulted from a part of head office and a branch office moved and their leasehold
improvements had no useful value. The Corporation disposed these assets in 2009.
A part of properties of the Corporation had been pledged to bank as guarantees for short-term bank loans.
Please refer to Note 24.
8. REFUNDABLE DEPOSITS
December 31
2010
Operation fund
Settlement/clearing fund
Rental deposits (Notes 23 and 25)
Guarantee deposits on issuance of structured notes
Deposit for unsettled lawsuit (Note 25)
Others
100
2009
$
1,106,853
479,992
61,913
10,000
784
24,109
$
1,124,246
463,808
63,388
10,000
3,603
24,089
$
1,683,651
$
1,689,134
Under the Rules Governing Securities Firms and Rules Governing Futures Commission Merchants and the local government organization’s rate governing foreign
subsidiaries, the Group deposited cash, government bonds or financial bonds in government-designated banks as legal deposits (operating bond). The deposits are
made upon completion of corporate registration or upon setting up a branch office.
The settlement/clearing fund represents cash placed by the Group with the stock exchange and future exchange to engages in securities trading (for both its
customers and its own account). Under the Rules Governing Securities Firms, Rules Governing Futures Commission Merchants and the local government
organization’s rate governing foreign subsidiaries, securities trading deposits should be placed with security exchanges.
Guarantee deposits on issuance of structured notes are cash deposited by the Corporation to engage in structured note transactions.
9. PROPERTIES LEASED TO OTHERS
Buildings
Land
Total
Cost
Internal transfer
$
220,658
993
221,651
$
172,943
3,075
176,018
$
393,601
4,068
397,669
Internal transfer
-
$
221,651
48,549
3,065
742
52,356
$
123,662
48,549
3,065
742
52,356
$
Buildings
Land
345,313
Total
Cost
$
220,658
$
172,943
$
393,601
-
$
220,658
45,535
3,014
48,549
$
124,394
45,535
3,014
48,549
$
345,052
The Corporation’s leasing contracts are as follows:
Lessees
SinoPac Securities Investment Service Corporation
PaoChen Lawyer & Accounting Crammer
Contract Period
Rental Deposits and Monthly Rents
2010.02.01-2013.01.31
2011.01.01-2013.12.31
2010.11.01-2013.10.31
Monthly rent of $668 thousand
Monthly rent of $104 thousand
Monthly rent of $416 thousand, and rental deposit
of $1,248 thousand
The lease contract with SinoPac Futures Corporation had decided to terminate on January 31, 2010 and made a new contract from February 1, 2010 to January 31,
2013. Monthly rent of $668 thousand.
The lease contract with SinoPac Securities Investment Service Corporation had decided to terminate on January 31, 2010 and made a new contract from January 1,
2011 to December 31, 2013. Monthly rent of $104 thousand.
The lease contract with PaoChen Lawyer & Accounting Crammer had terminated and renewed on October 31, 2010.
A part of properties leased to others had been pledged to bank as guarantees of short-term bank loans.
10. SHORT-TERM LOANS (DECEMBER 31, 2009:
These instruments are bank loans.
rates 0.60% to 2.10%.
The term extended to October 31, 2013.
Please refer to Note 24.
NONE)
The amounts outstanding as of December 31, 2010 was due between January 20, 2011 and February 28, 2011, with discount
11. SHORT-TERM BILLS PAYABLE
These instruments, which were issued by financial institutions, belonged to the Corporation. The amounts outstanding as of December 31, 2010 was due between
January 3, 2010 and February 16, 2010, with discount rates from 0.30% to 0.68%; and the amounts outstanding as of December 31, 2009 was due between January
4, 2010 and February 1, 2010, with discount rates from 0.2% to 0.4%.
101
Financial Reports
12. BONDS SOLD UNDER REPURCHASE AGREEMENTS
2010
Bonds
Government bonds (interest rates at 0.35%-1.10% in 2010 and 0.08% to 0.15% in 2009)
Corporation bonds (interest rates at 0.52%-1.10% in 2010 and 0.22% to 1.25% in 2009)
Convertible bonds (interest rates at 0.55%-1.25% in 2010 and 0.25% to 1.15% in 2009)
Financial bonds (interest rates at 0.50%-1.18% in 2010 and 0.50% to 1.25% in 2009)
Beneficiary certificates (interest rates at 0.85%-1.00% in 2010 and 0.85% to 1.15% in 2009)
International bonds (interest rates at 0.78% in 2010)
Collateralized loan obligations (interest rates at 0.55% in 2010 and 0.27% in 2009)
December 31
2009
$
8,642,176
2,109,947
4,344,996
1,408,735
632,027
237,181
27,808
$
5,321,838
2,696,671
2,210,131
1,397,361
1,738,085
100,000
$
17,402,870
$
13,464,086
The bonds outstanding as of December 31, 2010 will be repurchased for $17,409,117 thousand by March 29, 2010 under repurchase agreements.
13. BONDS PAYABLE (DECEMBER 31, 2010:
NONE)
December 31, 2009
Issuance of three-year unsecured bonds (August 20, 2007 to August 20, 2010) with annual simple interest rate of 2.7%, payable
annually, bonds are repayable in full at face value on maturity
Issuance of three-year unsecured bonds (August 20, 2007 to August 20, 2010) with annual target rate plus 0.3%, payable quarterly,
bonds are repayable in full at face value on maturity
Less:
$
300,000
850,000
1,150,000
(1,150,000)
Current portion
$
-
The unsecured bonds payable issued by the Corporation in 2007 had been matured and paid-off completely on August 2010.
14. LONG-TERM LOANS (DECEMBER 31, 2010:
NONE)
December 31, 2009
Note issuance facility (interest rates at 0.444% to 0.500% in 2009)
Less: Current portion
$
499,629
(499,629)
$
-
The Corporation entered into syndicated loan transactions with financial institutions such as Taipei Fubon Commercial Bank Co., Ltd. for three years. The term
for syndicated loan transactions is from January 2008 to January 2011. The credit line was $2,000,000 thousand and had not been used by the Corporation for the
years ended December 2010 and 2009.
The Corporation entered into note issuance facility (NIF) transactions with China Bills Finance Corporation in April 2007. The credit line was $500,000 thousand
each at a fixed interest rate. The three-year NIF contract took effect on the contract date. The contract required the maintenance by the Corporation of certain
credit ratios during the contract term. The Corporation should use the credit before April of 2010. The contract had expired in April 2010, the Corporation had
already repaid the loan.
15. INCOME TAX
Under a Ministry of Finance Ruling No. 910458039 dated February 12, 2003, a financial holding company (FHC) and its domestic subsidiaries in which the FHC
holds interest of 90% or above for 12 months within a tax year may choose to adopt the linked-tax system for income tax filings. The Corporation has used the
linked-tax system for income tax filings with its parent company SinoPac Holdings and subsidiaries of SinoPac Holdings. Thus, these companies jointly file the
tax returns and the returns on undistributed retained earnings, with SinoPac Holdings as the taxpayer.
The Corporation, SinoPac Holdings and subsidiaries of SinoPac Holdings (collectively, the “Group”) adopted the linked-tax system to reduce the Group’s income
tax liabilities and maximize the Group’s synergy.
a. The reconciliation between the Corporation’s income tax expense on income before income tax at the statutory rate of 17% and 25%, respectively, for the years
ended December 31, 2010 and 2009:
2010
Income tax expense (benefits) on income (loss) before income tax at statutory rate of 25%
Adjustment items:
Income tax expense on permanent differences at statutory rate of 25%
Losses (gains) from valuation of marketable securities
Tax-exempt securities transaction gains
Tax-exempt futures transaction losses
Costs of and expenses for tax-exempt securities transactions
Gain on investment in domestic under equity method
Cash dividends
Losses from capital deduction of investee
Separate tax on interest on short-term negotiable instruments
Provision of reserves for trading losses
102
$
December 31
284,078
87,993
(100,915)
10,442
13,265
(38,526)
(25,361)
5,593
$
2009
578,694
(243,018)
(114,718)
53,165
18,661
(50,657)
(23,996)
(2,085)
(1,424)
1,071
2010
Others
Income tax after adjustment for permanent differences
Deferred income tax
Current year’s income tax expense
Withholding tax
Income tax payable for the current year
Income tax payable for prior years
Income tax payable (included in other payables)
December 31
35
236,604
(28,045)
208,559
(12,037)
196,522
154,221
$
350,743
2009
857
216,550
(29,647)
186,903
(7,685)
179,218
1,468,684
$
1,647,902
As of December 31, 2010 and 2009, the income taxes payable (included in other payables) of SinoPac Futures Corporation were $47,972 thousand and $108,524
thousand, respectively.
As of December 31, 2010 and 2009, the income tax refund receivables (included in other receivables of SinoPac Securities Investment Service Corporation) were
$271 thousand and $480 thousand, respectively.
As of December 31, 2010, the income taxes payable of SinoPac Capital (Asia) Ltd.was $2,819 thousand.
The income tax payable (included in other payable) of SinoPac Asset Management (Asia) Ltd. as of December 31, 2010 and 2009 were $1,912 thousand and
$4,120, respectively.
b. The composition of income tax expense was as follows:
Current year’s income tax expense
Timing difference:
Unrealized gains (losses) from valuation of derivative transactions
Equity in net income of foreign investees
Reversal (provision) of allowance for doubtful accounts
Gains from outstanding issuance of warrants
Unrealized losses from revaluation of stocks held for warrants - hedging
Reversal (deferred) of unrealized losses
Pension expense due to difference in calculation for accounting and tax purposes
Income tax after adjustment for timing differences
Effect of tax law changes on deferred income tax
Prior years’ adjustment
$
Income tax expense
$
2010
2009
208,559
$
186,903
15,561
4,084
9,067
(3,056)
2,670
(281)
236,604
(27,849)
(560)
(36,320)
32,979
14,738
11,256
6,866
128
216,550
(42,847)
169,374
208,195
$
343,077
The income tax expenses of SinoPac Futures Corporation were $5,539 thousand in 2010 and $91,732 thousand in 2009.
The income tax expenses of SinoPac Securities (Asia) Ltd. were $29 thousand in 2010 and $3 thousand expense in 2009.
The income tax expenses of SinoPac Capital (Asia) Ltd. were $3,128 thousand in 2010.
The income tax expense of SinoPac Asset Management (Asia) Ltd. were $36 thousand benefit in 2010 and $2,165 thousand expense in 2009.
c. The movements of income tax payable were as follows:
Income tax payable for the current year
Income tax paid
Prior year’s adjustment
$
$
2010
2009
1,647,902
$
2,278,218
208,559
186,903
(1,490,887)
(986,593)
(14,831)
169,374
350,743
$
1,647,902
d. Deferred income tax assets (liabilities) were as follows:
Current
Unrealized losses (gains) from valuation of derivative transactions
Gains from outstanding issuance of warrants
Unrealized gains from revaluation of stocks held for warrants - hedging
Unrealized losses
Unrealized exchange losses
Deferred income tax assets, net
Noncurrent
Cumulative equity in net income of foreign investees
Reserve for default accounts
Cumulative translation adjustments on long-term equity investments
Pension expense due to difference in calculation for accounting and tax purposes
Unrealized losses
Deferred income tax liabilities, net
2010
December 31
2009
$
(6,021)
(14,250)
(11,545)
1,036
209
$
11,223
(9,005)
4,140
466
$
(30,571)
$
6,824
$
(166,757)
34,000
86,756
(23,717)
1,190
$
(191,380)
40,000
30,760
(28,232)
1,400
$
(68,528)
$
(147,452)
103
Financial Reports
As of December 31, 2010, the deferred income tax asset - current and noncurrent of SinoPac Futures Corporation were $123 thousand and $21,987 thousand,
respectively. As of December 31, 2009, the deferred income tax asset - current and noncurrent were $31 thousand and $22,399 thousand, respectively.
During the years ended December 31, 2010 and 2009, the Legislative Yuan passed the following amendments to tax laws:
1) In January 2009, the Legislative Yuan passed the amendment of Article 39 of the Income Tax Law, which extends the operating loss carryforward period from
5 years to 10 years.
2) In March 2009, the Legislative Yuan passed the amendment of Article 24 of the Income Tax Law, which requires (a) the profit-seeking enterprise that invests
in short-term notes for which the issuance dates are on and after January 1, 2010 to include the interest income arising, which was taxed separately prior to
January 1, 2010, in its taxable income; and (b) the profit-seeking enterprise that invests in beneficiary securities or asset-based securities issued under the
Financial Asset Securitization Act or Real Estate Securitization Act to include from January 1, 2010 the interest income arising, which was taxed separately
prior to January 1, 2010, in its taxable income.
3) In May 2009, the Legislative Yuan passed the amendment of Article 5 of the Income Tax Law, which reduced a profit-seeking enterprise’s income tax rate
from 25% to 20%, effective January 1, 2010.
4) In May 2010, the Legislative Yuan passed the amendment of Article 5 of the Income Tax Law, which reduces a profit-seeking enterprise’s income tax rate
from 20% to 17%, effective January 1, 2010.
The Corporation and subsidiaries SinoPac Futures Corporation and SinoPac Securities Investment Service Corporation had recalculated deferred income tax
assets and liabilities according to the amendments to tax laws, and presented all the difference as income tax benefit or expense.
For the years ended 2010 and 2009, the movements of deferred income tax of the Corporation and SinoPac Futures Corporation was recognized in income tax
expense, except cumulative translation adjustment as of $55,996 thousand and $16,181 thousand, respectively.
e. As of December 31, 2010 and 2009, the Corporation’s payables to SinoPac Holdings under the linked-tax system were $180,009 thousand and $735,053 thousand,
respectively.
f. The information on the Integrated Income Tax System is as follows:
2010
Balance of stockholders’ imputed tax credit account
The Corporation
SinoPac Securities Investment Service Corporation
$
$
$
December 31
228,642
108,644
5,388
2009
$
$
$
307,686
144,441
5,388
The estimated creditable ratio of the Corporation for distribution of earnings of 2010 and 2009 were 12.44% to 27.61%, respectively; the estimated creditable
ratio of the SinoPac Futures Corporation for distribution of earnings of 2010 and 2009 were 20.48% to 39.98%, respectively; SinoPac Securities Investment
Service Corporation had no distributable earnings as of December 31, 2010 and 2009, thus do not calculate the estimated creditable ratio.
The unappropriated earnings of the Corporation and SinoPac Futures Corporation as of December 31, 2010 and 2009 did not include any earnings generated
before December 31, 1997.
The amount of the income tax credit to be distributed to domestic stockholders is calculated on the basis of the balance of the Imputation Credit Account (ICA)
on the date of the earnings distribution. The ratio of the ICA balance to undistributed earnings on the actual date of the distribution of the dividend may differ
from the estimated ratio since additional taxes paid by the Corporation and SinoPac Futures Corporation after December 31, 2010 will increase the ICA balance.
g. The income tax returns of the Corporation through 2005, had been examined by the tax authorities. The tax authorities disallowed items, such as operating
expenses and interest expenses allocated to the dealing department and assessment of warrants, as deductions against the Corporation’s income tax obligations
from 1999 to 2005. The Corporation filed an appeal on its 1999 to 2005 returns for the authorities’ reconsideration of the assessments. Even if this matter was
still unresolved as of December 31, 2009, the Corporation accrued the $1,637,068 thousand assessment by the tax authorities as additional income tax expense
and income tax payable. In addition, the income tax returns of the Corporation through 2006 to 2009 was still not examined by the tax authorities, the
Corporation accrued $154,221 thousand for the probable assessment of warrants as additional income tax expense and income tax payable.
The income tax returns of the Corporation through 2002 had been examined by the tax authorities. But the tax authorities disallowed assessment of warrants as
deduction against SinoPac Securities’ income tax obligations for 2002. The Corporation filed an appeal for a reconsideration of the assessments. Nevertheless,
the Corporation accrued the $47,355 thousand assessment by the tax authorities as additional income tax expense and income tax payable.
The income tax returns of SinoPac Futures Corporation and SinoPac Securities Investment Service Corporation through 2008, had been examined by the tax
authorities.
16. EARNINGS PER SHARE
The numerators and denominators used in calculating EPS were as follows:
Year ended December 31, 2010
Net income
Basic EPS
Net income of common stockholders
Effect of dilutive potential common stock
Bonus to employees
Diluted EPS
Net income attributable to common shareholders plus
effect of potential dilutive common stock
104
Amounts (Numerator)
Income Before
Net
Income Tax
Income
(Denominator)
(In Thousands)
$
1,671,046
$
1,462,851
$
1,671,046
$
1,462,851
1,396,902
-
1,394
1,462,851
1,398,296
-
$
1,671,046
$
EPS
Income Before
Income Tax
Net
Income
$
1.20
$
1.05
$
1.20
$
1.05
Year ended December 31, 2009
Net income
Basic EPS
Net income of common stockholders
Effect of dilutive potential common stock
Bonus to employees
Diluted EPS
Net income attributable to common shareholders plus
effect of potential dilutive common stock
Amounts (Numerator)
Income Before
Net
Income Tax
Income
$
2,314,778
$
1,971,701
$
2,314,778
$
1,971,701
1,396,902
-
1,101
1,971,701
1,398,003
-
$
2,314,778
$
EPS
Income Before
Income Tax
(Denominator)
(In Thousands)
Net
Income
$
1.66
$
1.41
$
1.66
$
1.41
The ARDF issued Interpretation 2007-052 that requires companies to recognize bonuses paid to employees, directors and supervisors as compensation expenses
beginning January 1, 2008. These bonuses were previously recorded as appropriations from earnings. If the Company may settle the bonus to employees by cash
or shares, the Company should presume that the entire amount of the bonus will be settled in shares and the resulting potential shares should be included in the
weighted average number of shares outstanding used in the calculation of diluted EPS, if the shares have a dilutive effect. The number of shares is estimated by
dividing the entire amount of the bonus by the net value of each shares at the balance sheet date. Such dilutive effect of the potential shares should be included in
the calculation of diluted EPS until the shareholders resolve the number of shares to be distributed to employees at their meeting in the following year.
17. SECURITIES BROKERAGE ACCOUNTS, NET
December 31
2010
Debit account
Cash in banks - settlement
Accounts receivable - settlement
Exchange clearing receivables
Margin transactions
$
Credit account
Accounts payable - settlement
Margin transactions
Securities brokerage accounts, net
2009
9,837
8,415,629
61,232
2,827
8,489,525
$
8,470,794
8,470,794
$
18,731
18,906
9,560,402
729,853
10,309,161
10,287,988
13,670
10,301,658
$
7,503
18. STOCKHOLDERS’ EQUITY
Capital Surplus
Under the Company Law, capital surplus can only be used to offset a deficit. However, the capital surplus from share issued in excess of par (additional paid-in
capital from issuance of common shares, conversion of bonds and treasury stock transactions) and donations may be capitalized, which however is limited to a
certain percentage of the Company’s paid-in capital. Also, the capital surplus from long-term investments may not be used for any purpose.
Appropriation of Earnings and Dividend Policy
The Corporation plans to expand and diversify its operations overseas. Thus, it plans to issue dividends in the form of stock at 70% and cash at 30% of
distributable earnings. The Corporation will lower the cash dividend ratio if cash is needed in its operations.
The Articles of Incorporation of the Corporation provide that the following must be appropriated from the annual net income less any prior years’ deficits, then 10%
as legal reserve except for appropriating specific percentage as special reserve regulated by the authority the Corporation should also appropriate loss on financial
instrument as special reserve.
The remainder from the above appropriations may be distributed according to the resolutions of the board of directors and the stockholders passed in their meetings.
However, at least 2.5% of the appropriation should be employees’ bonus. The capital interest is 5%, it can be reduced when earnings is insufficient. However,
the capital can not take as interest when there is no earnings.
As of the years ended 2010 and 2009, the bonus to employees payable was estimated $13,160 thousand and $17,821 thousand, respectively. And the bonus to
directors and supervisors was estimated $10,528 thousand and $13,280 thousand, respectively. The bonus to directors and supervisors was estimated based on the
Articles of Incorporation of the Corporation numbers of directors and past experience. Material differences between such estimated amounts and the amounts
proposed by the Board of directors in the following year are adjusted for in the current year. If the actual amounts subsequently resolved by the shareholders differ
from the proposed amounts, the differences are recorded in the year of shareholders’ resolution as a change in accounting estimate. If a share bonus is resolved to
be distributed to employees, the number of shares is determined by dividing the amount of the share bonus by the net value of each shares at the balance sheet date
latest audited.
Once estimated, these special reserve shall be distributed.
be used as earning distribution.
If there were any reverted of the substracte item under stockholders’ equity.
Legal reserve shall be appropriated until it has reached the Company’s paid-in capital. This reserve may be used to offset a deficit.
reached 50% of the Company’s paid-in capital, up to 50% thereof may be transferred to paid-in capital.
The reverted amount can
When the legal reserve has
105
Financial Reports
Under the Rules Governing Securities Firms, a special reserve must be provided every year at 20% of net income until the reserve equals the Corporation’s paid-in
capital. The reserve may be used to offset a deficit; also, when the reserve has exceeded 50% of the Corporation’s paid-in capital, up to 50% of the reserve may be
distributed as stock dividend.
Stockholders are entitled to tax credits upon distribution of earnings generated from January 1, 1998. The tax credit is calculated on the basis of the ratio of the
balance of the imputation credit account on the dividend distribution date to the prior year’s unappropriated earnings.
Under Article No. 15 of the ROC Financial Holding Company Act, the Corporation’s board of director (on behalf of the stockholders) approved the offset of the
2008 deficit as the amount of $906 thousand. And use legal reserve as the amount of $826,821 thousand to offset the accumulated deficit.
Under Article No. 15 of the ROC Financial Holding Company Act, the Corporation’s board of directors (on behalf of the stockholders) approved the appropriation
and distribution of the 2009 earnings on June 28, 2010 as follows:
Earnings Appropriation
and Distribution
Legal reserve
Special reserve
Cash dividends
Cash bonus to stockholders
$
197,170
394,340
698,451
681,740
$
1,971,701
Dividends Per Share
(In Dollars)
$
0.5000
0.4880
The Corporation’s board of directors (on behalf of the stockholders) approved the distribution of the bonus to employees and the bonus to directors and supervisors
($17,821 thousand and $13,280 thousand, respectively) by cash on June 28, 2010. There had no differences with the amount disclosure in the financial statement
of 2009.
Information about the bonus to employees, directors and supervisors is available on the Market Observation Post System website of the Taiwan Stock Exchange.
19. CUSTOMERS’ COLLATERAL SECURITIES AND STOCK LOANS
December 31
2010
2009
Shares in
Thousands
Collateral securities
Stock loans
Refinancing stock loans
1,128,999
57,425
163
Market
Value
$
Shares in
Thousands
36,186,144
2,797,808
5,429
1,019,731
70,963
1,932
Market
Value
$
32,093,760
3,301,697
56,906
The aggregate market values were based on the closing prices on the last trading days on December 31, 2010 and 2009.
20. PENSION AND SEVERANCE BENEFITS
The pension plan under the Labor Pension Act (the “LPA”) is a defined contribution plan. Based on the LPA, the Company makes monthly contributions to
employees’ individual pension accounts at 6% of monthly salaries and wages from July 1, 2005. The pension plan of oversea subsidiaries (SPS Securities (Asia),
SPS Europe and SinoPac Asset Management (ASIA) is also a defined contribution plan. The making of the plan also the rules of local authority. Such pension
costs were NT$72,625 thousand and NT$65,571 thousand for the years ended December 31, 2010 and 2009, respectively.
The Labor Standards Law, promulgated earlier than the Act, provides for a defined benefit plan. The following employees of the Corporation and subsidiaries are
entitled to receive retirement benefits under this plan: (a) those who have served either 25 years or have served over 15 years and are 55 years old; and (b) those
hired on or before May 19, 1997 and with more than 20 service years (the Corporation only). In addition, employees hired on or before March 15, 1996 and have
served at least five years are eligible to receive severance benefits. The pension and severance benefits are based on the average of six months’ basic salary before
retirement or termination.
The company makes monthly contributions to employees' individual pension accounts at 6% of monthly salaries and wages. The defined benefit pension fund,
which is deposited in separate accounts in two banks, is administered by the employees’ pension plan committee and the employees’ pension plan supervisors’
committee and deposited in.
Other information on the defined benefit pension fund is summarized as follows:
a. Pension cost
2010
2009
106
Service costs
Interest costs
Expected return on plan assets
Amortization
Curtailment and settlement
$
32,773
22,439
(14,279)
20,006
-
$
35,144
20,023
(17,173)
11,670
20,367
Pension cost
$
60,939
$
70,031
b. Reconciliation of pension fund contribution and pension fund prepayments - noncurrent is as follows:
2010
December 31
(221,207)
(524,213)
(745,420)
(432,448)
(1,177,868)
768,011
(409,857)
3,903
557,741
(68)
2009
Vested benefit obligation
Non-vested benefit obligation
Accumulated benefit obligation
Effects of changes in employees’ future salary levels
Projected benefit obligation
Fair value of plan assets
Pension fund contribution
Unrecognized net transitional obligation
Unamortization balance of pension loss
Additional minimum pension liability
$
$
(184,745)
(518,014)
(702,759)
(306,416)
(1,009,175)
702,199
(306,976)
4,083
457,102
(1,527)
Pension fund prepayments - noncurrent
$
151,719
$
152,682
Vested benefits
$
532,321
$
499,079
c. Actuarial assumptions of pension obligation are as follows:
2010
Discount rate
Incremental rate of employees’ future salaries level
Expected rate of return on plan assets
December 31
2009
2.25%
3.00%-3.50%
2.00%
2.25%
2.75%
2.00%
d. Changes in pension fund balance
2010
2009
Contributions
Interest income
Payments
$
702,199
58,517
11,596
(4,301)
$
676,932
71,371
8,765
(54,869)
$
768,011
$
702,199
21. GAINS (LOSSES) ON SALES OF SECURITIES
2010
Dealing department
Listed securities
Over-the-counter (OTC) Securities
Underwriting department
Listed securities
OTC Securities
Securities held for hedging purposes
Listed securities
OTC Securities
December 31
2009
$
77,183
375,548
$
111,778
59,886
$
452,731
$
171,664
$
61,831
137,822
$
101,432
136,893
$
199,653
$
238,325
$
(33,301)
(142,006)
$
151,076
8,414
$
(175,307)
$
159,490
22. PERSONNEL, DEPRECIATION AND AMORTIZATION EXPENSES
2010
2009
Personnel expenses
Salaries
Insurance
Pension
Others
$
2,162,585
132,083
133,564
78,701
2,506,933
122,216
40,578
$
2,588,453
115,172
135,602
64,367
2,903,594
133,672
45,788
$
2,669,727
$
3,083,054
Depreciation expenses (including depreciation expenses for properties leased to others)
Amortization expenses
107
Financial Reports
23. RELATED-PARTY TRANSACTIONS
a. The Group had significant transactions with the following related parties:
Related Party
SinoPac Holdings
Hong Hsin Investment Corp.
Bank SinoPac Co., Ltd.
SinoPac Call Center Co., Ltd.
SinoPac Securities Investment Trust Co., Ltd.
SinoPac Leasing Corporation
SinoPac Venture Capital
SinoPac Asset Management Corporation
Yuen Foong Yu Paper Mfg. Co., Ltd.
Yuen Foong Paper Co., Ltd.
Cheng Yu Co., Ltd.
Hsinex Internation Co., Ltd.
Consumer Products Co., Ltd.
Boardtek Electronics Corp.
Chung Hwa Pulp Co., Ltd.
Yuen Foong Industry Co., Ltd.
FRG Rubber Group Inc.
Ruei Jin Internation Co., Ltd.
Reui Fu Co., Ltd.
Yuen Foong Yu Biotech Co., Ltd.
Prime View International Co., Ltd.
China Color Printing Co., Ltd.
Yuen Foong Yu Capital Co., Ltd.
Taiwan Global BioFund Co., Ltd.
Sino Cell Technologies Co., Ltd.
Foxsemicon Integrated Technology Inc.
Panasonic Marketing Sales Taiwan Co., Ltd.
National Electric Appliance Co., Ltd.
Cheng Shi Investment Co., Ltd.
LR Ventures Co., Ltd.
Asia Cement Co., Ltd.
Union Paper Corporation
IntelliSys Corporation
Shen’s Art Printing Co., Ltd.
Hsin Yi Foundation
SinoPac Insurance Brokers Ltd.
SinPac Capital (BVI) Ltd.
Grand Capital International Ltd.
HSU Cheng-Tsai
Relationship with the Corporation
Parent company
Director of SinoPac Holding
Wholly owned subsidiary of SinoPac Holdings
Its chairman is a director of the Corporation
The same director
The same director
The same director
The same director (unrelated since July, 2010)
Its chairman is the supervisor of the Corporation
Its director is the chairman of SinoPac Holdings
Its director is the director of SinoPac Holdings
Its director is the director of SinoPac Holdings
Its manager is the director of SinoPac Holdings
Its supervisor is the director of SinoPac Holding
Its director is the director of SinoPac Holding
Indirect subsidiary of SinoPac Venture Capital Corporation
Related career of the director of SinoPac Holdings
Its CEO is the director of SinoPac Holdings
Indirect subsidiary
Indirect subsidiary
Indirect subsidiary
The director of SinoPac Holding
b. In addition to the information disclosed in other notes, significant transactions (with the foregoing parties) and related account balances are summarized as
follows:
1) Bonds sold under repurchase agreements
As of December 31
Face
Amount
Cost
Interest
Expense for
the Year
2010
Bank SinoPac
$
1,000
-
$
1,001
-
$
1
2,034
13
$
1,000
$
1,001
$
2,048
$
1,200
-
$
1,201
-
$
2
1
$
1,200
$
1,201
$
3
2009
108
Amount
2010
December 31
%
Amount
2009
%
2) Bank deposits
Bank SinoPac
$
3,248,575
53
$
2,549,624
41
Bank deposits included cash and cash equivalents, cash in banks - settlement, cash and cash equivalents - payments collected for and share subscription.
Amount
2010
December 31
%
Amount
2009
%
3) Customers’ margin accounts
Bank SinoPac
$
624,347
8
$
1,167,862
18
$
210,963
17
$
170,642
11
$
145,301
12
$
123,344
8
4) Derivative financial assets - OTC
Bank SinoPac - interest rate swap contracts
Derivative financial liabilities - OTC
Bank SinoPac - interest rate swap contracts
As of December 31, 2010 and 2009, the Corporation entered into a IRS contract with Bank SinoPac.
$18,280,000 thousand, respectively.
The nominal amount is $36,365,000 thousand and
As of December 31, 2010 and 2009, the gain on IRS were $65,882 thousand and $12,846 thousand, respectively.
Amount
2010
December 31
%
Amount
2009
%
5) Notes and accounts receivable
SinoPac Securities Investment Trust Co., Ltd. - commissions and fees
SinoPac Holdings - stock transaction agent’s fees
Chung Hwa Pulp Corporation - stock transaction agent’s fees
Yuen Foong Yu Paper Mfg. Co., Ltd. - stock transaction agent’s fees
Prime View International Co., Ltd. - stock transaction agent’s fees
BoardTek Electronics Corp. - stock transaction agent’s fees
Bank SinoPac - commission and fees from mortgage loan
Foxsemicon Integrated Technology Inc. - stock transaction agent’s fees
Shen’s Art Printing Co., Ltd. - stock transaction agent’s fees
IntelliSys Corporation - stock transaction agent’s fees
Union Paper Corporation - stock transaction agent’s fees
$
882
569
345
278
261
160
60
40
21
6
-
-
$
656
1,044
794
265
351
115
81
133
20
6
10
1
-
$
2,622
-
$
3,475
1
$
1,335
65
246
-
$
758
580
329
-
$
1,646
-
$
1,667
-
$
1,302,000
77
$
1,723,230
83
$
25
1
-
-
$
25
1
408
146
10
2
-
$
26
-
$
590
2
$
1,065,000
63
$
1,065,000
63
6) Other receivables
Bank SinoPac - interests and others
SinoPac Capital (BVI) Ltd.
7) Restricted assets - current
Bank SinoPac
8) Other current assets
SinoPac Leasing Corp. - prepaid rent
Bank SinoPac - prepaid expenses and others
SinoPac Holdings - payment on behalf of others
Chung Hwa Plup Co., Ltd. - payment on behalf of others
National Electric Appliance Co., Ltd. - temporary payment
9) Refundable deposits
Bank SinoPac
109
Financial Reports
10) The Corporation bought the financial transaction system from Intellisys Corporation in 2010 with amounts of $1,780 thousand (recorded $980 thousand as
prepayments for business facilities and $800 thousand as deferred debits) and SinoPac Securities Investment Service Corporation bought the financial
transaction system in 2009 with amounts of $,362 thousand, respectively.
Amount
2010
December 31
%
Amount
2009
%
11) Future traders’ equity
Bank SinoPac
$
32,067
15
-
$
52,029
79,110
1
1
$
32,082
-
$
131,139
2
$
402
38
-
$
240
42
-
$
440
-
$
282
-
$
1,335
1,294
242
12
-
-
$
3,782
1,281
518
-
$
2,883
-
$
5,581
-
$
171
27
-
-
$
1
60
-
$
198
-
$
61
-
12) Accounts payable
Grand Capital International Ltd.
13) Other payables
Bank SinoPac - interest and rent
SinoPac Call Center Co., Ltd. - consulting fees
Others
14) Other current liabilities
Amount
2010
Years Ended December
%
Amount
2009
%
15) Commissions and fees - brokerage
Bank SinoPac
Yuen Foong Yu Capital Co., Ltd.
Funds under SinoPac Securities Investment Trust Co., Ltd.
SinoPac Venture Capital
Cheng Yu Co., Ltd.
FRG Rubber Group Inc.
Reui Fu Co., Ltd.
Hsin Yi Foundation
Cheng Shi Investment Co., Ltd.
SinoPac Asset Management Corporation
Hsinex Internation Co., Ltd.
LR Ventures Co., Ltd.
Taiwan Global BioFund Co., Ltd.
Ruei Jin Internation Co., Ltd.
Yuen Foong Industry Co., Ltd.
Sino Cell Technologies Co., Ltd.
Others
$
2,833
424
393
363
225
130
97
71
59
18
17
12
9
8
8
7
19,662
-
$
4,004
424
113
227
9
81
365
158
1
122
12
6
1
23,291
1
$
24,336
-
$
28,814
1
$
10,598
3,000
-
4
1
-
$
9,119
750
1,106
2
1
$
13,598
5
$
10,975
3
16) Commissions and fees - underwriting
Bank SinoPac
110
Amount
2010
%
Amount
2009
%
17) Stock transaction agent’s fees
SinoPac Holdings
Chung Hua Pulp Corporation
Board Electronics Corp.
Shen’s Art Printing Co., Ltd.
Foxsemicon Integrated Technology Inc.
Intelli Sys Corporation
$
7,431
3,417
3,319
2,251
885
246
120
127
36
10
4
4
3
1
-
$
7,616
3,297
3,263
2,331
699
247
142
141
37
10
5
4
3
1
1
-
$
17,832
22
$
17,773
24
$
1,051
644
120
20
-
1
-
$
20
100
-
$
1,835
1
$
120
-
$
68
-
$
27
-
$
349
105
-
$
932
103
8
1
$
454
-
$
1,035
9
$
26,825
22,006
13
11
$
26,625
16,987
13
8
$
48,831
24
$
43,612
21
18) Other operating income - other
Bank SinoPac
HSU Cheng-Tsai
SinoPac Holdings
Chung Hwa Plup Co., Ltd.
19) Expenses for security brokerage
Bank SinoPac
20) Expenses for security underwriting
Bank SinoPac
21) Rental expense (included in operating expenses)
Bank SinoPac
The Corporation has operating lease contracts with SinoPac Leasing Corporation and Bank SinoPac.
Lessor
The terms are as follows:
Term
Bade Road Building
February 2005 - February 2020; annual rent of $2,420 thousand in the first year, subject to
a yearly adjustment based on the consumer price index; lease deposit of $605 thousand.
Bank SinoPac
a. August 1999 - July 2011; monthly rent of $130 thousand.
b. March 2006 - March 2011; monthly rent of $45 thousand; lease deposit of $135
thousand.
c. November 2006 - November 2011; monthly rent of $688 thousand; lease deposit of
$2,063 thousand.
d. September 2006 - July 2011, monthly rent of $140 thousand; lease deposit of $450
thousand.
e. August 2007 - July 2012; monthly rent of $220 thousand.
f. April 2009 - March 2014; monthly rent of $290 thousand.
g. December 2009 - November 2014; monthly rent of $120 thousand.
SinoPac Holdings contracted with SinoPac Leasing Corporation to lease the Bade road Building. The lease period is from January 2005 to January 2020.
The Corporation and SinoPac Capital Management have cooperative arrangements with SinoPac Holdings, so its shares the rental expense with SinoPac
Holdings according to the area used and pays the rent to SinoPac Leasing Corporation.
Bank SinoPac runs its business within some of the Corporation’s operating premises; thus, the Corporation shares with Bank SinoPac the payment of rental,
water and electricity bills, and this sharing is presented as a deduction from rental expense.
111
Financial Reports
Amount
2010
%
Amount
2009
%
22) Consulting and legal fees (included in operating expenses)
SinoPac Call Center Co., Ltd.
$
15,366
26
$
14,734
44
The Corporation entered into a contract from January 2010 to December 2010 with SinoPac Call Center Co., Ltd. for the Corporation to obtain outsourcing
customer call service. The contract took effect in 2010, and consulting fees are paid as actual services are provided.
Amount
2010
%
Amount
2009
%
23) Computer information (included in operating expenses)
Intellisys Corporation
$
623
-
$
-
-
$
3,554
11
-
6
-
$
2,795
10
30
18
5
-
$
3,565
6
$
2,853
5
$
4,177
1,178
17
5
$
4,510
849
19
4
$
5,355
22
$
5,359
23
$
321
174
-
$
315
115
1
4
$
495
-
$
430
5
$
30
-
1
-
$
2
54
-
$
30
1
$
56
-
$
3,399
-
4
-
$
6,106
56
9
-
$
3,399
4
$
6,162
9
$
20,013
5
30
-
$
80,237
8
52
-
$
20,018
30
$
80,245
52
$
523
1
$
-
-
$
3,063
53
6
-
$
150
153
-
$
3,116
6
$
303
-
24) Entertainment (included in operating expenses)
Yuen Foong Yu Biotech Co., Ltd.
Yuen Foong Yu Consumer Products Co., Ltd.
Panasonic Marketing Sales Taiwan Co., Ltd.
25) Stationery and printing (included in operating expenses)
26)
Postage and phone/fax expense (included in operating expenses)
Bank SinoPac
27)
Miscellaneous equipment (included in operating expenses)
Panasoin Marketing Sales Taiwan Co., Ltd.
Intellisys Co., Ltd.
28)
Miscellaneous expenses (included in operating expenses)
Bank SinoPac
29)
Other nonoperating revenue and income - interest revenue
Bank SinoPac
30)
Other nonoperating revenue and income - rental revenue
Bank SinoPac
31)
Other nonoperating expenses and losses - interest expense and others
Bank SinoPac
Funds under SinoPac Securities Investment Trust Co., Ltd.
All transactions with related parties were carried at arm’s length.
112
c. Status of acquiring stocks from related - parties:
In addition to the information disclosed in Table 2, the status which the Corporation held the stock of related - parties is summarized as follow:
December 31, 2010
Costs
Shares (Thousand)
8,553
1,187
800
27
$
511,688
17,054
13,412
858
$
505,482
17,746
12,520
862
$
543,012
$
536,610
December 31, 2009
Costs
Shares (Thousand)
Face Value
1,500
307
Face Value
$
23,680
10,624
$
22,500
10,627
$
34,304
$
33,127
d. The information of the salaries of directors and supervisors were as follows:
2010
Salaries
Bonus
2009
$
86,105
62,086
$
99,301
64,813
$
148,191
$
164,114
24. PLEDGED OR MORTGAGED ASSETS
As of December 31, 2010 and 2009, the following assets had been pledged to financial institutions (a) as guarantees for commercial paper issued, short-term bank
loans and a bank overdraft line obtained and (b) for meeting the requirements by the tax authorities for appeals for tax reassessment.
2010
Time deposits - current
Demand deposits - current
Properties, net
Properties leased to others, net
December 31
2009
$
1,617,372
75,825
1,619,685
345,313
$
2,084,730
1,635,221
345,052
$
3,658,195
$
4,065,003
Time deposits of $1,122,000 thousand, a portion of properties with carrying values of $1,204,040 thousand and a portion of properties leased to others with carrying
values of $140,521 thousand as of December 31, 2010 had been pledged to Bank SinoPac.
Time deposits of $1,122,000 thousand, a portion of properties with carrying values of $1,056,076 thousand and a portion of properties leased to others with carrying
values of $75,879 thousand as of December 31, 2009 had been pledged to Bank SinoPac.
25. CONTINGENCIES AND COMMITMENTS
a. On behalf of the investors of Cheng-Yi Food Co. (CYF) with respect to its initial public offering (IPO), the Securities and Futures Institute (SFI) filed a civil case
against CYF and the leading and sub-underwriters (the Corporation was a sub-underwriter in the IPO) of CYF. The damages claimed by SFI amounted to
$71,018 thousand plus 5% interest. After the trial at the high court of first instance on November 30, 2006, the high court determined that the Corporation won
the lawsuit. However, the plaintiff appeal to a higher court with the damages claimed decreased as $55,485 thousand. The Corporation’s legal counsel
believes that the Corporation cannot be held liable for losses incurred by the investors since its role as sub-underwriter to the CYF IPO is limited only to the
distribution of CYF shares and it did not advise CYF on the IPO.
b. Mr. Wu, the Corporation’s brokerage client, sued the former employee of the Corporation, Mr. Yeh, for embezzlement and forgery of document and claim the
Corporation to be a codefendant in the civil compensate liability amounted to $7,000 thousand, and added to $33,243 thousand thereafter. After the trail at the
local court of first instance on July 7, 2010, the local court determined that the Corporation should shoulder related compensation responsibility with Mr. Yeh in
the range of $4,705 thousand and rejected other requests plaintiff to the Corporation. On the basis of conservative principle, the Corporation had estimated
compensation losses of $4,705 thousand and interest expense of $606 thousand that should be afforded. However, after the discussion with lawyers, there were
some contradictions in the judgement reason, the Corporation had put forward appeal to Taiwan High Court.
c. The operating lease agreements with terms of 1 year to 15 years on the lease of the head office and branch premises are renewable within year before expiry.
The deposits for these leases amounted to $61,913 thousand (Note 8) and were shown under refundable deposits. Deposits will be refunded without interest
when the leases expire. Rents for the next five years are as follows:
Period
2011
2012
2013
2014
2015 and so on
Rent Payable
$
172,487
122,141
74,075
52,067
141,121
Payment Frequency
Monthly or quarterly
The lease expenses for the years ended December 31, 2010 and 2009 were $202,907 thousand and $205,727 thousand, respectively.
113
Financial Reports
26. FINANCIAL INSTRUMENTS
a. Fair values of financial instruments:
Carrying
Value
December 31
2010
2009
Carrying
Value
Fair Value
Fair Value
Nonderivative financial instruments
Assets
Financial assets with carrying value equal to fair value
Financial assets at fair value through profit or loss - current
Financial assets at fair value through profit or loss noncurrent
Available-for-sale financial assets - noncurrent - no market
value
Refundable deposits
Liabilities
Financial liabilities with carrying value equal to fair value
Financial liabilities at fair value through profit or loss current
Bonds payable (including current portion)
Long-term loans (including current portion)
Guarantee deposits-in
$
46,307,412
21,746,204
$
46,307,412
21,746,204
$
37,073,837
19,459,302
$
37,073,837
19,459,302
50,003
50,003
62,317
62,317
702,143
1,683,651
1,683,651
817,404
1,689,134
1,689,134
48,398,495
48,398,495
34,456,182
34,456,182
387,289
1,248
387,289
1,248
49,438
1,150,000
499,629
1,248
49,438
1,150,000
499,629
1,248
1,276,012
1,276,012
1,552,462
1,552,462
2,345,634
2,345,634
2,154,091
2,154,091
57,212
57,212
-
-
Derivative financial instruments
Assets
Liabilities
Financial liabilities at fair value through profit or loss current
Financial liabilities designated as fair value through profit or
loss - current
b. The bases of fair values are as follows:
1) Short-term financial instruments - carrying value. Since the terms of these instruments are very close to their maturity dates, the use of their carrying values
as fair values is reasonable. This evaluation applies to cash and cash equivalents (including payments collected for share subscription), bonds purchased/sold
under resell/repurchase agreements, margin loans receivable, refinancing deposit receivable, loans from refinanced margins, receivables of securities business
money lending, customers’ margin account, borrowed refundable deposits, notes and accounts receivable, other receivables (except for income tax receivables),
pledged time deposits - current, other financial assets - current, short-term bank loans, commercial papers issued, deposits on short sales, short sale proceeds
payable, borrowed guarantee deposit received, future traders’ equity, notes and accounts payable, other payables (except for income tax payables), and
payment collected for share subscriptions.
2) Financial instruments at fair value through profit or loss and available-for-sale financial assets - noncurrent - bonds traded over the counter, expect for margin
deposits - futures and options and emerging stocks held by the Corporation’s dealing department - quoted market prices or estimates using pricing models;
margin deposits - futures and options - carrying value, since the terms of instruments are very close to their maturity dates; and emerging stocks - carrying
value. The Corporation’s estimates and assumptions of pricing models are consistent with those of other market participants, and the data of pricing model
are available for the Corporation.
3) There is no fair value disclosure for available-for-sale financial assets - noncurrent consisting of stocks other than listed and traded over the counter because
they have no quoted market prices or because their fair values cannot be measured reliably and acquiring verifiable fair value information entails too much
cost.
4) Refundable deposits and guarantee deposits-in - carrying values, since these deposits do not have specific due dates.
5) Long-term loans and bonds payable (including current portion) - present value of expected cash flows discounted at interest rates for long-term loans and
bonds with characteristics similar to those of the long-term loans and bonds issued by the Corporation.
Certain financial instruments and all nonfinancial instruments are excluded from disclosure of fair value.
not represent the Corporation’s underlying value.
Thus, the aggregate fair value presented above does
c. Fair values of financial instruments are based on quoted market prices or estimates using pricing models.
follows:
The amounts of these financial instruments were as
Quoted Market Prices
December 31
2010
2009
2010
Models
December 31
2009
Financial assets
Financial assets at fair value through profit or loss - noncurrent
$
20,458,024
50,003
$
18,050,140
62,317
$
1,242,568
-
$
1,540,357
-
Financial liabilities
114
1,120,182
403,005
1,669,953
1,800,524
d. For the years ended December 31, 2010 and 2009, losses of $28,948 thousand and $59,172 thousand, respectively, from financial instruments at fair value
through profit or loss were recognized.
e. As of December 31, 2010, (a) financial assets and liabilities with fair value risks resulting from interest rate fluctuation were $46,343,424 thousand and
$36,540,779 thousand, respectively; (b) financial assets and liabilities with cash flow risks resulting from interest rate fluctuation were $9,473,814 thousand and
$10,612,947 thousand, respectively. As of December 31, 2009, (a) financial assets and liabilities with fair value risks resulting from interest rate fluctuation
were $35,845,119 thousand and $27,218,169 thousand, respectively; (b) financial assets and liabilities with cash flow risks resulting from interest rate fluctuation
were $6,651,779 thousand and $9,945,499 thousand, respectively.
f. For the years ended December 31, 2010 and 2009, the interest income from financial assets or liabilities which not carried at fair value were recognized
$1,185,772 thousand and $905,072 thousand, respectively; interest expense from those were recognized $153,197 thousand and $116,204 thousand, respectively.
g. Financial risk
1) Market risk
The Corporation manages market risks of financial instruments through risk measurement and monitoring processes such as value-at-risk, setting stop-loss
points, risk sensitivities, stress testing and hedging rules, etc. The risk management division of the Corporation monitors daily its position sizes, profits and
losses, and changes in market risk value. The division regularly reports the market risk to business units and the management of the Corporation to manage
risks effectively.
Value-at-risk (VAR) is a methodology for assessing market risk. VAR is a measure of the maximum loss that could occur over a specified period within a set
level of statistical probability. The VAR methodology adopted by the Group is historical simulation, using one year of equally weighted historical data. The
VAR is calculated at a 99% confidence level for a one-day holding period, using changes in historical rates and prices. Based on this assumption, there is
only a 1% chance within a day that the Group will incur a loss exceeding this amount on its financial instruments. As of December 31, 2010 and 2009, the
market risk values of the Group were around $112,444 thousand and $115,112 thousand, respectively, to a 99% confidence level and were 0.50% and 0.51%,
respectively, of the Corporation’s net worth.
Type of Market Risk
Interest rate position
Total position
2010
Highest
Average
$
43,000
107,000
$
73,000
133,000
Lowest
$
28,000
77,000
2009
Highest
Average
$
36,000
111,000
$
60,000
171,000
Lowest
$
25,000
85,000
As of December 31, 2010 and 2009, the market risk value referred to all the financial instruments of the Group.
The market risks of the Group’s derivative financial instruments are as follows:
a) Futures and options
Market risk refers to the market price fluctuations of futures and options. The Group has appropriate risk control management and have set up stop-loss
points to monitor price fluctuations and holding positions. When the balance of the trading margin account is lower than the maintenance margin, the
Group will recognize a loss by either settling the deal or adding deposits to the initial margin.
b) Warrants
Market risk on issued warrants comes mainly from changes in market prices of underlying securities.
dynamic hedging strategy to adjust its positions on warrants and underlying securities.
The Corporation manages market risk by adopting a
c) Interest rate swap
The Corporation uses value-at-risk (VAR), based on statistical analysis of market data and foreign industrial standards, in evaluating market risks of the
interest rate swap. As of December 31, 2010 and 2009, the VARs were $308,747 thousand and $261,380 thousand, respectively.
d) Currency rate swaps
The risk of currency rate swap transaction is derived from the variation of exchange rate.
and forward swap point, and thus manage the price risk.
The market risk can be reasonablly estimated by the agreed spot
e) Asset swaps - convertible bonds
The Corporation uses value-at-risk (VAR), based on statistical analysis of market data (including interest rate, convertible bond market prices and theoretical
value of options) and foreign industrial standards in evaluating market risks of convertible bond swaps. As of December 31, 2010 and 2009, the amounts
corresponding to market risk were $5,324 thousand and $13,360, respectively.
f) Structural instruments
The market risk of structured instruments transaction comes from the variation of the price from target assets and can be hedged through option hedging
model. As of December 31, 2010, the amounts corresponding to market risk were $342 thousand (December 31, 2009: None).
g) Forward exchange transaction
The purpose subsidiaries engage in forward exchange transaction is to arbitrage from the judgement of the expected direction of exchange rate. The other
purpose is to hedge the risk generated from the variation of exchange rate because of foreign currency bonds. As of December 31, 2010, the value-at-risk
(VAR) was $3,009 thousand (December 31, 2009: None).
115
Financial Reports
2) Credit risk
The Group are exposed to credit risk from counter-parties’ defaults on contracts. Primary elements of credit risk are the degree of credit risk centralization,
components of financial instruments, amounts of contracts, and other receivables. The Group measure the credit risk on financial assets with positive
amounts on the balance sheet date. The amounts of the credit risks of the Group’s financial assets, except for the following, were equal to the carrying values
of these assets.
December 31
2010
Carrying Value
Financial assets held for trading
Convertible bond asset swaps - options
2009
Highest Amount of
Credit Exposure
Carrying Value
Highest Amount of
Credit Exposure
$
1,222,173
12,120
$
1,820,995
27,272
$
1,485,803
54,554
$
2,037,241
80,270
$
1,234,293
$
1,848,267
$
1,540,357
$
2,117,511
To manage the credit risk on its financial assets, the Corporation uses credit risk ratings primarily. Credit risk management guidelines and assessment
procedures for various business types have been framed. The Corporation’s risk assessment procedures include setting limits on total contract amounts,
positions and the contract amount for a single counter-party as well as establishing credit risk and examination procedures, etc. In addition, the risk
management division analyzes the credit risk on positions the Corporation holds regularly and monitors the unusual changes in or concentration of credit risks.
The Corporation’s management believes that its risk management processes are sufficient to control credit risks.
Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counter-parties whose aggregate credit
exposure is material in relation to the Group’s total credit exposure. To prevent these concentrations, the Group maintains a diversified portfolio, limits its
exposure to any one geographic region, country or individual creditor and continually monitors its exposures.
The credit risks on the Group’s derivative financial instruments are as follows:
Credit risks is due to uncertainty in a counter-party’s ability to meet its obligations. The Group expect no exposure to credit risks since the counter-party is
the Taiwan Futures Exchange, Singapore Exchange Ltd., HKFE, and Chicago Board of Trade.
b) Warrants
The Corporation is not exposed to credit risk because premiums are received upon the issuance of warrants.
The Corporation established high standards for screening the counter-parties and has rated their credits under strict criteria.
the total value of credits granted to control credit risks. Thus, it does not expect significant exposure to credit risks.
It has also set upper limits on
d) Currency rate derivative swaps
The Corporation established high standards for screening the counter-parties and calculated the risk credit line as the accordance of credit risk calculation.
The Corporation has also set upper limits on the total value of credits granted to control credit risks.
The Group have high standards for screening the counter-parties to fixed income transactions and rates their credits under strict criteria. The Group have
also set upper limits on the total value of credits granted to control credit risks. Further, the premium from short call option transactions is collected in
advance. Thus, the Group expect no exposure to credit risks.
The Group has high standards for selecting the target fixed-income instrumens, and combines the limited amount into bond-dealer department. The
Corporation collected the premium from investors in advance when long option, the value would be greater or equal to the greatest possible value when
expiration. Thus, the Corporation does not suppose to undertake the investors’ credit risk.
g) Forward exchange transactions
The subsidiary established high standards for screening the counter-parties and has rated their credits under strict criteria. It has also set upper limits on the
total value of credits granted to control credit risks. Thus, it does not expect significant exposure to credit risks. Fair value is the present value of future
interest income and expense discounted at the yield rate.
3) Liquidity risk
Since the Group have sufficient working capital to meet contract settlement requirements, its liquidity risk is insignificant.
Because nonderivative equity and bond investments, except for stocks those not listed or traded over-the-counter, are traded in the active market.
risk of cash flows is insignificant.
The liquidity risks of the Group’s derivative financial instruments are as follows:
116
Thus, the
The Group have paid in advance the initial margin for futures contracts and premiums for long options as well as the margins for short options. More
margins will be paid since the balance of the trading margin account is lower than the maintenance margin. However, future cash demand is supported by
sufficient working capital. Thus, the risk of cash flows is insignificant.
b) Warrants
Liquidity risk is low because the premium of the warrants issued by the Corporation is collected in advance, and the Corporation establishes a hedging
position with its own capital when the warrants are issued. The liquidity risk on the underlying securities held for hedging is also low because the
authorities have set the market price and share distribution of the securities, and the probability that the securities cannot be sold for a reasonable price is
quite low. And though there could be cash demand arising from the adjustment of hedge position for any changes due to the adverse fluctuation of market
prices of the underlying securities, the market liquidity of these securities is high; thus, the risk to cash flows is low.
Warrants will expire between January 2011 and June 2011.
needed.
Except for the cash inflows and outflows on the hedging transactions, no additional cash is
Net interest, equal to the notional amount of the interest rate swap transactions multiplied by the difference in the interest rate bases received or paid on each
settlement date, is not material. In addition, the notional amounts are not exchanged on the final settlement date. Thus, cash demand is not significant.
d) Currency rate swaps
The notional amount of the currency rate swap were received or paid on each settlement date.
Thus, cash demand is not significant.
The underlying convertible bonds acquired from dealing and underwriting transactions are sold to counter-parties, and the Group receive related payments.
In addition, the Group take the pre-agreed interest rates in exchange for the coupon rates and the interest compensation on convertible bonds from
counter-parties. Further, the Group acquired the right to repurchase convertible bonds from counter-parties. As selling short call option, the counter-party
acquired the right to purchase the convertible bonds from the Group any time before the expiration date of the contract. Thus, there are no significant
liquidity risks, and the cash demand is insignificant.
The Corporation engaged in structural instruments in order to provide investors the elasticity of terminating an agreement ahead of time.
has already considered the liquidity risk in advance, and there are no significant liquidity risks. Thus, the cash demand is insignificant.
The Corporation
g) Forward exchange transactions
Net payment, equal to the notional amount of the exchange rate derivative transactions multiplied by the difference in the exchange rate bases received or
paid on each settlement date, is not material. In addition, the notional amounts are not exchanged on the final settlement date. Thus, cash demand is not
significant.
27. FINANCIAL RATIOS BASED ON THE FUTURES TRADING LAW
a. All financial ratios of the Corporation’s future department and SinoPac Futures Corporation are summarized as follows:
1) The Corporation’s Futures Department
December 31
a)
b)
c)
d)
Calculation Formula
Equation
2010
Time/Ratios
Equities
Total liabilities - futures traders’
equity - reserve for trading
losses - reserve for default
accounts
$956,691
�84.27
Current assets
Current liabilities
$948,408
Equities
Minimum paid-in capital
$956,691
Adjusted net capital
Amount of customers’ margin
accounts for open position of
futures traders
Benchmark
�1
$11,353
�94.13
$1,019,824
�93.02
�1
Confirm
�113.08
�1
Confirm
�255%
�60%
Confirm
Benchmark
Conclusion
�1
$1,017,086
$8,994
�239%
$400,000
$66,073
2009
Time/Ratios
$10,964
$10,076
$897,551
Equation
�1,358%
�60%
$1,019,824
�40%
$400,000
�20%
�15%
$1,008,960
$5,442
�40%
�18,540%
�20%
�15%
Confirm
117
Financial Reports
2) SinoPac Futures Corporation
December 31
Calculation Formula
Equation
2010
Time/Ratios
Equities
Total liabilities - futures traders’
equity - reserve for trading
losses- reserve for default
accounts
$1,428,436
�16.69
b)
Current assets
Current liabilities
$9,619,391
$8,311,872
�1.16
�1
c)
Equities
Minimum paid-in capital
$1,428,436
�200%
a)
d)
Adjusted net capital
Amount of customers’ margin
accounts for open position of
futures traders
Equation
2009
Time/Ratios
$1,515,526
�7.34
�1
Confirm
$8,632,096
$7,259,310
�1.19
�1
Confirm
�60%
�40%
$1,515,526
�212%
�60%
�40%
Confirm
�20%
�15%
$1,534,153
�130%
�20%
�15%
Confirm
Benchmark
�1
$85,597
Conclusion
$206,533
$715,000
$1,425,212
Benchmark
�112%
$1,267,804
$715,000
$1,177,566
b. The management department of SinoPac Futures engaged into directionary investment services as of December 31, 2010 and 2009, the multiple of amount of
discretionary investment account divided by equityies is confirmity with Regulations Governing Managed Futures Enterprises and is summarized as follow:
December 31
2010
Calculation Formula
Amount of discretionary investment account
Equities
Equation
$158,355
$88,256
2009
Time/Ratio
Equation
Time/Ratio
$48,355
$95,483
�1.79
�0.51
Benchmark
�10.00
28. SPECIFIC RISK FROM FUTURES DEALING, BROKERING AND MANAGEMENT
a. Futures dealing
The Corporation, SinoPac Futures Corporation, SinoPac Asia Limited, SinoPac Securities (Asia) Ltd. and SinoPac Capital (Asia) Ltd. pay margin deposits on the
starting dates of futures contracts. They also pay the margin deposits for short options contracts. In addition, the Group reevaluate daily its margin account on
the basis of the market prices of the outstanding futures and options contracts. The Group are required to put in additional margin deposits when the margin
account falls below an agreed level (the “maintenance margin”). Otherwise, the counter-party closes out the position by selling the contract.
There were 472 futures contracts and 10,980 options contracts outstanding as of December 31, 2010 and 4,784 futures contracts and 4,642 options contracts
outstanding as of December 31, 2009. Margin deposits paid amounted to $734,543 thousand and $944,642 thousand as the end of 2010 and 2009, respectively.
b. Futures brokering
Customers pay margin deposits on the starting dates of futures transactions, which SinoPac Futures Corporation pays on their behalf. They also pay margin
deposits for short options contracts. Customers gain or loss a lot on the leverage resulting from the margin deposits. To protect SinoPac Futures Corporation’s
harm arising from customers’ huge losses, the margin accounts of customers’ are reevaluated daily on the basis of the market prices of the outstanding futures and
options contracts. SinoPac Futures Corporation will inform customers immediately to put in additional margin deposits when their margin accounts fall below
an agreed level (the “maintenance margin”). If the customers fail to do so, SinoPac Futures Corporation closes out their position by selling the contracts.
By the end of 2010 and 2009, the outstanding future and options held by customers of SinoPac Futures Corporation were as follows:
December 31
2010
Futures
- carrying value
- unrealized gains (losses) on open contracts
Options
- market value of long options
- market value of short options
Customers’ margin accounts
$
12,320,191
121,255
257,867
213,304
7,902,015
2009
$
10,386,930
(335,483)
392,521
188,726
6,573,047
c. Futures management
The term “discretionary futures trading” means a managed futures enterprise accepting commissions from specified persons, analyzing and making judgments
with regard to futures trading, and, on the basis of analyses and judgments, executing futures trading on behalf of, and with trading funds consigned by the
principal.
Before engaging in consignments with the Management Department of SinoPac Futures Co. for discretionary futures trading, the principals are asked to note the
characteristics of futures transactions in terms of low margin and high finance-leverage, which indicate the principals’ earning high profits or suffering serious
losses. That is, principals should consider if they can handle the demands and risks of futures transactions.
118
29. SEGMENT INFORMATION
The Group mainly engages in underwriting, dealing and brokering of marketable securities, financing the acquisition, short-sales by customers and futures dealing.
It is considered as a single-industry business.
The Group do not have foreign operating segments and has no single customer accounting for 10% of its revenue or income from any single customer.
no financial information by regions and customers.
Thus, it has
30. ADDITIONAL DISCLOSURES
Following are the additional disclosures required by the Securities and Futures Bureau for the Corporation and its investees:
a. Financing provided:
Table 1 (attached)
b. Endorsement/guarantee provided:
None
c. Acquisition of individual real estates at costs of at least NT$100 million or 20% of the paid-in capital:
d. Disposal of individual real estates at prices of at least NT$100 million or 20% of the paid-in capital:
e. Total discount of commissions and fees to related parties amounting to at least NT$5 million:
None
None
None
f. Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital:
None
g. Names, locations, and related information of investees on which the Corporation exercises significant influence:
h. Information of investment in Mainland China:
i. Related parties transactions:
(attached)
Table 2 (attached)
None
All significant intercompany transactions and balances have been eliminated for consolidation purposes, please see Table 3
31. DISCLOSURES REQUIRED UNDER MINISTRY OF FINANCE RULING NO. 0920004507 DATED OCTOBER 31, 2003
The Corporation’s investees registered in the Cayman Islands and the British Virgin Islands include SinoPac Securities (Cayman) Holdings Limited, SinoPac Asia
Limited and SPS Asset Management Limited. Information on these investees’ operating activities is as follows:
a. Balance sheets:
Tables 4 to 6 (attached)
b. Statements of income:
c. Securities held:
Please see Tables 7 to 9 (attached)
Please see Tables 10 to 12 (attached)
d. Derivative financial transactions and the source of capital: SinoPac Securities (Cayman) Holdings Limited and SPS Asset Management Limited. had no
investments in derivative financial products as of December 31, 2010 and 2009. For the derivative transactions of SinoPac Asia Limited, please see Table 13
(attached)
e. Revenues from assets management business, service contents and litigation:
1) As of December 31, 2010 and 2009, only SPS Asset Management Limited had revenues from fund asset management, which were HK$10,823 thousand and
HK$9,835 thousand, respectively. Other investees had no revenues from asset management.
2) Litigation: None
32. SUBSEQUENT EVENTS
In accordance with Rule No. 09900738571 issued by FSC on January 13, 2011, the amount securities firm had already set aside as default loss reserve and trading
loss reserve befor endeing period of 2010 should be transferred to the special reserve. The special reserve shall not be sued for purposes other than covering the
losses of the Corporation or when the special reserve reachees 50% of the amoutn of paid-in capital, half of it may be used for caitalization. The Coropration had
already transferred default loss reserve and trading loss reserve to the special reserve on January 2011.
33. OTHERS
The information of foreign-currency fianncial assets and liabilities was summarized as follow:
Foreign
Currencies
2010
Exchange Rate
New Taiwan
Dollars
Foreign
Currencies
2009
Exchange Rate
New Taiwan
Dollars
Financial assets
Monetary items
USD
HKD
$
318,852
808,229
29.1520
3.7516
$
9,295,174
3,032,136
$
239,980
1,152,057
32.0300
4.1307
$
7,686,559
4,758,848
119
Financial Reports
Foreign
Currencies
RMB
EUR
GBP
AUD
SGD
CAD
JPY
NZD
THB
Nonmonetary items
USD
HKD
RMB
$
2010
Exchange Rate
110,741
2,871
1,223
1,492
976
417
37,757
60
12
4.4236
38.9675
45.1944
29.7059
22.7288
29.1593
0.3584
22.5637
0.9711
16,224
4,058
51
29.1520
3.7516
4.4236
240,475
645,351
53,590
2,294
947
519
415
22,273
6
10
30,005
11,795
New Taiwan
Dollars
$
489,871
111,876
55,273
44,321
22,183
12,159
13,533
1,354
12
2009
Exchange Rate
Foreign
Currencies
$
New Taiwan
Dollars
7,595
765
1,904
1,250
882
16
48,764
59
12
4.7130
46.1408
51.6308
28.8138
22.8824
30.4870
0.3473
23.2423
0.9608
$
35,795
35,298
98,305
36,017
20,182
488
16,933
1,371
12
472,962
15,224
226
128
477
-
32.0300
4.1307
-
4,100
1,970
-
29.1520
3.7516
4.4236
38.9675
22.7288
29.7059
29.1593
0.3584
45.1944
0.9711
7,010,327
2,421,086
237,059
89,391
21,524
15,417
12,101
7,983
271
10
27,265
1,435,315
118
253
731
300
15
36,918
10
32.0300
4.1307
4.7130
46.1408
22.8824
28.8138
30.4870
0.3473
0.9608
873,298
5,928,913
556
11,674
16,727
8,644
457
12,820
10
29.1520
3.7516
874,706
44,250
6,722
4.1307
27,767
Financial liabilities
Monetary items
USD
HKD
RMB
EUR
SGD
AUD
CAD
JPY
GBP
THB
Nonmonetary items
USD
HKD
Except for the informatin summarized above, the Corporation still had undued currency rate swap contracts and forward exchange transactions at the end of period
2010. Please refer to Note 4 for more detail information.
TABLE 1
FINANCINGS PROVIDED
YEAR ENDED DECEMBER 31, 2010
(Amount in Thousands)
Collateral
No.
Financing
Company
Counter-party
Financial
Statement
Account
Maximum
Balance for
the Year
Ending
Balance
Interest
Rate
Type of
Financing
(Note 1)
Reason for
Transaction
Short-term
Amount
Financing
Allowance
for Bad
Debt
Item
Financing Financing
Limit for Company’s
Each
Financing
Borrowing
Amount
Company
Limit
Value
(Note 2)
1
SinoPac
Securities
(Asia) Ltd.
SinoPac Capital Other receivable $
(Asia) Ltd.
291,520 $
(Note 1)
291,520 1.75%-1.80% Business
(Note 1)
trading
company
$
245,537
-
$
-
-
$
-
$
(Note 2)
355,465 $
Note 1: Maximum balance for the year and ending balance are the credit line SinoPac Securities (Asia) Ltd. provided to SinoPac Capital (Asia) Ltd. for financing.
December 31, 2010, the credit line remained the same amount.
473,954
As of
Note 2: The financing limit SinoPac Securities (Asia) Ltd. provided for each borrowing company is calculated according to 15%-20%, the net asset value of the borrowing
company at the end of 2010.
120
TABLE 2
NAMES, LOCATIONS, AND RELATED INFORMATION ON INVESTEES ON WHICH THE CORPORATION AND SUBSIDIARIES EXERCISE
SIGNIFICANT INFLUENCE
YEAR ENDED DECEMBER 31, 2010
Investment Amount
Investor Company
The Corporation
Investee Company
Location
Main Businesses and
Products
8 Fl., No. 2, Chung Ching S. Futures brokering
Rd., Sec. 1, Taipei, Taiwan dealing and consulting
SinoPac Securities
(Cayman) Holdings
Limited
P.O. Box 484 GT, HSBC
Investment holding
House, 68 West Bay Road, company
Grand Cayman, KYI-1106
Cayman Islands
SinoPac Securities
Investment Service
Co.
8 Fl., No. 306, Bade Rd.,
Sec. 2
Investment consulting
and securities
management
SinoPac Securities
(Europe) Ltd.
$
Balance as of December 31, 2010
December
31, 2009
827,096 $
Percentage
of
Ownership
Shares
Equity in
Net Income
Net Income
(Loss) of
(Net Loss)
the
of the
Investee
Investees
Carrying
Value
75,000,000
100.00
3,066,055
3,066,055
87,752,581
100.00
3,523,694
24,025
24,025 Subsidiary
101,908
101,908
16,588,000
100.00
178,625
810
810 Subsidiary
5 Floor Habib House, 42
Moorgate, London EC2R
6EL
European-business agent US$ 03,353 US$ 03,353
2,000,000
SinoPac Securities
(Asia) Ltd.
21 Floor, One Deking, 1
Peking Rad, Tsim Sha
Tsui, Kowloon, Hong
Kong
Hong Kong stock
US$ 65,622 US$ 57,920
brokering, underwriting
thousand
thousand
and dealing
SinoPac Futures
(Asia) Ltd.
Tsui, Kowloon, Hong
Kong
Futures and options
brokering
US$0 1,205 US$ 01,205
SinoPac Capital
(Asia) Ltd.
Tsui, Kowloon, Hong
Kong
Issuance of derivative
products
US$ 03,862 US$ 03,862
SinoPac Asset
Management (Asia)
Ltd.
Room A, 7F, Guangdong
Investment Tower, 148
Connaught Road Central,
Hong Kong
Asset management and
US$ 04,367 US$ 04,367
SinoPac Asia Limited Ellen L. Skelton Building,
Fishers Lane, Road Town,
Tortola, British Virgin
Islands
Securities brokering,
dealing and investment
consulting
US$0 6,000 US$ 06,000
SinoPac Asset
Management (Asia)
Ltd.
SPS Asset
Management
Limited
Akara Building, 24 De
Castro Street, Wickhams
Cayl, Road Town,
Tortola, British Virgin
Islands
Asset management and
HK$
SinoPac Securities
(Asia) Ltd.
SinoPac Securities
(Asia) Nominees
Ltd.
Tsui, Kowloon, Hong
Kong
Hong Kong stock trust
business
HK$
2 HK$
2
2
100.00 HK$
2
-
- Indirect
subsidiary
SinoPac (Asia)
Nominees Ltd.
Tsui, Kowloon, Hong
Kong
Nominee trust account
services for overseas
stockholdings
HK$
2 HK$
2
2
100.00 HK$
2
-
- Indirect
subsidiary
thousand
thousand
thousand
thousand
thousand
thousand
51,000
30,000,000
10,000,000
thousand
6,000,000
thousand
39
thousand
5,000
thousand
54 US$
54 Indirect
subsidiary
thousand
thousand
18 Indirect
subsidiary
thousand
627 US$
thousand
100.00 US$ 20,247 US$
224 Indirect
subsidiary
thousand
thousand
100.00 US$ 10,361 US$
(124) Indirect
subsidiary
thousand
100.00 US$ 04,054 US$ 01,460 US$
thousand
thousand
225,813 Subsidiary
224 US$
thousand
100.00 US$ 02,470 US$
thousand
thousand
thousand
100.00 US$ 81,290 US$
thousand
10,000,000
225,813 $
100.00 US$ 01,995 US$ (124) US$
thousand
thousand
39 HK$
thousand
$1,429,206 $
Note
827,096
SinoPac Securities
(Cayman) Holdings
Limited
SinoPac Futures
Corporation
December
31, 2010
(39) US$
thousand
627 Indirect
subsidiary
thousand
(39) Indirect
subsidiary
thousand
100.00 HK$ 53,135 HK$ 08,137 HK$ 08,137 Indirect
subsidiary
thousand
thousand
thousand
Note: Equity in net income (loss) of the investees have been eliminated for consolidation purpose.
121
Financial Reports
TABLE 3
RELATED-PARTIES TRANSACTIONS
No.
Transaction Company
Counter-party
Relationship with
Transaction
Company
Description of Transactions
Financial Statement Account
Transacti
on
Amount
Transaction
Terms
Percentage to
Consolidated
Revenue/
Assets (%)
2010
0
SinoPac Securities
Corporation
Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
2
3
4
0.02
7,774 Based on contract
0.11
0.08
0.06
2.11
0.19
0.07
0.63
0.01
0.02
0.08
2.11
0.06
0.11
0.02
0.03
SinoPac Securities (Europe)
Ltd.
Ltd.
Subsidiaries
Subsidiaries
Nonoperating revenue and gains
- rental revenue
Exchange clearing expense future
Commissions and fees (cost) dealing
Commissions and fees (revenue)
- futures
Operating expense - professional
service fees
- brokerage
Commissions and fees (cost) brokerage
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities Investment
Service Corporation
SinoPac Securities (Asia) Co.,
Ltd.
Parent company
Parent company
Subsidiaries to
subsidiaries
Subsidiaries to
subsidiaries
Exchange clearing revenue futures
Commissions and fees (cost) futures
- brokerage
Operating expense - rental
expense
service fees
- brokerage
SinoPac Securities
Investment Service
Corporation
SinoPac Securities
Corporation
Parent company
Advisory revenue
0.19
Subsidiaries to
subsidiaries
Advisory revenue
0.02
SinoPac Securities (Asia)
Ltd.
SinoPac Securities
Corporation
Subsidiaries to
subsidiaries
Subsidiaries to
subsidiaries
0.07
0.03
Parent company
0.63
Parent company
- brokerage
0.01
Subsidiaries
0.02
Subsidiaries
0.07
Subsidiaries
0.05
Subsidiaries
1.94
Subsidiaries
- rental revenue
Commissions and fees (cost) dealing
- futures
Exchange clearing expense future
service fees
0.04
0.17
SinoPac Securities Investment Subsidiaries
Service Corporation
SinoPac Securities (Asia) Ltd. Subsidiaries
1
$ 12,514 Based on contract
SinoPac Futures
Corporation
SinoPac Securities (Europe) SinoPac Securities
Ltd.
Corporation
SinoPac Securities
Corporation
Parent company
Parent company
Parent company
2009
0
SinoPac Securities
Corporation
Service Corporation
122
$
No.
Transaction Company
Counter-party
Description of Transactions
Relationship with
Transaction
Company
Service Corporation
SinoPac Securities (Asia) Ltd. Subsidiaries
1
2
3
4
Transacti
on
Amount
Percentage to
Consolidated
Revenue/
Assets (%)
Transaction
Terms
Ltd.
Ltd.
Subsidiaries
Subsidiaries
- rental revenue
- brokerage
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
SinoPac Securities (Asia) Co.,
Ltd.
Parent company
Parent company
Subsidiaries to
subsidiaries
Commissions and fees (cost) futures
Exchange clearing revenue futures
- brokerage
expense
- brokerage
SinoPac Securities
Investment Service
Corporation
SinoPac Securities
Corporation
SinoPac Securities
Corporation
Parent company
Advisory revenue
Parent company
expense
0.04
Ltd.
SinoPac Securities
Corporation
Parent company
0.04
0.05
0.63
0.01
SinoPac Futures
Corporation
SinoPac Securities (Europe) SinoPac Securities
Ltd.
Corporation
SinoPac Securities
Corporation
Parent company
Parent company
Parent company
Subsidiaries to
subsidiaries
Parent company
- brokerage
Parent company
$ 2,700 Based on contract
0.04
0.04
0.63
0.01
0.02
1.94
0.04
0.05
0.07
0.05
0.17
Note: Equity in net income (loss) of the investees have been eliminated for consolidation propose.
TABLE 4
SINOPAC SECURITIES (CAYMAN) HOLDINGS LIMITED
BALANCE SHEETS
(In U.S. Dollars)
ASSETS
Amount
CURRENT ASSETS
Cash
Other receivables
$
LONG-TERM EQUITY INVESTMENTS UNDER THE EQUITY METHOD
PROPERTY, PLANT AND EQUIPMENT
Equipment
Less: Accumulated depreciation
%
$
Amount
457,552
41
-
457,593
120,416,601
143,164
(143,164)
Total property, plant and equipment, net
TOTAL
2010
$
2009
%
8,156,714
2,439
7
-
-
8,159,153
7
100
112,234,943
93
-
-
-
120,874,194
100
143,164
(143,164)
$
-
-
-
120,394,096
100
123
Financial Reports
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Other payables
Amount
$
STOCKHOLDERS’ EQUITY
Capital stock
Capital surplus
Retained earnings
Cumulative translation adjustments
Total stockholders’ equity
TOTAL
$
2010
%
Amount
1,046
-
87,752,581
4,214,027
28,904,933
1,607
$
2009
%
662
-
73
3
24
-
87,752,581
4,214,027
28,145,379
281,447
73
4
23
-
120,873,148
100
120,393,434
100
120,874,194
100
120,394,096
100
$
TABLE 5
SINOPAC ASIA LIMITED
BALANCE SHEETS
(In U.S. Dollars)
ASSETS
Amount
CURRENT ASSETS
Cash
Other receivables
$
%
Amount
9,945,268
10,148,789
102,654
41,493
49
50
1
-
20,238,204
%
69
31
-
100
20,259,521
100
13,021
-
30,104
-
$
20,251,225
100
$
20,289,625
100
$
4,252
-
$
3,518
-
6,000,000
14,246,973
30
70
6,000,000
14,286,107
30
70
20,246,973
100
20,286,107
100
20,251,225
100
20,289,625
100
OTHER ASSETS
Deferred charges
$
2009
13,998,111
6,220,794
6,281
34,335
TOTAL
2010
CURRENT LIABILITIES
Other payables
Capital stock
Retained earnings
TOTAL
$
$
TABLE 6
SPS ASSET MANAGEMENT LIMITED
BALANCE SHEETS
(In H.K. Dollars)
ASSETS
Amount
CURRENT ASSETS
Cash
Accounts receivable
Other receivables
$
OTHER ASSETS
Refundable deposits
TOTAL
124
$
2010
%
Amount
59,089,347
178,271,922
4,636,129
12,636
24
74
2
-
242,010,034
$
2009
%
126,988,592
352,873,334
4,884,466
46,560,000
65,185
24
66
1
9
-
100
531,371,577
100
15,463
-
13,574
-
242,025,497
100
531,385,151
100
$
CURRENT LIABILITIES
Bonds sold under repurchase agreements
Accounts payable
Other payables
Amount
$
Total liabilities
Capital stock
Retained earnings
TOTAL
$
2010
%
Amount
168,469,581
19,868,637
552,330
70
8
-
188,890,548
$
2009
%
392,959,259
92,720,590
707,229
74
18
-
78
486,387,078
92
38,750
53,096,199
22
38,750
44,959,323
8
53,134,949
22
44,998,073
8
242,025,497
100
531,385,151
100
$
TABLE 7
STATEMENTS OF INCOME
(In U.S. Dollars)
Amount
REVENUES AND GAINS
Investment income recognized under the equity method
Nonoperating revenues and gains
$
Amount
99
1
766,361
$
2009
%
3,847,625
151,716
96
4
100
3,999,341
100
6,807
1
7,237
-
6,807
1
7,237
-
759,554
99
3,992,104
100
Total expenses and losses
$
%
759,678
6,683
EXPENSES AND LOSSES
Operating expenses
NET INCOME
2010
$
TABLE 8
(In U.S. Dollars)
Amount
REVENUES AND GAINS
Gains on sales of securities - dealing
Interest income
$
2010
%
47,958
220,853
45,365
15
70
15
314,176
Losses from valuation of operating securities
Interest expenses
Losses from futures transactions
Exchange clearing expenses - futures
Operating expenses
Nonoperating expenses and losses
NET INCOME (LOSS)
$
Amount
$
2009
%
423,853
176,434
114,680
59
25
16
100
714,967
100
131,029
20,563
3,508
187,960
10,250
42
6
1
60
3
41,157
10,690
160,997
32,206
190,123
879
6
1
23
4
27
-
353,310
112
436,052
61
(39,134)
(12)
278,915
39
$
125
Financial Reports
TABLE 9
(In H.K. Dollars)
2010
2009
Amount
%
Amount
%
REVENUES AND GAINS
Commissions and fees - brokerage
$
2,146,089
16
552,654
4
-
-
-
-
9,893,030
35
Gains on sales of securities - dealing
Gains from valuation of operating securities
Other operating income
$
6,590,411
23
10,844,802
79
11,798,213
42
105,466
1
134,408
-
13,649,011
100
28,416,062
100
1,306,194
10
2,784,744
10
-
-
4,836,026
17
Interest expenses
2,655,332
19
5,679,924
20
Operating expenses
1,550,609
11
1,196,360
4
5,512,135
40
14,497,054
51
8,136,876
60
13,919,008
49
Commissions and fees - brokerage
Losses on sales of securities - dealing
NET INCOME
$
$
TABLE 10
SECURITIES HELD
DECEMBER 31, 2010
(In U.S. Dollars, Unless Stated Otherwise)
Securities Type and Issuer
Security
Issuer’s
Relationship
with the
Holding
Company
December 31, 2010
Shares
Carrying
Value
Percentage of
Ownership
Net Worth
Note
(Note)
Stock
SinoPac Securities (Europe) Ltd. Subsidiary
Long-term equity investments under
the equity method
2,000,000 $
1,994,438
100.00 $
1,994,438
Subsidiary
the equity method
51,000
81,290,094
100.00
81,290,094
Subsidiary
the equity method
10,000,000
2,469,441
100.00
2,469,441
Subsidiary
the equity method
30,000,000
4,054,244
100.00
4,054,244
SinoPac Asset Management
(Asia) Ltd.
Subsidiary
the equity method
10,000,000
10,361,411
100.00
8,784,535
SinoPac Asia Limited
Subsidiary
the equity method
6,000,000
20,246,973
100.00
20,246,973
Note: The investees’ financial statements as of and for the year ended December 31, 2010 used as basis for calculating the investees’ net worth had all been audited.
126
TABLE 11
SECURITIES HELD
DECEMBER 31, 2010
(In U.S. Dollars, Unless Stated Otherwise)
Security Issuer’s
Relationship with the
Holding Company
Corporate bonds
Korea Water Resources Corp.
None
Korea East-West Power Co.
None
Fubon Bank Hong Kong Ltd.
None
PCCW-HKT Cap
None
BMW Finance
None
Shnhan Bank
None
Oversea-Chinese Banking
None
Financial assets at fair value through
profit or loss - current
Units/Par
Value
$
December 31, 2010
Carrying
Market
Value
Value (Note)
2,500,000 $
2,494,650 $
2,494,650
2,000,000
2,024,180
2,024,180
1,500,000
1,523,025
1,523,025
1,100,000
1,153,669
1,153,669
1,000,000
1,003,250
1,003,250
600,000
633,672
633,672
500,000
520,240
520,240
Note
Note: Market value was calculated at the closing price on the last trading day in December 31, 2010.
TABLE 12
SECURITIES HELD
DECEMBER 31, 2010
(In H.K. Dollars, Unless Stated Otherwise)
Security Issuer’s
Relationship with the
Holding Company
Beneficiary certificate
NAM Short-term Fixed Income Fund
None
NAM PRSF - Asteroids Fund
None
December 31, 2010
Carrying
Market
Value
Value (Note)
Note
Units/Shares
534,509
$ 64,168,026
$ 64,168,026
1,454,413
114,103,896
114,103,896
Note: Market value was calculated at the net worth on the last trading day in 2010.
TABLE 13
DERIVATIVE TRANSACTIONS AND THE SOURCE OF CAPITAL
Futures
1. The objective of using futures and related strategies to achieve the objective:
SinoPac Asia Limited uses futures contracts for trading purposes to increase the investment the instruments, aggressively develop various services and heighten working
capital efficiency.
2. Contract amount, fair value and gains (losses) from futures transactions
The amounts SinoPac Asia Limited has deposited as margin on December 31, 2010 and 2009 are US$796,103 and US$242,464, respectively.
Gains (losses) in the years ended December 31, 2010 and 2009 are summarized as follows:
In U.S. Dollars
Year Ended December 31
2010
2009
$
(20,563)
$
(160,977)
SinoPac Asia Limited used its own capital for the above derivative transactions.
127
I. Analysis of Financial Standing
Unit: NT$ Thousands
Year
Variation
2010
2009
51,327,744
41,530,807
Long-term investments
5,878,677
6,425,041
(546,364)
(9)
Fixed assets
2,055,641
2,065,884
(10,243)
0
Other assets
2,001,654
1,948,999
52,655
3
18,731
7,503
11,228
150
Total assets
61,282,447
51,978,234
9,304,213
18
Current liabilities
38,443,142
28,922,574
9,520,568
33
459,066
457,545
1,521
0
Total liabilities
38,902,208
29,380,119
9,522,089
32
Capital stock
Item
Current assets
Securities brokerage accounts-net
Other liabilities
%
Amount
9,796,937
24
13,969,020
13,969,020
0
0
Capital surplus
1,842,425
1,842,425
0
0
Retained earnings
6,992,370
6,909,710
82,660
1
Cumulative translation adjustment
(423,577)
1
1
22,380,239
22,598,115
Unrealized loss of financial products
Total shareholders' equity
(300,536)
(123,041)
(244)
0
0
(217,876)
1
II. Analysis of Operating Results
Unit: NT$ Thousands
Item
2010
Year
Subtotal
Revenues
Total
Subtotal
Total
Amount
Change
Proportion
Change（％）
$5,797,093
$6,045,197
(248,104)
(4)
Operating costs and expenses
4,428,938
4,138,063
290,875
7
Operating income (Loss)
1,368,155
1,907,134
(538,979)
(28)
Non-operating income
Non-operating expenses
Pre-tax income
Income taxes
Net Income (Loss)
128
2009
$345,834
$455,303
(109,469)
(24)
42,943
47,659
(4,716)
(10)
302,891
407,644
(104,753)
(26)
1,671,046
2,314,778
(643,732)
(28)
208,195
343,077
(134,882)
(39)
$1,462,851
$1,971,701
(508,850)
(26)
III. Short-term Liquidity Analysis
(I) Short-term Liquidity Analysis for 2009 and 2010
Unit:NT$
Year
Item
Current ratio
2010
2009
133.52
143.59
(7.01)
23.76
173.79
(86.33)
-
-
Cash flow adequacy ratio
Cash reinvestment ratio
Proportion Change
-
(II) Cash Flow Analysis for 2010
Unit: NT$ Thousands
Expected net cash inflow
Cash balance at
beginning of year (1) from operating activities (2)
2,736,873
4,304,110
Expected total
cash flow (3)
Expected cash balance
year-end (1)+(2)+(3)
(5,614,091)
1,426,892
Expected capital resources for cash uses
Investment plan
Financing plan
-
-
IV. Principal Capital Expenditures and Analysis of Funding Resources
Principal Capital Expenditures and Funding Resources
Expansion Plan
Actual or
Actual or expected
expected
sources of capital
completion date
renovation
Unit: NT$ Thousands
Total
forecast
amount
Actual or expected capital allocation
2008
2009
2010
2011
2012
Relocation and renovation of five branches
and the Headquarters
Own capital
End of 2009
41,799
41,799
-
-
-
-
Own capital
End of 2009
11,370
11,370
-
-
-
-
Own capital
End of 2010
8,692
-
8,692
-
-
-
Own capital
End of 2010
37,061
-
37,061
-
-
-
Own capital
End of 2011
188,145
-
-
188,145
-
-
Upgrade & replacement of computer
mainframe system and trading platform
facilities
Relocation and renovation of one branches
Updates and upgrades of the host
computer, network systems, and
transaction equipment & software
The headquarters' computer trading
platform and installation and update of the
web-based host computer
129
Ⅴ. Risk Management Evaluation
(I) Earnings Impact from Interest Rate and Exchange Rate Fluctuations and Inflation and
Countermeasures taken:
A. Interest Rate
The benchmark interest rate for short selling and margin trade financing offered by the company is based on the cost of
capital and market rates and complies with government policy. Since the credit and debit of interest rate income are offsetting,
interest rate fluctuation has little effect on this operation. For our bond business, interest rate fluctuations cause market risk.
To minimize the risk from such fluctuations, the company exerts strict control over the limit, VaR controlling mechanism,
interest rate sensitivity, and the stop-loss measure. The company hedges the risk through Interest Rate Swaps (IRS).
As of the end of 2010 the exposure of the company to interest-rate sensitive products amounted to NT$25.91million. This
risk value constituted only 0.12% of the net worth of the company. As for the sensitivity indicators, the total D-value was
50.42.
After deducting the market interest rate and bond derivative trading in the opposite direction, the total D-value was 26.95.
Regarding interest rate fluctuations in the future, the company will adjust the position required for the operation according
to market conditions and business needs. In addition, we will continue to monitor and manage the risks related to the
position in compliance with company regulations, strict risk value and interest-rate sensitivity controlling mechanisms.
B. Exchange Rate
The company is an integrated securities house whose primary income source is tied to the domestic market. Therefore,
exchange rate is a matter of little consequence for the operation.
C. Inflation
The consumer price index increased by 0.96% year-over-year in 2010, and the core consumer price index (excludes food
and energy) increased by 0.44%. This year's increase was primarily due to higher cruel oil prices and increasing
consumption amid a general economic recovery. Since securities firms do not have purchasing cost issues, they are less
exposed to inflation trends.
(II) The Impact on the Company's Business and Financial Status following the Modification of
Foreign and Domestic Policy or Law, and the Risk Management Measures to deal with such:
130
The revision of certain provisions of the Securities Exchange Act will help strengthen the nation's cross-border
supervision of the securities markets and public information disclosure. In 2011, mainland investors will continue to
enjoy an open policy for them to invest in Taiwan's securities market, a policy that began in 2009. Moreover, the
government has further revised the individual quota for mainland investors to invest in Taiwanese securities firms,
which will boost the willingness of mainland investors to conduct securities related investments in Taiwan and increase
the capital liquidity to revive Taiwan's securities market.
The amendment of "Regulations Governing Approval and Management of Securities and Futures Transactions and
Investment Between the Taiwan Area and the Mainland Area" and "Regulations Governing Securities Firms" allow
securities firms to apply for investment through stake holdings in mainland Chinese firms and to set up representative
offices to increase their weighting of overseas business in terms of net asset value.
Meanwhile, the government has also issued a number of regulations regarding securities brokerage and proprietary
trading of foreign securities, which will allow securities firms to facilitate their business expansion, enrich their product
types, and enhance the degree of internationalization of Taiwan's securities market. The amendment to "Regulations
Governing Custody and Investment of Funds by Securities Firms on Behalf of Customers" will lift the limit on securities
firms' cash management special accounts' terms and capital targets. The amendment to "Regulations Governing
Borrowing or Lending Money in Connection with Securities Business by Securities Firms" aims to increase the
operating flexibility of securities firms' proprietary business. The amendment to "Regulations Governing the
Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets" will help improve
legal compliance standards for securities firms and enhance the strength and depth of securities firms' legal compliance.
The abovementioned regulatory changes are all positive to the company's operations and shall not cause any negative
impact to its financial performance.
(III) Major Issues in Other Aspects
A. Risk Management Association
Under the supervision of the Board of Directors, SinoPac has devised a risk management system that encompasses all
aspects of control in order to monitor, measure and evaluate daily risk. In establishing an overall risk management
system, relevant policies, principles, and regulations will be approved by the President, Chairman and the Board of
Directors, and promoted by the Financial Risk Management Division. The division will periodically evaluate and review
the execution results and management performance of subsidiaries and affiliated companies. This year we have actively
introduced the MUREX system to integrate operating processes of front, middle, and back office to reduce operational risk
and to strengthen the risk management system in a timely manner.
131
Corporate Profile
B. Risk Management Goal and Policy
The goal of the risk management system is to maintain an adequate Bank of International Settlement (BIS) Ratio to
manage risk, distribute risks actively, provide loss (damage) control, and seek stable growth under proper levels of risk
measurement. The explanation for each risk area is as below:
1. Credit Risk
(1) We adopt the concept of risk capital allocations to set the limits of overall transaction positions exposed to credit
risk, and adhere to the principle of risk diversification to set the credit limit for single client, corporation and
corporate group.
(2) By using credit levels, setting credit lines and measuring credit risks, the internal auditing department can limit
credit line exposure risks through constant monitoring.
(3) As part of the comprehensive risk management system for the entire company, individual departments should set
limits for credit line and exposure risks for all products. The targeted investment and trading partners should satisfy
the set requirements.
(4) Brokerage default risks are minimized through the use of finance focus measuring systems and Merton PD
probability equations. These tools provide the means to monitor and minimize risks from potential default stocks by
analyzing abnormal activities.
(5) Risk reports on trading partners' credit conditions will be monitored daily, weekly, and monthly. Data points will
cover each of the counterparty's credit rating and credit exposure risk. Risk reports will be presented to the Board of
Directors periodically.
2. Market Risk
(1) We adopt the concept of risk capital allocations to set the limits of overall transaction positions and the VaR limit of
market risk.
(2) Underwriters and dealership operations both require credit control, stop-loss regulation, risk management, and credit
lines to control market risk.
(3) We use the VaR method (Value at Risk) to measure and manage market risk and verify its effectiveness by regular
pressure tests, sensitivity analyses, and back tests. Besides, SinoPac adopts interest sensitivity index (Total D
value), Greeks (Delta, Gamma, Vega) and many other indexes to evaluate market risk. Moreover, to enhance the
abilities of risk management, SinoPac introduced RiskMetrics, an internationally known institution, and uses its
VaR system, RiskManager, and its related equipment. Combined with our ongoing risk management systems, we
can have more exactly and accurately quantitative models to evaluate the risk more effectively.
(4) In addition to monitoring position changes, profitability changes and risk, SinoPac dealers and brokerages will also
provide periodic risk management reports and charts. Charts will include daily income statements, VaR report, and
weekly market risk reports all to be presented to the Board of Directors periodically.
132
(5) Regarding risk operations pertaining to distribution of equity warrants or proprietary business: in addition to
abeyance of legal regulations, operational characteristics, operation quotas and stop-loss points, risk avoidance
strategies within operational standards will be regulated. For example, the risk management department must
confirm the distribution of equity warrant hedge coefficients and net worth after-hedging and must supervise the
actual hedge situation.
3. Operation Risk Measurement
In order to reduce risk potentially arising from poor internal operation and related mechanism, we request that business
promotions first be reviewed prior to promotion. Meanwhile, we establish an information risk management system and
standard operating procedures concurrently to reduce risk caused by human error. In addition to departmental selfauditing, internal auditing of company is done periodically and randomly in compliance with company regulations as
part of effective risk management.
4. Other Risk Measurement
The company will monitor market liquidity risk, assess the proper market liquidity level for approved equity
investment, and evaluate its liquidity measurement periodically. We will strictly audit appraised models developed
internally to reduce the risk arising from such models. Regarding other areas such as risks related to legal and
compliance risk, systematic risk and to other incidents, we observe and make improvements continuously.
C. Capital Adequacy Ratio
At the end of 2010, SinoPac Security capital adequacy ratio of credit risk, market risk, and operation risk was 338%, far
above the 150% requirement set by the authorities.
133
Group Information
Subsidiaries and Affiliated Companies
134
December 31, 2010
Concise Company Profile
Company
December 31, 2010; Expressed in million of NTD, USD, HKD and GBP
Date of
Incorporation
1994.01
1995.06
SinoPac Securities (Cayman) Holdings
Ltd.
1998.04
1994.04
1995.10
1994.04
1995.10
SinoPac Securities (Asia) Nominees Ltd.
1994.04
SinoPac Asset Management (Asia) Ltd.
1994.10
SPS Asset Management Ltd.
1998.02
1999.05
2001.06
SinoPac Asia Ltd.
Address
8F, No. 2, Chung Ching South Road, Sec. 1, Taipei 100,
Main Business
750
Taiwan, R.O.C.
165.88
8 F, 306 Bade Rd., Sec.2, Taipei, Taiwan, R.O.C.
P.O. Box 484 GT, HSBC House, 68 West Bay Road, Grand
Cayman, KY1-1106 Cayman Islands.
21/F, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Room A, 7/F, Guangdong Investment Tower, 148 Connaught
Road Central, Hong Kong
Akara Bldg., 24 De Castro Street, Wickhams Cay 1, Road
Town, Tortola, British Virgin Islands
5th Floor Habib House, 42 Moorgate, London EC2R 6EL, UK
2nd Fl., Ellen L. Skelton Building, Fishers Lane, Road Town,
Tortola, British Virgin Islands
Operation Information
Company
Capital
USD
87.753
HKD
510
HKD
418
HKD
10
Futures merchant (futures introducing
broker, dealing), futures consulting
Securities investment consulting, handling
discretionary accounts entrusted by clients
Investment holding company
Brokerage, dealing and underwriting of HK
Securities
Investment
Brokerage in futures and options
HKD 0.000002
Trust accounts on overseas stocks
HKD 0.000002
Trust account on HK stock
HKD
10
Asset management, investment consulting
USD
0.005
Asset management, investment consulting
GBP
2
USD
6
Agency service
Brokerage, investment consulting, and
consultation service
December 31, 2010; Expressed in NT$ million, except EPS in NT$
Paid-in
Capital
Total
Assets
Total
Liabilities
Shareholders'
Equity
Total
Operating
Revenue
Operating
Income
(Loss)
Net Income
(After Tax)
Earnings Per
Share
(After Tax)
750
9,877
8,449
1,428
1,441
209
226
3.01
166
186
7
179
21
(5)
1
0.05
2,558
3,524
-
3,524
24
24
24
0.27
1,913
7,075
4,705
2,370
476
(39)
7
139.20
1,568
5,102
3,528
1,574
396
62
46
1.54
38
562
490
72
14
2
2
0.17
SinoPac Securities (Asia) Nominees Ltd.
0.000008
-
-
-
-
-
-
-
0.000008
-
-
-
-
-
-
-
38
302
46
256
70
(13)
20
1.98
0.15
908
709
199
55
33
33
6,625.04
90
64
6
58
46
(4)
(4)
(1.97)
175
590
-
590
9
(2)
(1)
(0.21)
SinoPac Futures (Asia)
SinoPac Asia Ltd.
Note : For balance sheet, 2010/12/31 exchange rates were used (US$ : 29.152; HK$ : 3.75158; GBP$ : 45.19435); for income statements, average 2010 exchange rates
were used (US$: 31.6305; HK$ : 4.071; GBP$ : 48.8710).
135
Group Information
Directors, Supervisors, and Presidents
Company
Titles
Name
December 31, 2010 ; Expressed in million of NTD, USD, HKD and GBP
Nominating Legal Entity
Number of shares held
by the legal entity
Shares held by the directors
supervisors, or presidents
No. of shares
Percentage
Chairman
Huang-Chi Yeh
75,000,000
100%
-
-
Director
Hsin-Te Yang
75,000,000
100%
-
-
Director
Mei-Chung Lan
75,000,000
100%
-
-
Supervisor
Yung-Cheng Wei
75,000,000
100%
-
-
President
Hsin-Te Yang
-
-
-
-
SinoPac Capital Management
Chairman
Staci Chu
16,588,000
100%
-
-
Corp.
Director
Hsiu-Chuan Huang
16,588,000
100%
-
-
Director
Michelle Lin
16,588,000
100%
-
-
Supervisor
Ching-Shun Liu
16,588,000
100%
-
-
No. of shares Percentage
President
Staci Chu
-
-
-
-
SinoPac Securities (Cayman)
Director
Show-Chung Ho
USD
87.753
100%
-
-
Holdings Ltd.
Director
Wei-Hsin Wang
USD
87.753
100%
-
-
Chariman
Min-Fu Chuang
HKD
510
100%
-
-
Managing Director
Wei-Hsin Wang
HKD
510
100%
-
-
Director
Jing-Wu Hsueh
HKD
510
100%
-
-
Director
Judy Wong
HKD
510
100%
-
-
Director
Chun-Yi Huang
HKD
510
100%
-
-
Director
Hang-Yu Liu
HKD
510
100%
-
-
Director
Lloyd L.Y. Tsai
HKD
418
100%
-
-
Director
Li-Ming Huang
HKD
418
100%
-
-
Director
Judy Wong
HKD
10
100%
-
-
Director
Ru-Mei Hsu
HKD
10
100%
-
-
Director
Chang-Lung Chang Lee
HKD
10
100%
-
-
Director
William Su
HKD 0.000002
100%
-
-
Director
HKD 0.000002
100%
-
-
Director
William Su
HKD 0.000002
100%
-
-
Nominees Ltd.
Director
HKD 0.000002
100%
-
-
SinoPac Asset Management
Managing Director
Ru-Mei Hsu
HKD
10
100%
-
-
(Asia) Ltd.
Director
Eric C.L. Chang
HKD
10
100%
-
-
Director
Chang- Lung Chang Lee
HKD
10
100%
-
-
Director
Tsung-Hsi Chen
USD
0.005
100%
-
-
Director
Chien-Pin Huang
USD
0.005
100%
-
-
Director
Li-Ming Huang
USD
0.005
100%
-
-
Chariman
Min-Fu Chuang
GBP
2
100%
-
-
Ltd.
Managing Director
Juno Lee
GBP
2
100%
-
-
Director
Mei-Chung Lan
GBP
2
100%
-
-
Director
Tsung-Hsi Chen
USD
6
100%
-
-
Director
Chien-Pin Huang
USD
6
100%
-
-
Director
Li-Ming Huang
USD
6
100%
-
-
Director
Securities (Cayman) Holdings Ltd.
USD
6
100%
-
-
SinoPac (Asia)Nominees Ltd.
SinoPac Asia Ltd.
Note1: Mei-Jin Chen resigned from SinoPac Securities Corp. as director and president and both SinoPac Securities (Asia) and SinoPac Securities(Europe) as director and
chairman on 2009/1/1. She was succeeded by Eric Chuang.
Note2: Jerry Chiang was replaced by Ivan Yeh as director and chairman at SinoPac Futures.
Note3: Jerry Chiang was replaced by Wayne Hsu and Belle Chang respectively as director at SinoPac Capital (Asia) and SinoPac Securities(Europe).
Note4: Jean Yeh resigned from SinoPac Capital Management Corp. as Chairman and President on 2009/2/27. She was succeeded by Staci Chu.
136

Corporate Governance Report

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