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Qisda Annual Report 2021

Sep 23, 2021

52023_rns_2021-09-23_dbb36678-f70b-4042-b634-fced8b2949c0.pdf

Annual Report

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TSE: 2352

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QISDA 2020 ANNUAL REPORT

Printed on April 26, 2021

Qisda Annual report is available at https://www.qisda.com/home.aspx

Table of Contents

Letter to Shareholders ................................................................................................................................................ 1 Company Profile ........................................................................................................................................................... 3 Corporate Governance. ............................................................................................................................................. 5 Capital and Shares ...................................................................................................................................................... 46 Overview of Operations ............................................................................................................................................. 54 Financial Highlights ....................................................................................................................................................... 64 Review and Analysis of Financial Position and Financial Performance, and Risk Management ..................... 69 Special Notes ................................................................................................................................................................ 78 Appendix 1 Consolidated Financial Statements with Independent Auditors' Report for the most recent years ........................... 91 Appendix 2 Parent Company Only Financial Statements with Independent Auditors' Report for the most recent years .............. 254

Contact Information

QISDA CORPORATION

Headquarters 157 Shan-Ying Road, Gueishan, Taoyuan 333, Taiwan, R.O.C. Phone: 886-3-359-8800 Taipei office 18 Jihu Road, Neihu, Taipei, Taiwan, R.O.C. Phone: 886-2-2799-8800

INDEPENDENT ACCOUNTANTS Tang, Tzu Chieh & Chang, Huei-Chen CPA KPMG Peat Marwick 68Fl, Taipei 101 Tower No. 7, Sec.5, Xinyi Road, Taipei 11049, Taiwan, R.O.C. Phone: 886-2-8101-6666 http://www.kpmg.com.tw

INVESTOR RELATIONS CONTACTS

Spokesperson Jasmin Hung CFO Phone: 886-3-359-8800 [email protected] Deputy Spokesperson Michael LS Wang CIO Phone: 886-3-359-8800 [email protected]

OVERSEAS SECURITY EXCHANGE LISTING

For further information, visit Qisda worldwide website and Login at Investor Relations Qisda Global Depositary Shares Luxemburg Stock Exchange Website: Qisda.com -Investor Relations

QISDA ON THE INTERNET Qisda’s Investor Relations home page on the worldwide website offers a wealth of corporate information, including the latest annual report and financial results. Website: Qisda.com

Letter to Shareholders

Greetings to all of our Valued Shareholders,

Qisda Group’s consolidated revenue for 2020 was NT$191.7 billion. The consolidated operating income was NT$6.6 billion. The consolidated net income was NT$6.4 billion. The consolidated net income attributed to Qisda Corporation was NT$5 billion. The earnings per share after tax was NT$2.54.

In recent years, Qisda has been active in transforming its business. Together with the Group’s core resources as a platform, Qisda consolidates hidden champions to be a grand fleet. Domestic publicly listed companies who identify with this concept joined us. Therefore, Qisda’s consolidated revenue hitting new record highs in three consecutive years under the uncertain conditions such as fast changes in industries, lackluster demand in displays and projectors and rise in global trade conflict. In 2020. The revenue ratio of high value-added businesses reached 28%, and continues to move toward the goal of more than half .We are dedicated to expand Qisda’s business under the four major operating policies.

  • (1) Optimization on current business operations: The two major products, flat panel displays and projectors, continuously gain stable results and leading position in the market. The display business outperforms the entire industry and ranks second in the world. Qisda continues to develop high-end, high unit price, professional and medical displays. Qisda not only keeps its global leading position in OEM projectors, maintains the position as the world's leading DLP projector, but the only domestic manufacturer with DLP and LCD technical capability.

  • (2) Fast expansion in medical business: In 2020, the revenue of two hospitals in Suzhou and Nanjing continued to grow and Suzhou Hospital received JCI certification. Hospital management was in high international standards, and the importance of protecting the health of local residents under the epidemic became more prominent. In terms of medical appliances and channel expansion, Qisda invested in Golden Spirit Co., Ltd., E-Strong Medical Technology Co., Ltd. and Frismed (Indonesia) to create a one-stop service from production to distribution of dialyzer, dialysate and disinfectant; self-design and self-manufactured portable ultrasound tablets continue to increase marketshare in the bedside care application; the market expansion in Digital Dentistry application and hearing application will satisfy the demands for global aging population and long-term care.

  • (3) Acceleration on solution development: Qisda completed its strategic allocation in Information Technology (IT) and Operational Technology (OT). The purpose is to become a full-fledged total system integration solution services provider. The consolidated revenue of smart solutions in 2020 was NT$25 billion. Qisda continuously satisfying the six main intelligence vertical markets to meet the needs of contactless and cloud under the epidemic situation. Qisda worked with National Cheng Kung University to build campus security center, Qisda also provided smart system of joint care to meet long-term care service needs as well as worked with chain store to build managing platform to provide holistic view for decision-making purpose.

  • (4) Strategic investment in 5G Network Business: Qisda look to further increase in network communication in future technological life, Qisda increased holdings in Alpha Networks Inc.. Through subsidiaries such as Alpha Networks Inc., Hitron Technologies Inc., Interactive Digital Technologies Inc., to create broadband services that integrate wired and wireless networks.

Prospecting in 2021, while there are uncertainness such as trade conflicts and COVID, it also brings the longterm opportunities to enhance automation and accelerate digital transformation. Qisda will continue to focus on four major operating directions to create long-term values. The plans are listed as follows:

  • (1) Optimization on current business operations: We will keep consolidating our global leading position in the display and projector market and continuously developing towards high-end, high-resolution and high-valued professional applications.

  • (2) Fast expansion in medical business: BenQ Medical Center takes on the goal to be the No.1 private hospital in China. Regarding medical devices, we will prioritize the distribution channel, with focus in Asia and developing countries. Meanwhile, we will focus on self-developed products such as ultrasound, hemodialyzer and intraoral scanner. We development in three field, such us smart medical, epidemic

  • 1 -

prevention with health, life with aesthetics, and its service. We will also expand the medical industry alliance via win-win merge & acquisition or strategic cooperation model.

  • (3) Acceleration on solution development: The horizontal integration on internal technology and channels will continue to meet different vertical market demands. We have aggressively accelerated the integration among DFI Inc., Partner Tech Corp. in recent years to exploit synergies. We’ve also linked the well-known top-tier international brand of SYSAGE in IT field with the brand of ACE in OT field, such as Cisco, Citrix, DELL(EMC), IBM, Oracle, Redhat, SAP, Vmware, etc. to deliver the best smart solution for customers, and help them with digital transformation.

  • (4) Strategic investment in 5G Network business: Provide products and services that meet customers’ needs with networking, expand 5G networks business, and create seamless and fast all-round broadband services.

Qisda achieves its sustainable competitive advantages through innovation and technical development. Each year, we make effort in product innovation and development, averagely around 2%-3% of revenue. We have obtained 1,140 patents worldwide.

Qisda has dedicated to the corporate sustainable operation. The sustainable development indicators on economy, environment and society in 2020 still maintained high information transparency. Qisda not only got the “Taiwan Corporate Sustainability Reports Platinum Award” of “2020 Taiwan corporate sustainability Awards (TCSA) in Top 10” running by Taiwan Institute for Sustainability Foundation (TAISE) and got “2020 Taiwan corporate sustainability Awards (TCSA)” in two years, but also received “Growth with Innovation” and “Communication with Innovation”. It shows that Qisda has implemented lavishly on sustainable development of economy, environment and society.

At last, we offer our sincerest thanks for your long-term full support and concern. Our management team and all employees will continue to strive and seek for the best interest of the Company and Shareholders. Finally, we wish everyone good health, good luck and fortune.

Sincerely, Chairman: Peter Chen President: Peter Chen

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  • 2 -

Company Profile

I. Date of Founding: April 21. 1984

II. Company History:

April, 1984 Company established with a registered capital at NT$140,000,000 (currency for the following monetary amount
would all be NT$ except specificallyspecified), thepaid in capital was 35,000,000.
April, 1993 The Subsidiary“BenQ” established in Suzhou of mainland China.
November, 1993 The Headquarter and Production Base of the Companyestablished in Guishan of Taoyuan.
July, 1996 Officiallylisted at TWSE.
November, 1996 First issuance of foreign currencyconvertible bonds with a total value of US$110,000,000.
January, 1998 Initiation of construction of BenQ Suzhou Science and TechnologyPark.
December, 1998 First issuance of domestic debenture with a total value of NT$2,000,000.
June, 2000 First issuance of domestic unsecured convertible bonds with a total value of NT$4,000,000,000.
February, 2001 Second issuance of foreign currencyconvertible bonds with a total value of US$175,000,000.
January, 2002 The Private Brand “BenQ” created and the English name of the Companychanged to “BenQ Corporation”.
May, 2002 The Board of Directors collectivelyelected Mr. K.Y. Lee as the Chairman.
June, 2002 The Shuang-shingPlant in Guishan of Taoyuan activated forproduction.
February, 2003 Established thejoint venture with Royal Philips Electronic.
January, 2004 The Susidaiary Da-zhou Communication System Co., Ltd. (whose 100% of shares were held by the VCompany)
merged and acquired bythe Company.
June, 2005 First issuance of domestic debenture with a total value of NT$4,000,000,000.
Inititaliton of construction of BenQ Medical Center in Nanjing.
October, 2005 BenQ became the fourth most valuable out of the TopTen “BrandingTaiwan” brands .
M&A with mobile departments of Simens became officially effective and the operation of BenQ Mobile GmbH &
Co OHG started.
December, 2005 Issuance of overseas depositaryreceipt with total volume of 150,000,000 shares.
January, 2006 The first crossover edition of mobilephoneproduct byBenQ-Siemens hit the market.
April, 2006 Production intergration of optical storageproducts with Lite-On IT Corporation.
The Board of Directors determined to terminate capital increase to BenQ Mobile.
November, 2006 BenQ included into the TOP 10 Leading Brands of Chinese Consumer Electronic Industry, becoming one of the
most influential Chinese brands.
January, 2007 First issuance of unsecured exchangeable bonds with a total amount of NT$4,500,000,000.
June, 2007 The Shareholders’ Meeting approved proposals of brand segmentation, capital reduction for cover accumulated
deficits and change of corporate name.
July, 2007 The corporate name was changed from BenQ Corporation to Qisda Corporation.
September, 2007 Capital reduction initiated.
The listed companyname at TWSE changed to Qisda(2352).
April, 2008 Capital increase by privateplacement of common stock at the amount of NT$5,000,000,000.
May, 2008 Operation of BenQ Medical Center in Nanjinginitiated.
June, 2008 The Shareholders’ Meeting approved the proposals of establishing positions of Independnet Directors and the
Audit Committee.
July, 2009 Initiation of construction of BenQ Medical Center in Suzhou.
August, 2011 The Board of Directors approved theproposal of establishingthe Remuneration Committee.
October, 2011 BenQ won the prize of Best Chinese Enterprise in Human Resources Management for three years in a row and
also won theprize of Best Remuneration and Performance Management.
BenQ Medical Center in Nanjingrated bythe Health Department ofJiangsu Province as the Level 3 Hospital.
September, 2012 Selected byIDB of MOEA as the model enterprise for OutstandingCSR Reports of 2012.
November, 2012 Won the Bronze Medal of ManufacturingIndustryof 2012 Taiwan Corporate SustainabilityAwards.
May, 2013 Operation of BenQ Medical Center in Suzhou initiated.
October, 2013 BenQ Medical Center was rated the 7thl of the top100 most competitibve Chineseprivate-owned hospitals.
November, 2013 Won the Taiwan Top 50 Corporate Sustainability Report Award and the Climate Leadership Award of 2013
Taiwan Corporate SustainabilityAwards
December, 2013 Selected byIDB of MOEA as the model enterprise for QualityCSR Reports of 2013.
  • 3 -
November, 2014 Won the Silver Medal of “Large Enterprises, Electronics Industry II” of Taiwan Top 50 Corporate Sustainability
Report Awards.
April, 2015 Rated as the top5% by2015 Corporate Governance Appraisal System of TWSE.
May, 2015 Won the firstprize of Eco-friendlyEnterprise of 2015 Global Views MonthlyCorporate SustainabilityAwards.
May, 2016 Won the prize of Model Enterprise of Electronic Technology Group of 2016 Global Views Monthly Corporate
SustainabilityAwards.
November, 2016 Won the Gold Medal “Electronic and IT Manufacturinf Industry” and the“Climate Leadership Award” of Taiwan
Top50 Corporate SustainabilityReport Award of 2016 Taiwan Corporate SustainabilityAwards.
April, 2017 Completed thepublic tender offer of 42.06% of shares of Partner Tech Corp.
May, 2017 “Best Business ContinuityApproach of the Year” of StrategicRISK.
November, 2017 “Top 50 Corporate Sustaninability Report Awards” and “Top 50 Corporate Sustaninability Awards” of 2017
Taiwan Corporate SustainabilityAwards of TAISE.
November, 2017 Completed thepublic tender offer of 36.28% of shares of DFI.
January, 2018 Recognized byThomson Reuters as one of the entityof the Top100 Global TechnologyLeaders.
March, 2018 Recognized as one of the 30 model Taiwanese enterprises byCSRone Reporting.
March, 2018 Participated in the subscription of common stocks from private placement by Alpha Networks Inc. for capital
increase bycash with a shareholdingratio of the Companyat approximately18.38%.
August, 2018 Participated in the subscription of common stocks of K2 International Medical Inc. or capital increase by cash
with a shareholdingratio of the Companyat approximately29.85%.
November, 2018 Participated in the subscription of common stocks from private placement by Dataimage for capital increase by
cash with a shareholdingratio of the Companyat approximately28.82%.
April, 2019 The first safetycertification of Human-Robot Collaboration(HRC)around Taiwan
June, 2019 Awardedprize for HR Asia, Best Companies to Work For In Asia Awards
July, 2019 To establish a new joint venture company (BenQ Biotech(Shanghai)Co., Ltd) with Shanghai Kunxin Medical
TechnologyCo., Ltd. bycash injection, after the investment, shareholdingratio is 70%.
August, 2019 The Company participates in Topview Optronics Corporation's private placement of common shares with a
shareholdingratio of the Companyat approximately20%.
August, 2019 The Company participates in SYSAGE THCHNOLOGY CO., LTD's private placement of common shares with a
shareholdingratio of the Companyat approximately35%.
September, 2019 Qisda’s Twin Stars Factory has continued to obtain the continuous accreditation to the Green Factory from
Industrial Bureau of Taiwan’s Ministryof Economic Affairs.
Octorber, 2019 The Subsidiary“Qisda Vietnam Co.,Ltd”established
November, 2019 Awarded prize for Platinum Award for Taiwan Corporate Sustainability Reports “(Electronic Information
Manufacturing Industry)” of “2019 Taiwan Corporate Sustainability Awards (TCSA)” from Taiwan Institute for
SustainabilityFoundation(TAISE)and “Corporate Comprehensive Performance Award.
November, 2019 Qisda Chairman Peter Chen received an annual award for “EY Entrepreneur Of The Year 2019” and Excellent
Business Model Entrepreneur Of The Year.
March, 2020 The Company participates in SIMULA TECHNOLOGY INC.'s private placement of common shares with a
shareholdingratio of the Companyat approximately37.5%.
July, 2020 Completed thepublic tender offer of 19% of shares of Alpha Networks Inc..
September, 2020 Won “Best Companies to Work For in Asia” and “HR Asia Most CaringCompanies Award”.
November, 2020 Won “Top Ten Most Prestigious Sustainability Award”, “Corporate Sustainability Report Award”, “Growth
through Innovation Award” and “Creativity in Communication Award of ”Taiwan Corporate Sustainability
Reports Platinum Award” runningbyTaiwan Institute for SustainabilityFoundation(TAISE)
December, 2020 Qisda Chairman Peter Chen received M&A Outstanding Achievement Award and National Manager Excellence
Award.

Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its company history.

  • 4 -

Corporate Governance

I. Organization

(I) Organizational Structure

Date: April 26, 2021

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Shareholders’
Meeting
Audit Committee
Board of Directors Internal Audit
Compensation
Committee Chairman
President CSR & RM Office
Product &
Manufacturing Information Finance &
Marketing
Operation Technology Product Administration
Strategy Center
Group
Supply Chain
Commercial & Innovation Information
Management Industrial Products Development Center Technology Service
Group
Corporate Quality
Management Business Solution
Product Group
Lifestyle Design
Center Medical Device
Product Group
Networking &
Communication
Business Product
Group
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  • 5 -

(II) Business Scope for Main Department

Department Majority Focus
IT Products Group
Commercial and Industrial Products Business Group
Smart Solution Business Group
Medical Equipment Business Group
Networking & Communication Business Product Group
1. Development and promotion of domestic and foreign market business
2. Formulation of marketing plans
3. ODM/EMS product development assessment
4. Product development and introduction and improvement of new technologies
5. Planning of product quality assurance system and preparation of quality
management plans
Manufacturing Headquarter 1. Responsible for the manufacturing of various products
2. Control and management of yields, capacity planning, and efficiency of
production processes
3. Coordination of manufacturing resources and completion of required volumes
to ve shipped
4. Implement quality management system to ensure product quality and meet
customer needs
Supply Chains Management 1. Global operations planning and management
2. Strategic procurement planning and management
3. Overall planning and execution of vertical integration of supply chains
Quality Management 1. Promote products quality management supervision and quality strategy
planning and implementation
2. Promote sustainable business, environmental-friendly and green energy, and
continuous improvement activities
3. Provide R&D unit measurement with analysis and safety certification
application
4. Provide customers with after-sales service
Digital Fashion Design Center 1. Product shapes and functions design
2. HMI design
3. Visual communication design
4. Trend analysis of user research and design
Products and Marketing Strategy Center 1. Analysis and planning of syndicate strategy
2. Assist each business group in formulating business competition strategies and
commercial design
3. Assist each business group in STP planning and product portfolio formulation
4. Assisting each business group in introduction of design thinking
Creativity Development Center 1. Collect the latest technical information regarding materials, technologies, and
products for the Company's product development
2. Integrate the Company's new technology and enhance the product
development capability
3. Seek internal and external resources to resolve major technical problems
within the Company
Finance and Administration Management
(Finance/Human Resources/Legal/Patent Engineering/
Investment)
1. Accounting system, accounting taxation processing analysis and planning
2. Matters related to the acquisition, operation and dispatching of financial funds
3. Utilize various financial statement data to provide fuidance for business
operation directions
4. Stock issuance, stock affairs, taxation and other related businesses
5. Establishment and management of personnel systems such as manpower
planning, staff recruitment, appointment, assessment, and promotion
6. Planning, design and management of remuneration system, business travel and
expatriate, insurance, and welfare
7. Planning, establishment and implementation of system of education training and
talent cultivation
8. Planning and promotion of corporate culture and employee interactions
9. Comprehensive development, review and provision of legal advisory services
related to business affairs
10. Intellectual property business such as patent copyright trademarks and
technology licenses at domestic and abroad
11. Comprehensive administration for legal affairs
12. Assist each business group to draw up investment radar charts
13. Find investment targets and strategies based on investment radar charts
14. Assist each business group to formulate investment plans
15. Plan the scope of due diligence and summarize the results
Information Technology Service 1. MIS system management
2. Application and maintenance of OA equipment
3. Establishement of automatic monitoring system
CSR & RM Office 1. Corporate Sustainability Development Planning and Implementation
2. Environment, Safety and Health Planning and Implementation
3. Enterprise Risk Management Planning and Implementation
4. Group Companies Insurance Planning and Implementation
Internal Audit
To assist inspecting and reviewing defects in the internal control systems as well
as measuringoperational effectiveness and efficiency.
  • 6 -

II. Documents of directors, president, vice presidents, associate vice presidents, and managers of each departments and divisions

(I) Director Information

April 26, 2021; Unit of shares: unit April 26, 2021; Unit of shares: unit
Shareholding
T Spouse &
Nationality
in the

names
Selected Education, Past Selected Current Positions at Qisda
Date Shareholding When
Title or Place of Name Gender Date e Current Shareholding Minor of o ther Positions & Current Positions at and Other Companies Note 4
First Elected
Registration Elected r Eld Shareholding pers ons Non-profit Organizations
(Note2)
m ecte
Shares % Shares % Shares % Shares %
Honorary
Chairman
Republic of
China
Kuen-Yao
(K.Y.) Lee
Male 2020.06.
19
3 1993.02.
16
9,719,540 0.49% 9,719,540 0.49% 0 0.00% Note 1 Note1 - MBA, Switzerland IMD
- B.S., Electrical Engineering,
National Taiwan University
- Chairman, Qisda Corporation
- Chairman,AU Optronics Corp
Chairman: BenQ Foundation
Director:
AU Optronics Corp.
Darfon Electronics Corp.
(Note2)
The reason
why the
chairman also
serves as the
president is to
represent the
company
externally and
effectively
coordinating
the
management
team
to effectively
implement
investment and
mergers and
acquisitions,
lead the value
transformation
of Qisda,
quickly
strengthen the
medical
business,
accelerate on
solution
development,
expand 5G
networks
business, and
play a
comprehensive
effect.
Chairman Republic of
China
Chi-Hong
(Peter) Chen
Male 2020.06.
19
3 2014.01.
01
309,919 0.02% 409,123 0.02% 0 0.00% 0 0.00% - Technology Management
Program, National Chengchi
University
- EMBA, Thunderbird American
Graduate School, U.S.A.
- B.S., Electrical Engineering,
National Cheng Kung
University
- Technology Product Center
EVP,BenQCorp.
President: Qisda Corp.
Director:
Darfon Electronics Corp.
BenQ Foundation
(Note2)
Director Republic of
China
AU Optronics
Corp.
- 2020.06.
19
3 2005.05.
18
335,230,510 17.04% 335,230,510 17.04% 0 0.00% 0 0.00% - MBA, Heriot-Watt University
- Chief Executive Officer, AU
Optronics Corp.
Chairman and Chief Executive
Officer: AU Optronics Corp.
Chairman:
Konly Venture Corp.
Ronly Venture Corp.
AU Optronics (Xiamen) Corp.
AU Optronics (Suzhou) Corp., Ltd.
AU Optronics Manufacturing
(Shanghai) Corp.,
AU Optronics (Kunshan) Corp. Ltd.
AUO Foundation
Director:
Qisda Corp.
Darwin Precisions Corp.
AU Optronics (L) Corp.
AU Optronics Singapore Pte. Ltd.
Republic of
China
Representative
Shuang-Lang
(Paul) Peng
Male 2020.06.
19
3 2010.06.
18
9,164 0.00% 9,164 0.00% 65,032 0.00% 0 0.00%
Director Republic of
China
BenQ
Foundation
- 2020.06.
19
3 2011.06.
24
608,083 0.03% 608,083 0.03% 0 0.00% 0 0.00% - EMBA, Tsing Hua University in
Beijing
- MBA, Greenwich University
- GM of Global Supply Chain
General Manager,Qisda
- COO, BenQ China
- VP of Global Manufacturing,
BenQ
Senior Vice President: Qisda Corp
Director: BenQ Foundation(Note3)
(Note2)
Republic of
China
Representative
Han-Chou
(Joe) Huang
Male 2020.06.
19
3 2017.06.
22
240,952 0.01% 267,009 0.01% 686 0.00% 0 0.00%
Shareholding Shareholding
T Spouse &
Nationality
in the names
Selected Education, Past Selected Current Positions at Qisda
Date Shareholding When
Title or Place of Name Gender Date e Current Shareholding Minor of other Positions & Current Positions at and Other Companies Note 4
First Elected
Registration Elected r Eld Shareholding persons Non-profit Organizations
(Note2)
m ecte
Shares % Shares % Shares % Shares %
Independent
Director
Republic of
China
Cheng-Ju
(Allen) Fan
Male 2020.06.
19
3 2011.06.
24
0 0.00% 0 0.00% 0 0.00% 0 0.00% - B.S., Electrical Engineering,
National Taiwan University
- General Manager,
WKTechnology Fund
- President, Microsoft Taiwan
- VP, Twinhead International
Corp.
- VP,HP Taiwan
Chairman: Yu Xuan Corp.
Director:
K KINGDOM INC.
K K INTELLIGENT TECHNOLOGY
INC.
Independent Director:
Wistron Information Technology
and Services Corporation
At the same
time, in order
to strengthen
the
independence
and supervision
function of the
board of
directors, the
board of
directors of
the company
has three
independent
directors and
more than half
of the
directors are
not an
employee or a
manager of the
Company, so
as to improve
the operation
of the board of
directors and
comply with
the principles
of corporate
governance.
Independent
Director
Republic of
China
Lo-Yu
(Charles) Yen
Male 2020.06.
19
3 2020.06.
19
0 0.00% 0 0.00% 0 0.00% 0 0.00% - Master in Accounting, National
Cheng Chi University
- President, DELOITTE
CONSULTING CO.
- CPA, Deloitte Touche
Tohmatsu Limited
- GM, Vincera Capital
- Co-founder, AMMA Taipei
Cradle Program
Director:
Chinese Television System Inc.
Social Enterprise Insights (Taiwan)
Alibaba Entrepreneurs Fund
Independent Director:
Chunghwa Telecom
Sinyi Realty Inc.
Independent
Director
Republic of
China
Jyuo-Min Shyu Male 2020.06.
19
3 2020.06.
19
0 0.00% 0 0.00% 0 0.00% 0 0.00% - Ph.D. in Electrical Engineering
and Computer Science,
University of California,
Berkeley
- Minister, Ministry of Science
and Technology
- President, Industrial
Technology Research Institute
- Professor, Department of
Computer Science, National
Tsing Hua University
Director:
Iridium Medical Technology Co., Ltd.
GeoThings, Inc.
Modern Classic Ltd
Independent director:
United Microelectronics Corp.
AnyExecutive,Director,or supervisor who is a spouse or relative within the second degree of kinship: None

Note 1: According to the Judgment No. 61 of the major lawsuit in 2009 of Taiwan High Court, Mr. Kuen-Yao (K.Y.) Lee held total 2,323,225 shares in the name of others when shares acquired as an Employee's Bonus (including the subsequent stock dividends) in 2000, 2003, and 2004. According to the investigate No. 11642 indictment in 2012 the Prosecutor of Taiwan Taoyuan District Court, Mr. Kuen-Yao (K.Y.) Lee held 400,000 shares and 300,000 shares in the name of others in 2003 and 2004. After the company consulted Mr. Kuen-Yao (K.Y.) Lee about his holding shares in the name of others as of the date of April 26, 2021, Mr. Kuen-Yao (K.Y.) Lee replied this is not confirmed yet due to this case is a long time ago and not being handled by him. For the above information, investors are required to make discretionary judgments to protect their rights and interests. Note 2: Please refer to the section “Directors, supervisors and presidents of affiliates” in annual report. Note 3: Joe Huang was appointed as director of BenQ Foundation on May 18, 2021. Note 4: Where the Chairman of the Board of Directors and the President or person of an equivalent post (the highest level manager) of a company are the same person, spouses, or relatives within the first degree of kinship, the reason for, reasonableness, necessity thereof, and the measures adopted in response thereto must be disclosed.

Substantial shareholders of the corporate shareholder

Substantial shareholders of the corporate shareholders Substantial shareholders of the corporate shareholders
Name of corporate shareholders
Shareholding
(Note 1) Name
Percentage (%)
AU Optronics Corp (Note2) Qisda Corporation 6.90%
Quanta Computer Inc. 4.61%
Trust Holding for Employees for AU Optronics Corp. 4.58%
ADR of AU Optronics Corp. 4.19%
Fubon Life Insurance Co., Ltd 3.93%
Tong Hwei Enterprise Co., Ltd. 1.58%
JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total
International Stock Index Fund,a series of Vanguard Star Funds

1.26%
JPMorgan Chase Bank N.A. Taipei Branch in custodyfor Norges Bank 0.97%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES
OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS
0.94%
New Labor Pension Fund 0.79%
BenQ Foundation (Note 3) Qisda Corporation (Note 4) 100%

Note 1: For directors acting as the representatives of institutional shareholders

Note 2: Source of information for AUO is recorded as of the book closure date of AUO on April 19, 2020.

Note 3: Where the corporate shareholder is not a company, the aforementioned Name of corporate shareholders and Shareholding Percentage denote the names of investors or donors, and their investment or contribution ratios.

Note 4: Please refer to the list of major shareholders as stated in Chapter 4 Capital Overview of this Annual Report.

Substantial shareholders of corporate shareholders who are the substantial shareholders of the Company’s corporate shareholders.

Substantial shareholders of the corporate shareholders Substantial shareholders of the corporate shareholders
Name of institutionalshareholders Shareholding
Name
Percentage(%)
Quanta Computer Inc. (Note1) Qianyu Investment Co., Ltd. 14.82%
BarryLin 10.76%
Government of Singapore 2.84%
LiangTzu Chen 2.14%
Labor Pension 2.13%
Ho, Sha Trust Property. 2.07%
Yijiaxin Investment Co., Ltd. 1.64%
CathayLife Insurance Co., Ltd. 1.64%
Nan Shan Life Insurance Co., Ltd. 1.60%
Xinmin Investment Co., Ltd. 1.57%
Tong Hwei Enterprise Co., Ltd. (Note2) Tsai TsungHsiang 78.93%
Tsai MingHsien 1.91%
Tsai TsungYu 17.25%
Tsai Lin Su Chin 1.91%
Fubon Life Insurance Co., Ltd.(Note2) Fubon Financial Holdings Co., Ltd. 100%

Note 1: Source of information for Quanta Computer Inc. is recorded as of the book closure date of Quanta Computer Inc. on April 20, 2021. Note 2: Source of information for Department of Commerce, MOEA

  • 9 -

Professional qualifications and independence analysis of directors

Has more than 5 years of work experience and Has more than 5 years of work experience and Has more than 5 years of work experience and Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence Meet conditions of independence
the following professionalqualifications
(Note 1)
An Instructor A judge, Work
Condition
or higher

prosecutor,
experience

position in a

lawyer, CPA or

necessary for

private or

other specialist

business
Number of

public college

or technical
administration, other public

or university in
professional legal affairs, companies

the field of

who is

finance,
where the
business, law, necessary for accounting, or Director
finance,
the Company's

business sector
1 2 3 4 5 6 7 8 9 10 11 12 concurrently
accounting, or
business and
of the Company serves as an

the business
who has been Independent
sector of the certified by Director
Name Company
national
examinations
and licensed by

the competent

authorities
Kuen-Yao (K.Y.) Lee - - V V V V V V V V V 0
Chi-Hong (Peter) Chen - - V V V V V V V V V V 0
AU Optronics Corp.
Representative:
Shuang-Lang (Paul) Peng
- - V V V V V V V V V V 0

BenQ Foundation
Representative:
Han-Chou (Joe) Huang
- - V V V V V V V V V 0
Cheng-Ju (Allen) Fan - - V V V V V V V V V V V V V 1
Lo-Yu (Charles) Yen - V V V V V V V V V V V V V V 2
Jyuo-Min Shyu
V
-
-
V
V
V
V
V
V
V
V
V
V
V
V
1

Note : Please add " ~~V~~ "in the field under each criteria number if the director meets the criteria two years prior to being elected and during his/her term of service. (1)Not an employee of the company or any of its affiliates.

(2)Not a director or supervisor of the company’s affiliates. The same does not apply, however, in cases where the person is an independent director of the company, its parent company, or any subsidiary, as appointed in accordance with the Act or with the laws of the country of the parent or subsidiary.

(3)Not a natural-person shareholder who holds shares, together with those held by the person's spouse, minor children, or held by the person under others' names, in an aggregate amount of one percent or more of the total number of issued shares of the company or ranking in the top 10 in holdings.

(4) Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of a managerial officer under (1) or any of the persons under (2) and (3).

(5) Not a director, supervisor, or employee of a corporate shareholder that directly holds five percent or more of the total number of issued shares of the company, or that ranks among the top five in shareholdings, or that designates its representative to serve as a director or supervisor of the company under Article 27, paragraph 1 or 2 of the Company Act. (Do not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.).

(6) Not a director, supervisor, or employee of other company if a majority of the company's director seats or voting shares and those of that other company are controlled by the same person. (Do not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.).

(7) Not a director, supervisor, or employee of other company or institution if the chairman, general manager, or person holding an equivalent position of the company and a person in any of those positions at that other company or institution are the same person or are spouses.

(8) Not a director, supervisor, officer, or shareholder holding five percent or more of the shares, of a specified company or institution that has a financial or business relationship with the company. (Do not apply in cases where the specified company or institution holds more than 20 percent but less than 50 percent of the Company’s issued shares and are the independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.)

(9) Not a professional individual who, or an owner, partner, director, supervisor, or officer of a sole proprietorship, partnership, company, or institution that, provides auditing services to the company or any affiliate of the company, or that provides commercial, legal, financial, accounting or related services to the company or any affiliate of the company for which the provider in the past 2 years has received cumulative compensation exceeding NT$500,000, or a spouse thereof; provided, this restriction does not apply to a member of the remuneration committee, public tender offer review committee, or special committee for merger/consolidation and acquisition, who exercises powers pursuant to the Act or to the Business Mergers and Acquisitions Act or related laws or regulations.

(10) Not a spouse or a relative within the second degree of kinship to any director.

(11) Not been involved in any of situations defined in Article 30 of the Company Act.

(12) Not elected on behalf of a government agency or corporate or as a representative of these organizations as defined in Article 27 of the Company Act.

  • 10 -

(II) Documents of president, vice president, associate vice president and managers of each department and division

April 26,2021 April 26,2021
Shares held by spouse or
Number o f shares held
underage children Position concurrently held
Nationality or Place Date
Title Name Gender Primary work or academic in other companies Note 3
of Registration Appointed Number of Shareholding Shareholding
Number of experiences (Note 2)
shares Percentage Percentage
(%) shares (%)
Chairman and President Republic of China Peter Chen Male 2014.01.01 409,123 0.02% 0 0.00% Technology Management Program,
National Chengchi University
EMBA, Thunderbird American Graduate
School, U.S.A.
B.S., Electrical Engineering, National Cheng
Kung University
Technology Product Center EVP, BenQ
Corp.
Director:
Darfon Electronics Corp.,
BenQ Foundation
(Note 2)
The reason why the
chairman also serves
as the president is to
represent the
company externally
and effectively
coordinating the
management team
to effectively
implement
investment and
mergers and
acquisitions, lead the
value transformation
of Qisda, quickly
strengthen the
medical business,
accelerate on
solution
development,
expand 5G networks
business, and play a
comprehensive
effect.
Senior Vice President Republic of China Joe Huang Male 2012.12.01 267,009 0.01% 686 0.00% EMBA, Tsing Hua University in Beijing BenQ Foundation (Note 3)
(Note 2)
Senior Vice President Republic of China Mark Hsiao Male 2007.09.01 122,400 0.01% 0 0.00% B.S., Chemical Engineering, Tamkang
University
Note 2
Vice President Republic of China CY Ho Male 2014.03.20 437,628 0.02% 0 0.00% EMBA, National Taiwan University Note 2
Vice President Republic of China Harry Yang Male 2017.03.09 53,581 0.00% 0 0.00% M.S., Computer Science, University of
Florida
Note 2
Vice President Republic of China Daniel Hsueh Male 2019.09.01 313,272 0.02% 0 0.00% M.S.,Business Management
National Sun Yat-sen University
Note 2
Vice President Republic of China Michael CH Lee Male 2019.11.08 128,104 0.01% 6,000 0.00% Ph.D., Electrical EngineeringNational
Taiwan University
Note 2
Vice President Republic of China Daven Wu Male 2020.03.27 420,012 0.02% 0 0.00% M.S., College of Management, Yuan Ze
University
None
Vice President Republic of China Jasmin Hung Female 2021.03.23 421,396 0.02% 0 0.00% MBA, California State University, Fullerton Director:
Darfon Electronics Corp.,
(Note 2)
Associate vice president Republic of China T.S. Wu Male 2007.03.01 199,341 0.01% 0 0.00% M.S., Institute of Electrical and Control
Engineering
National Chiao TungUniversity
None
Associate vice president Republic of China Rex Wu Male 2009.04.01 150,000 0.01% 0 0.00% EMBA, Pacific Western University Note 2
Shares held by spouse or Shares held by spouse or
Number of shares held
underage children Position concurrently held
Nationality or Place Date
Title Name Gender Primary work or academic in other companies Note 3
of Registration Appointed Number of Shareholding Shareholding
Number of experiences (Note 2)
shares Percentage Percentage
(%) shares (%)
Associate vice president Republic of China Eric Lee Male 2009.04.01 227,209 0.01% 6,000 0.00% MBA, Pacific Western University Note 2 At the same time, in
order to strengthen
the independence
and supervision
function of the board
of directors, the
board of directors of
the company has
three independent
directors and more
than half of the
directors are not an
employee or a
manager of the
Company, so as to
improve the
operation of the
board of directors
and comply with the
principles of
corporate
governance.
Associate vice president Republic of China Jack Wang Male 2010.04.01 47,141 0.00% 0 0.00% M.S., Business Administration
National Central University
None
Associate vice president Republic of China T.H. Lee Male 2010.04.01 10,616 0.00% 0 0.00% Electrical Engineering, Cheng Shiu
University
None
Associate vice president Republic of China Tony Chao Male 2010.10.01 156,018 0.01% 0 0.00% M.S., Mechanical
Universityof Michigan
None
Associate vice president Republic of China Ray Huang Male 2011.04.01 197,248 0.01% 0 0.00% EMBA, National Central University None
Associate vice president Malaysia Nick Niek Male 2011.04.01 0 0.00% 27,772 0.00% B.S., Electrical
FuJen Catholic University
None
Associate vice president Republic of China Danny Lin Male 2012.10.01 8,389 0.00% 10,000 0.00% Ph.D., National Kaohsiung University of
Science and Technology
Note 2
Associate vice president Republic of China Calvin Jeng Male 2013.10.01 125,854 0.01% 0 0.00% M.S., Shanghai Jiao Tong University None
Associate vice president Republic of China Tony Lin Male 2013.10.01 4,828 0.00% 0 0.00% M.S., Mechanical Engineering at National
Taiwan University
None
Associate vice president Republic of China Y.S. Cheng Male 2014.01.01 4,440 0.00% 0 0.00% M.S., Mechanical Engineering at National
Taiwan University
Note 2
Associate vice president Republic of China Aaron Ho Male 2014.04.01 35,730 0.00% 2,006 0.00% M.S., College of Management, Yuan Ze
University
None
Associate vice president Republic of China Joe Lee Male 2014.04.01 200,907 0.01% 0 0.00% EMBA, National Central University Note 2
Associate vice president Republic of China Alex Wu Male 2014.10.01 171,837 0.01% 0 0.00% National Taipei University of Technology None
The Company's shares held by managers in the name of other persons: None.
Anyspouse or relative within the second degree of kinshipof anymanager who serves as the Company's executive: None.

Remarks:

  1. Source of information for Number of shares held is recorded as of the book closure date on April 26. 2021

  2. Please refer to the section “Directors, supervisors and presidents of affiliates” in annual report.

  3. Joe Huang was appointed as director of BenQ Foundation on May 18, 2021.

  4. Where the Chairman of the Board of Directors and the President or person of an equivalent post (the highest level manager) of a company are the same person, spouses, or relatives within the first degree of kinship, the reason for, reasonableness, necessity thereof, and the measures adopted in response thereto must be disclosed.

(III) Compensation of Directors, Supervisors, President, and Vice President

1. Compensation to Directors

Dece Dece Dece Dece Dece Dece Dece Dece mber 31,2020 Unit mber 31,2020 Unit : NT$1,000
Director’s compensation Ratio of sum of Remuneration received by directors who is an employee of the
Ratio of sum of Compensatio
items A B C Company items A B C D n from
Compensation Pension upon Director's Business
, ,
and D to profit
Salary bonuses and Pension upon Employee’s remuneration , , , ,
E, F and G to
investees

(A)

Retirement (B)

Remuneration(C)
execution

(%)
, ,
special expenses (E)

retirement

(G)

Profit (%)
other than
Title Name
(Note 2)

(Note 3)

(Note 4)
Expenses (D)
(Note 5)

(Note 6)

(Note 7)
(F) (Note 3)
(Note 8)

(Note 6)
Qisda
Cor’s
Qisda Corp.
Qisda Corp.
Qisda Corp.


Qisda Corp.
Qisda Corp.
Qisda Corp.
Qisda Corp.
Qisda Corp.
and its
Qisda Corp.
p.
subsidiaries
P
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The
company
and its
subsidiaries
The company subsidiaries
The
company
and its
subsidiaries
or arent
Company
(Note 10) (Note 10) (Note 10) (Note 10) (Note 10) (Note 10) (Note 10) (Note 10) (Note 10)
(Note 9)
Cash Stock Cash Stock
Honorary
Chairman
Kuen-Yao (K.Y.)
Lee
7,223
17,938

0

0
24,732 25,145 360 847 0.65% 0.88% 21,958
22,387
108 108 34,800 0 34,800 0 1.79% 2.03% 53,298
Chairman Chi-Hong
(Peter)Chen
Director AU Optronics
Corp.
Corporate
Director
Representative
Representative
Shuang-Lang
(Paul)Peng
Director BenQ
Foundation
Corporate
Director
Representative
Representative
Han-Chou (Joe)
Huang
Independent
Director
Cheng-Ju
(Allen)Fan
4,200
4,200

0

0
18,193 18,193 270 270 0.45% 0.45% 0
0
0 0 0 0 0 0 0.45% 0.45% 0
Independent
Director
Lo-Yu (Charles)
Yen
Independent
Director
Jyuo-Min Shyu
Independent
Director
Kane K. Wang
(Note 1)
Independent
Director
Jeffrey Y.C.
Shen(Note 1)
1.Please describe the policy, system, standard, and structure of remuneration to independent directors, and the correlation between duties, risk, and time input with
Compensation for Company Directors have been authorized for distribution by the Board of Directors pursuant to the Company's Articles of Association, based on
operations, and have been paid pursuant to the "Compensation Policy to the Directors and Functional Committee Members" which is in reference to domestic and
Directors will resolve on the amount of Directors' remunerations based on the Company's Articles of Association. Independent directors are ex-officio members of
directors, the Company takes into account of each director’s individual responsibilities, risks and investment time, and also determines different reasonable remuner
2. In addition to the information disclosed in the table above, has any Director of the Company provided services to any of the companies included in the Finan
consultation services in a non-employee capacity): None.
the amount of remuneratio
individual Director's level o
overseas industry standards
the audit committee. In add
ations.
cial Statements and receive
n:
f participation and contributions to Company
. When earnings are present, the Board of
ition to the general remuneration paid to
d compensation for such services (e.g provided

Table of compensation ranges

Names of Director Names of Director Names of Director Names of Director
Sum of the first 4 items(A+B+C+D) Sum of the first 7 items(A+B+C+D+E+F+G)
Compensation range for each Director Qisda Corp. and its Parent CompanyQisda Corp. and its
The Company The Company
subsidiaries(Note 9) subsidiaries and investees (Note 10)
Less than NT 1,000,000 Shuang-Lang (Paul) Peng
Han-Chou(Joe)Huang
Shuang-Lang (Paul) Peng Shuang-Lang (Paul) Peng
NT$1,000,000 (included)~2,000,000(excluded) Han-Chou(Joe)Huang
NT$2,000,000 (included)~3,500,000 (excluded) Chi-Hong (Peter) Chen
Kane K. Wang
JeffreyY.C. Shen
Kane K. Wang
Jeffrey Y.C. Shen
Kane K. Wang
Jeffrey Y.C. Shen
Kane K. Wang
Jeffrey Y.C. Shen
NT$3,500,000 (included)~5,000,000 (excluded) Lo-Yu (Charles) Yen
Jyuo-Min Shyu
Lo-Yu (Charles) Yen
Jyuo-Min Shyu
Lo-Yu (Charles) Yen
Jyuo-Min Shyu
Lo-Yu (Charles) Yen
Jyuo-Min Shyu
NT$5,000,000 (included)~10,000,000 (excluded) AU Optronics Corp.
BenQ Foundation
Cheng-Ju(Allen)Fan
AU Optronics Corp.
BenQ Foundation
Cheng-Ju(Allen)Fan
AU Optronics Corp.
BenQ Foundation
Cheng-Ju(Allen)Fan
AU Optronics Corp.
Cheng-Ju (Allen) Fan
NT$10,000,000(included)~15,000,000(excluded) Kuen-Yao(K.Y.)Lee Chi-Hong (Peter)Chen Kuen-Yao(K.Y.)Lee BenQFoundation
NT$15,000,000 (included)~30,000,000 (excluded) Kuen-Yao (K.Y.) Lee Han-Chou (Joe) Huang Kuen-Yao (K.Y.) Lee
Han-Chou(Joe)Huang
NT$30,000,000(included)~50,000,000(excluded) Chi-Hong (Peter)Chen Shuang-Lang (Paul)Peng
NT$50,000,000(included)~100,000,000(excluded) Chi-Hong (Peter)Chen
More than NT$100,000,000
Total 11 Persons
(including 2 Corporate Directors
and 2 former Directors)
11 Persons
(including 2 Corporate Directors
and 2 former Directors)
11 Persons
(including 2 Corporate Directors
and 2 former Directors)
11 Persons
(including 2 Corporate Directors
and 2 former Directors)
  • Note 1: On June 19, 2020, the shareholders' general committee was re-elected. Lo-Yu (Charles) Yen and Jyuo-Min Shyu were elected as the Independent Directors; Independent Directors Kane K. Wang and Jeffrey Y.C. Shen stepped down.

  • Note 2: Refers to compensation for Directors in 2020 (including salaries, job allowance, severance pay, bonuses, and performance fees).

  • Note 3: Refers to pension either allocated or paid out per legal requirements in 2020.

  • Note 4: Refers to Directors' remunerations in 2020.

  • Note 5: Refers to Directors' business execution expenses in 2020 (including the difference between the salaries paid by the sub-subsidiaries and subsidies for those serving as representatives of Corporate Directors designated by the Qisda’s subsidiaries, provisions of compensation, transport fees, special expenses, various subsidies, accommodations, or company vehicles and other physical items)

  • Note 6: Profit refers to the profit for the year in the 2020 parent company only financial statements of Qisda Corp.

  • Note 7: Refers to compensation for Directors who also served as President, Vice President, other managers or employees in 2020 including salaries, job remuneration, severance pay, bonuses, performance fees, transport fees, special expenses, various subsidies, accommodation, company vehicles, and other physical items, etc. Any salary expenses recognized under IFRS 2 Share-Based Payment, including employee stock option plan, employee restricted stock and cash capital increase by stock subscription shall also be included in compensation.

  • Note 8: Refers to employee’s remuneration (including stock and cash) paid to Directors who also served as President, Vice President, other managers, or employees in 2020 according to the company’s board of directors’ meeting has approved the distributions of employees’ compensation amount on March 23, 2021.

  • Note 9: Refers to compensation, remunerations (including remunerations for employees, Directors, and supervisors), business execution expenses, and other related payments received by Directors who served as Director, supervisor, or manager in investees other than Qisda Corp.’s subsidiaries in 2020.

  • Note 10: All consolidated entities in the consolidated financial statements (including the company)

  • Note 11: Total compensation paid to Qisda Corp.’s Directors.

2. Remuneration of Supervisors:

Since June 13, 2008, the Audit Committee has been responsible for the implementation of the Supervisors authority as required by the relevant laws and regulations.

3. Compensation for President and Vice Presidents

December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000 December 31, 2020 Unit: NT$ 1,000
Pension upon
Ratio of sum of items A, B,
Compensation
from investees
other than Qisda
Corp.’s subsidiaries or
Parent Company
(Note 7)
Salary(A) Bonuses and special expenses etc Employee’s remuneration (D)

(Note 2)
retirement (B)
(C)(Note 4)

(Note 5)
C and D to profit (%)
(Note 3) (Note 6)
Title Name
Qisda Corp. and its
The Qisda Corp. and its The Qisda Corp. and its The Qisda Corp. and its The company The Qisda Corp. and its
subsidiaries(Note 8)
company subsidiaries (Note 8) company subsidiaries (Note 8) company subsidiaries (Note 8) Cash Stock
Cash

Stock
company subsidiaries (Note 8)
President Peter Chen 33,827
34,761
858 858 34,770 34,770
68,700
0 68,700 0 2.77% 2.79% 1,244
Senior Vice President Joe Huang
Senior Vice President Mark Hsiao
Vice President April Huang
Vice President CY Ho
Vice President HarryYang
Vice President Daniel Hsueh
Vice President Michael CH Lee
Vice President Daven Wu(Note 1)

Table of compensation ranges

Name of President and Vice President Name of President and Vice President
Compensation range for each President and Vice President
The Company Parent Company, Qisda Corp. and its subsidiaries and investees(Note 9)
Less than NT 1,000,000
NT$1,000,000 (included)~2,000,000(excluded)
NT$2,000,000 (included)~3,500,000(excluded)
NT$3,500,000 (included)~5,000,000(excluded)
NT$5,000,000(included)~10,000,000(excluded) CY Ho,Daven Wu CY Ho,Daven Wu
NT$10,000,000 (included)~15,000,000 (excluded) Mark Hsiao, April Huang, Harry Yang
Michael CH Lee,Daniel Hsueh
Mark Hsiao, April Huang, Harry Yang
Michael CH Lee,Daniel Hsueh
NT$15,000,000(included)~30,000,000(excluded) Joe Huang Joe Huang
NT$30,000,000(included)~50,000,000(excluded) Peter Chen Peter Chen
NT$50,000,000(included)~100,000,000(excluded)
More than NT$100,000,000
Total 9 Persons 9 Persons

Note 1: Daven Wu was promoted to Vice President, effective March 27,2020. Note 2: Refers to compensation for president and vice president in 2020, including salaries, job allowance and severance pay. Note 3: Refers to pension either allocated or paid out per legal requirements in 2020.

Note 4: Refers to compensation for president and vice president in 2020, including the difference between the salaries paid by Qisda and subsidies for those serving as representatives of Corporate Directors designated by Qisda, bonuses, performance fees, transport fees, special expenses, various subsidies, accommodation, company vehicles, and other physical items, etc. Any salary expenses recognized under IFRS 2 Share-Based Payment, including employee stock option plan, employee restricted stock and cash capital increase by stock subscription shall also be included in compensation.

Note 5: Refers to remunerations for employee in 2020, according to the company’s board of directors’ meeting has approved the distributions of employees’ compensation amount on March 23, 2021. Note 6: Profit refers to the profit for the year in the 2020 parent company only financial statements of Qisda Corp.

Note 7: Refers to compensation including compensation, remuneration (including remunerations for employees, Directors, and supervisors), business execution expenses, and other related payments received by president and vice president who served as Director, supervisor, or manager in investees other than Qisda Corp.’s subsidiaries in 2020.

Note 8: All consolidated entities in the consolidated financial statements (including the company) Note 9: Total compensation paid to managers such as Vice Presidents or above.

  1. Names of managers provided with employee's remunerations and state of payments

Unit: NT$ 1,000

Ratio of total amount to
Title Name Stock Cash
Total the net income after taxes
(Note1) (Note1) (Note 2) (Note2)
(%)(Note 3)
Chairman and President Peter Chen 0 95,960 95,960 1.92%
Senior Vice President Joe Huang
Senior Vice President Mark Hsiao
Vice President April Huang
Vice President CY Ho
Vice President HarryYang
Vice President Daniel Hsueh
Vice President Michael CH Lee
Vice President Daven Wu
Vice President Jasmin Hung
Associate Vice President T.S. Wu
Associate Vice President Rex Wu
Associate Vice President Eric Lee
Associate Vice President Jack Wang
Associate Vice President T.H. Lee
Associate Vice President TonyChao
Associate Vice President RayHuang
Associate Vice President Nick Niek
Associate Vice President DannyLin
Associate Vice President CalvinJeng
Associate Vice President TonyLin
Associate Vice President Y.S. Cheng
Associate Vice President Aaron Ho
Associate Vice President Joe Lee
Associate Vice President Alex Wu
AccountingManager BillyLiu

Note 1: Current Company managers as of the end of 2020. Information on titles of managers are accurate as of the publication date of the Annual Report. Note 2: Refers to remunerations for employees in 2020. Note 3: Net income after taxes refers to the net income after taxes on the 2020 parent company only financial statements.

  • (IV) Compare and analyze the total compensation as a percentage of net income after taxes stated in the parent company only or individual financial statements, paid by the Company and by all companies listed in the consolidated financial statement in the most recent two years to the Company's Directors, supervisors, president and vice president. Describe the policies, standards, and packages for payment of compensation, the procedures for determining compensation, and its linkage to business performance and future risk exposure

  • The total compensation as a percentage of net income after taxes stated in the parent company only financial statement, paid by the Company and by all companies listed in the consolidated financial statement in the most recent two years to the Company's Directors, supervisors, President and Vice President are as the following:

NT$1,000
Year

2020
2019
Item
Net income after taxes on the Company's Parent CompanyOnlyFinancial Statements 4,988,470 3,575,055
Ratio of compensation for Directorspaid bythe Company 1.10% 1.45%
Ratio of compensation for Directors paid by all companies listed in the Consolidated Financial
Statements
1.33% 1.52%
Ratio of compensation for Managers such as Vice President or abovepaid bythe Company 2.77% 2.37%
Ratio of compensation for Managers such as Vice President or above paid by all companies
listed in the Consolidated Financial Statements
2.79% 2.41%
  1. Policies, standards, and packages for payment of compensation, as well as the procedures followed for determining the compensation, and their linkages to business performance and future risk exposure.

  2. (1) Compensation for Company Directors have been authorized for distribution by the Board of Directors pursuant to the Company's Articles of Association, based on individual Director's level of participation and contributions to Company operations, and have been paid pursuant to the "Compensation Policy to the Directors and Functional Committee Members" which is in reference to domestic and overseas industry standards. When earnings are present, the Board of Directors will resolve on the amount of Directors' remunerations based on the Company's Articles of Association.

(2) Compensation for the Company's Directors and managerial officer are handled in accordance with Company's Articles of Association and compensation (salary) related policies also the Remuneration Committee will Review the compensations and submit to the Board's approval.

  • 16 -

III. Implementation of Corporate Governance

Being committed to creating profits for our Shareholders and contributing to the society has always been the basic belief of Qisda. The Company supports and promotes the transparency of operation and the fairness of information transmission, which would allow the Shareholders, customers and stakeholders of the Company may have a unified channel to immediately obtain the business and financial related information of the Company.

The Board of Directors of the Company takes the interests of the Company and its all Shareholders as the top priority when conducting business assessment and major resolutions. The CPAs and Independent Directors also act as roles of supervision and take a cautious attitude to examine the business implementation by the Company and the Board.

Based on relevant regulations, the Company has set up positions of Independent Directors, the Audit Committee and Remuneration Committee to maintain a more robust decision-making and execution organization to continuously improve the Company's operational efficiency and implement corporate governance with practical actions.

(I) Operations of the Board of Directors

The Company had convened 9 Board of Directors meetings in 2020 with the following attendance:

Number of actual Number of proxy Actual attendance Remark
Title Name
attendance(B) attendance rate(%) (B/A)
HonoraryChairman
Kuen-Yao(K.Y.)Lee 9 0 100% Re-election
Chairman
Chi-Hong (Peter)Chen 9 0 100% Re-election
Director

AU Optronics Corp. Representative:
Shuang-Lang (Paul)Peng

9
0 100% Re-election
Director

BenQ Foundation Representative:
Han-Chou(Joe)Huang
9 0 100% Re-election
Independent Director
Cheng-Ju(Allen)Fan 9 0 100% Re-election
Independent Director
Lo-Yu(Charles)Yen 4 0 100% Newlyelected
Independent Director
J
yuo-Min Shyu 4 0 100% Newlyelected
Independent Director
Kane K. Wang 5 0 100% Former
Independent Director
J
effreyY.C. Shen 5 0 100% Former

Other items that shall be recorded:

  • (I) When one of the following matters occurs during the operation of the Board of Directors, the dates, terms, contents of proposals of the meetings, the opinions of all Independent Directors and the reponses by the Company shall be clealy described:

  • Items specified in Article 14-3 of Securities and Exchange Act:

Discussions Opinions by
Terms of
Independent Directors
Dates
2020 and Treatment by the
Company
Mar. 27, 2020 First Proposal of 2019 Statement of Internal Control System and Report on the Results of Self-appraisal 1. All Independent
Directors and
Directors presented at
the meeting agreed
without objection.
2. Treatment to opinions
by Independent
Directors: None.
Approved the amendments to the internal control system
Approved the proposal of issuance of new common shares for cash to sponsor issuance of the
overseas depositary shares and/or issuance of new common shares for cash in public offering and/or
issuance of new preferred shares for cash in public offering and/or issuance of new common shares
for cash in private placement and/or issuance of overseas or domestic convertible bonds in private
placement
Approved the termination ofprivate securityofferingapproved by2019 shareholders' meeting
Approved Donation to BenQFoundation NTD 5 million
2020 Professional fee for service of CPAs
Approved to increase capital of DarlyVenture Inc.
Approved theproposal of subsidiaryobtainingof common shares of Alpha Networks Inc.
Mar. 31, 2020 Second Approved the Company participates in Simula TechnologyInc.'sprivateplacement of common shares
Approved theproposal for makingloan for DarlyVenture Inc. with the amount of NT$200 million
Apr. 30,2020 Third Approved to tender offer for common shares of Alpha Networks Inc.
May07, 2020 Fourth Approved theproposal for making guarantee forQisda Labuan with the amount of US$ 60 million
Jun. 10, 2020 Fifth Approved to authorize the Board ofQisda Sdn. Bhd. to resolve the disposal of the real estates
Approved theproposal of acquiringcommon stock of GOLDEN SPIRIT CO.,LTD.
Aug. 11,2020 Seventh Approved theproposal of acquiringcommon stock of Alpha Networks Inc.
Nov. 11, 2020 Eighth Approved theproposal of 2021 internal auditplan
Approved theproposal for making guarantee forQisda Labuan
Approved theproposal for 2021 appointment of CPAs bythe Company
Dec. 07,2020 Ninth Approved to tender offer for common shares of SYSAGE THCHNOLOGY CO.,LTD.
  1. In addition to the aforementioned matters, any other resolutions from the Board of Directors where an Independent Director expressed a dissenting or qualified opinion that has been recorded or stated by writing: None.

  2. 17 -

  3. (II) When Directors abstain themselves for being astakeholder in certain proposals, the name of the Directors, the content of the proposal, reasons for abstentions and the results of voting counts should be stated.

  4. During the Board of Directors discussing the proposal of making a donation of NT$5 million to BenQ Foundation on March 27, 2020, the Honorary Chairman Kuen-Yao (K.Y.) Lee, the Chairman Chi-Hong (Peter) Chen and Shuang-Lang (Paul) Peng, the representative of the corporate director AU Optronics Corp., are acting as the directors of BenQ Foundation, and Director HanChou (Joe) Huang is the representative of the BenQ Foundation. This four personnel did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act. Excluding their participation, all the other Directors presented at the meeting approved such a proposal without objection.

  5. During the Board of Directors discussing the proposal of subsidiary obtaining of common shares of Alpha Networks Inc. on March 27, 2020, the Chairman Chi-Hong (Peter) Chen did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to Chi-Hong (Peter) Chen is the Director of Alpha Networks Inc. Excluding his participation, all the other Directors presented at the meeting approved such a proposal without objection.

  6. During the Board of Directors discussing the proposal of tender offer for common shares of Alpha Networks Inc. on April 30, 2020, the Chairman Chi-Hong (Peter) Chen did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to Chi-Hong (Peter) Chen is the Director of Alpha Networks Inc. Excluding his participation, all the other Directors presented at the meeting approved such a proposal without objection.

  7. During the Board of Directors discussing the proposal of making guarantee for Qisda (L) Corp. with the amount of US$ 60 million and US$46 million on May 7, 2020 and November 11, 2020, the Chairman Chi-Hong (Peter) Chen did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to Chi-Hong (Peter) Chen is the Director of Qisda (L). Excluding his participation, all the other Directors presented at the meeting approved such a proposal without objection.

  8. During the Board of Directors discussing the proposal of authorizing the Board of Qisda Sdn. Bhd. to resolve the disposal of the real estates on June 10, 2020, the Honorary Chairman Kuen-Yao (K.Y.) Lee and the Chairman Chi-Hong (Peter) Chen did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to they have personal interests in the matter. Excluding their participation, all the other Directors presented at the meeting approved such a proposal without objection.

  9. During the Board of Directors discussing the proposal of appointing the remuneration committee members on June 19, 2020, the Independent Directors Cheng-Ju (Allen) Fan, Lo-Yu (Charles) Yen and Jyuo-Min Shyu did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to they are the appointed members. Excluding their participation, all the other Directors presented at the meeting approved such a proposal without objection.

  10. During the Board of Directors discussing the proposal of acquiring common shares of Alpha Networks Inc. on August 11, 2020, the Chairman Chi-Hong (Peter) Chen did not participate in the discussion and voting of such proposal according to Article 206 and 178 of the Company Act due to Chi-Hong (Peter) Chen is the Director of Alpha Networks Inc. Excluding his participation, all the other Directors presented at the meeting approved such a proposal without objection.

(III) Implementation Status of Board Evaluations

The Board of Directors approved the “The Rules for Performance Assessment of the Board of Directors” on November 7, 2018, and approved the amentment on November 11, 2020, which stipulated the requirements of commencing performance appraisal to the Board and the Board members at least once per annual period. The Company had completed the performance appraisal to the Board, the Board members and two Functional Committees by the end of 2020 and reported at the Board meeting in March of 2021, the grade is excellent indicating the efficient and good operation by the Board.

Evaluation
cycle
Evaluation period Scope of
evaluation
Evaluation method Evaluation items
Annually January 2020 to
December 2020
Board and
Board
members
Internal Self-
Evaluation made
by the Board and
Board members
1.
Alignment of the goals and missions of the company
2. Participation in the operation of the company
3. Management of internal relationship and
communication
4. Improvement of the quality of the board of directors'
decision making
5. Composition and structure of the board of directors
6. Awareness of the duties of a director
7. Election, professionalism and continuing education of
the directors
8.
Internal control
Audit
Committee
Internal Self-
Evaluation made
by Audit
Committee
1.
Participation in the operation of the company
2. Awareness of the duties of Audit Committee
3. Improvement of quality of decisions made by Audit
Committee
4. Makeup of Audit Committee and election of its
members
5.
Internal control
Remuneration
Committee
Internal Self-
Evaluation made
by Remuneration
Committee
1.
Participation in the operation of the company
2. Awareness of the duties of Remuneration
Committee
3. Improvement of quality of decisions made by
Remuneration Committee
4. Makeup of Remuneration Committee and election of
its members
  • 18 -

  • (IV) Targets for strengthening the functions of the Board of Directors in the current and the most recent year (e.g., setting up an Audit Committee and enhancing information transparency) and evaluation of target implementation:

  • The Company had established positions of Independent Directors and the Audit Committees in 2008 to exercise the functions required by the Securities and Exchange Act, the Company Act and other legal regulations. In 2011, the Remuneration Committee was established to enhance corporate governance and improve the remuneration and compensation system for Directors and Managers of the company.

  • Based on Paragraph 8 of Article 26-3 of the Securities and Exchange Act, Qisda has promulgated the “Rules Governing the Procedures of Meetings of the Board of Directors” which stipulated requirements to contents of meetings of the Board, the operating procedures, the matters to be recorded in the proceedings, the announcements and any other matters. Meetings of Qisda Board shall be convened at least once per quarter. All members of the Board shall exercise the due care of a good administrator and bear fiduciary duty to manage exercise their powers with a high degree of self-discipline and prudence under the guidance of optimization of Shareholders’ interest.

(II) Operations of the Audit Committee

The Company had convened 8 Audit Committee meetings in 2020 with the following attendance:

Attendance in Number of times Remark
Title Name Attendance rate (B/A)
Person(B) attended by proxy
Independent Director Cheng-Ju(Allen)Fan 8 0 100% Re-election
Independent Director Lo-Yu(Charles)Yen 3 0 100% Newlyelected
Independent Director Jyuo-Min Shyu 3 0 100% Newlyelected
Independent Director Kane K. Wang 5 0 100% Former
Independent Director JeffreyY.C. Shen 5 0 100% Former

Other items that shall be recorded:

  • (1) If any of the following matters occurs during the operation of the Audit Committee, the dates, terms, contents of the proposal of the Board meetings, the opinions of all Independent Directors and the responses by the Company shall be cleanly described:

  • Items specified in Article 14-5 of Securities and Exchange Act:

Opinions by
Terms of
Independent Directors
Dates Discussions
2020 and Treatment by the
Company
Mar. 27, 2020 First Proposal of 2019 Statement of Internal Control System and Report on the Results of Self-appraisal 1.All Audit Committee
Members presented at
the meeting agreed
without objection.
2. Treatment to opinions
by Audit Committee
Members: None.
Approved the amendments to the internal control system
ApprovedQisda's consolidated financial results of 2019
Approved the proposal of issuance of new common shares for cash to sponsor issuance of the
overseas depositary shares and/or issuance of new common shares for cash in public offering and/or
issuance of new preferred shares for cash in public offering and/or issuance of new common shares
for cash in private placement and/or issuance of overseas or domestic convertible bonds in private
placement
Approved the termination ofprivate securityofferingapproved by2019 shareholders' meeting
2020 Professional fee for service of CPAs
Approved to increase capital of DarlyVenture Inc.
Approved theproposal of subsidiaryobtainingof common shares of Alpha Networks Inc.
Mar. 31, 2020 Second Approved the Company participates in Simula TechnologyInc.'sprivateplacement of common shares
Approved theproposal for makingloan for DarlyVenture Inc. with the amount of NT$200 million
Apr. 30,2020 Third Approved to tender offer for common shares of Alpha Networks Inc.
May07, 2020 Fourth Approved theproposal for making guarantee forQisda Labuan with the amount of US$ 60 million
Jun. 10, 2020 Fifth Approved to authorize the Board ofQisda Sdn. Bhd. to resolve the disposal of the real estates
Approved theproposal of acquiringcommon stock of GOLDEN SPIRIT CO.,LTD.
Aug. 11,2020 Sixth Approved theproposal of acquiringcommon stock of Alpha Networks Inc.
Nov. 11, 2020 Seventh Approved theproposal of 2021 internal auditplan
Approved theproposal for making guarantee forQisda Labuan
Approved theproposal for 2021 appointment of CPAs bythe Company
Dec. 07,2020 Eighth Approved to tender offer for common shares of SYSAGE THCHNOLOGY CO.,LTD.
  1. Other matters except the preceding ones, which are not approved by the Audit Committee but approved by two-thirds or more of the Directors: None.

  2. (II) For the implemtnation of Directors’ avoidance due to conflicts of interest of Directors, please clearly specify the names of Directors, the content of the proposals, the reasons of avoidance due to conflicts of interest and the participation in the voting amd resolution: None.

  3. (III) Communication between Independent Directors, the Internal Audit Director and CPAs (the major issues, methods and results of the Company's financial and business conditions shall be descripted in details):

  4. 19 -

The Audit Committee of the Company would regularly convene inernal meetings and invite CPAs, internal auditors, legal affairs staff, financial accounting staff and other units on a quarterly basis to discuss or discuss the information of discoveries during the examination of financial statements of the most recent period (including the accountant's duties and independence, scope and methos for examination or verification, examination or verification results of Q2 or annual financial report, analysis of key financial ratios, major accounting treatment, major regulatory updates and other related issues), internal audit verification results (including report of verification of current audit, the follow-up report and the important audit regulatory updates after the implementation), major lawsuits, and financial business profiles, etc.. All Independent Directors had communicated well and efficiently with the Internal Audit Director and CPAs. In order to make the members of the Audit Committee more aware of the relevant laws and regulations and the actual operation of the Company, the Company, on a random basis, also organized meetings for other special reports such as risk management, so that the Audit Committee memebers can assist investors to ensure the credibility and reliability of the Company's corporate governance and information transparency, further ensuring the interests of shareholders.

IV. Annual key functions and operations:

  • (I) Annual key functions

  • Communicate results of audit report with the head of internal audit regularly according to the annual audit plan.

  • Communicate with CPA regularly over financial statement review or audit results in each quarter.

  • Review financial reports.

  • Assessment of the effectiveness of internal control system.

  • Review the hiring, dismissal, compensation and service matters concerning CPAs

  • Review the Company's operational procedures and material transactions of assets, derivatives, capital lending and endorsement/guarantees.

  • Legal compliance.

  • (II) 2020 operations: Proposals of the Audit Committee meetings have all been reviewed or approved by members of the Audit Committee with no dissent from any of the Independent Directors.

  • (III) Implementation of Corporate Governance, and Differences with Contents of Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies and Reasons:

The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
A. Does the Company establish and
disclose the Corporate Governance
Best-Practice Principles based on
“Corporate Governance Best Practice
Principles for TWSE/GTSM Listed
Companies”?
V With having the prior approval of the board of directors on
May 5, 2015, relevant matters were revealed in Qisda’s
website.
Please refer to the Company's official website or the Market
Observation Post System (MOPS) for the Corporate
Governance Principles stipulated bythe Company.

No
differences.
B. Corporate Ownership Structure and
shareholders' equity establish
a. Does the Company establish the
internal operating procedures to
handle the shareholders’ proposals,
inquiries, disputes and litigations issues
as well as carry out through following
procedures?
b. Does the Company retain at all times a
register of major shareholders who
have controlling power,and of the

V
V
a. Qisda has established the channels including exclusive
personnel, investor relations, corporate investor relations
websites dedicated to handling the shareholders’
proposals or disputes issues.
b. Qisda will report the changes in the shareholding
according to directors, managerial personnel and major
shareholders’ shareholdings more than tenpercent(10%)

No
differences.
  • 20 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
persons with ultimate control over
those major shareholders?
c. Does the Company establish and
implement the risk management and
firewall mechanism between affiliated
enterprises?
d. Does the Company establish the
internal guidelines prohibiting company
insiders from trading securities using
information not disclosed to the
market?
V
V
of the shares of the Company, as well as regularly
announce and file on the Market Observation Post
System (MOPS) on a monthly base.
c.Qisda’s affiliated enterprises have established the specialized
Finance and Sales Departments, as well as the detached
factories with data-independent preservation, off-site
backup and clear management responsibility. The Company
will further, together with its affiliated enterprises, properly
conduct an overall risk assessment of major banks they deal
with, customers and suppliers, as well as implement the
integrated risk assessment to reduce credit risk.
d. Qisda has established the “Operating Procedures for
Handling Material Information and Preventing Insider
Trading”, which covers the relevant regulations on
prevention of insider trading.






C. Organization and Responsibilities of
the Board of Directors
a. Does the Board of Directors formulate
the diversified approaches and
implement aimed at Board Member
organization?

V
a. On May 5, 2015, Qisda passed the “Corporate
Governance Principles” of which the diversified
approaches have been adopted in “Enhancing the
Function of Board of Directors” of Chapter 3. The
nomination and selection of Board Members comply with
articles of incorporation that the Company adopts the
candidate nomination system. Aside from evaluating each
candidate’s qualifications including education and
experience, the Company also refers to stakeholders’
opinions as well as comply with “Rules for Director and
Supervisor Elections” and “Corporate Governance
Principles” in order to ensure the diversity and
independency of Board Members.
According to Qisda’s “Corporate Governance
Principles”, the composition of Board Members shall be
determined by taking diversity into consideration and
formulating an appropriate approach on diversity based
on the company's business operations, operating
dynamics, and development needs. It is advisable that the
policy include, without being limited to, the following two
general standards:
1. Basic requirements and values: Age, identity, and more.
2. Professional knowledge and skills: Professional
background, professional skills, industry experience,
and more.
Concurrently an employee of the Company accounts for
28.57% and 42.86% of independent directors respectively.
2 directors are aged between 51-60 and 5 directors
between 61-70 years of age. Number of Directors who
concurrently serve as Company managers do not exceed
one-third of all Directors has been achieved.
The status of implementing diversification of Qisda’s
Board Members in 2020 is as follows:

No
differences.
  • 21 -
The Operations The Operations The Operations The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
b. Aside from establishing the
Remuneration Committee and Audit
Committee, does the Company also
voluntarily establish other types of
functional committees?
c. Does the Company establish the rules
for the board performance evaluation
V
V
Gender Employee’ s Identity Professiona l Knowledge

Age
and Skills
51-60 61-70 Industry or
Technology
Business / Laws
/ Finance
Name Job Title
Kuen-Yao
(K.Y.)Lee
Director M V V
Chi-Hong
(Peter)Chen
Chairman M V V V
Shuang-Lang
(Paul)Peng
Director M V V
Han-Chou
(Joe)Huang
Director M V V V
Cheng-Ju
(Allen)Fan
Independent
Director
M V V
Lo-Yu
(Charles)Yen
Independent
Director
M V V V
Jyuo-Min Shyu Independent
Director
M V V
  • 22 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
and its assessment methods for annual
performance evaluation on an annual
basis, as well as report its result to the
Board of Directors by applying that as
a reference to remuneration of
individual director and to nomination
and continuous employment?
d. Does the Company regularly evaluate
and the independency of an attesting
CPA?
V Evaluation”. The internal board performance evaluation for
the current year shall be conducted at least once a year as
well as be conducted by external independent institutions
or panel of external experts and scholars at least once
every three years.
Qisda has completed the board evaluation by the end of
2020. And it is expected that the Company will hold a
Board meeting to report the evaluation results in March,
2021.
The Company shall take into consideration its condition
and needs when establishing the criteria for evaluating the
performance of the board of directors and its members,
which should cover, at a minimum, the following eight
aspects:
(1) Master the company's goals and tasks;
(2) Participation in the operation of the company;
(3) Internal relationship management and communication
(4) Improvement of the quality of the board of directors'
decision making;
(5) Composition and structure of the board of directors;
(6) Directors' duties cognitive.
(7) Election and continuing education of the directors; and
(8) Internal control.
This performance evaluation was conducted in the way of
internal questionnaire based on operation of the Board
and directors’ participation that enables directors to
evaluate their functions over the operation of the Board.
The evaluation results showed that the achievement rate
is above 95%. According to results of the Board
evaluation in 2020, the overall operation of the Board
performed at a consistently high efficiency level.
According to the provisions in Article 16 specified in the
Articles of Incorporation, the Company’s director
compensation shall not exceed the 1% of annual profit.
The directors’ compensation is prescribed based on the
Company’s operating results and the “Remuneration
Guidelines for Directors and Committee Members of
Functional Committee” with reference to evaluation
results of Board performance by the Remuneration
Committee and Board of Directors.
d. Qisda may, by a resolution adopted by the Audit
Committee and Board of Directors, regularly hire the
attesting CPA (including independence assessment) on an
annual basis. The Company shall require the CPA to
provide the independence statement and his / her brief
biography document before meeting, ensure that the
accounting firm (attesting CPAs and members of audit
team) follows the request for independence.
Independence assessment indicators of CPA:





  • 23 -
The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons






Evaluation Items Independency
1. No direct or indirect substantial financial interest
between the CPA and the Company.
YES
2. No borrowing/lending of fund between the CPA and
the Company.
YES
3. No potential employment relationship exists when the
CPA audits the Company’s report.
YES
4. The CPA, his/her spouse or family dependent(s) and
audit team members have never held the position as
director /supervisor, managerial officer, or any
position materially critical to the audited case in the
most recent 2 years, and will never hold said positions
in the future auditperiod.
YES
5. Non-audit services provided by CPA to the
Corporation have no direct impact on the major items
of audit servicesprovided.
YES
6. The CPA does not promote or sell shares or other
securities issued bythe Corporation.
YES
7. The CPA is not representing the Corporation in
litigation of a thirdpartyor other disputes.
YES
8. The CPA and members of the audit team have no
familial relationships with directors, managers, or
people in positions that have major impact on
Corporation audits at the Corporation.
YES
D. Does the TWSE/GTSM Listed
Companies allocate the adaptation and
appropriate number of corporate
governance personnel as well as assign
the corporate governance supervisors
to be responsible for matters related
to corporate governance (including but
not limited to required information
provided to directors and supervisors
performing their duties, assistance
provided to directors, legal compliance
of supervisors, handling matters related
to Board of Directors’ and
shareholders' meeting in accordance
with the laws, preparation of the
minutes of Board of Directors’ and
shareholders' meeting, and more.)?


V
On August 30, 2019, Qisda may, after having a resolution
adopted by the Board of Directors, hire Jasmin Hung to
take part as a role of corporate governance personnel
responsible for supervision and planning of corporate
governance. Hung’s qualifications for the position meet the
provisions regarding Corporate Governance Supervisors set
out in Paragraph One of Article 3-1 of Corporate
Governance Best-Practice Principles for TWSE/GTSM-
Listed Companies. The official powers performed by the
corporate governance supervisors include: Providing the
information required by the directors and Audit Committee
and the latest regulations regarding corporate operation,
providing assistance in legal Compliance of the directors and
Audit Committee, regularly reporting the operations of
corporate governance to Corporate Governance
Committee and Board of Directors on an annual basis,
handling matters related to Board of Directors’ and
shareholders' meeting in accordance with the laws,
preparation of the minutes of Board of Directors’ and
shareholders' meeting, providing assistance in assuming
office to directors and Audit Committee members and
continuing education.
The operation in 2020 is updated as follows:
1. Assist the independent directors and general directors to
perform their duties, provide the required information
and arrange the continuing education for directors.
2. Regularlyinform the Board members dedicated to the

No
differences.
  • 24 -
The Operations The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
revised regulations regarding corporate operating domain
and corporate governance.
3. Inspect the confidential levels of relevant information and
provide the corporate information required by the
directors to maintain the communication and smooth
interaction between directors and supervisors.
4. Review the release of announcement of material news
upon the adoption of important resolutions after
meetings to ensure the lawfulness and correctness as well
as protect the equal information on transactions for
investors.
5. The Company has convened nine times of the Board of
Directors and eight times of Audit Committee in 2020.
6. The Company has convened the regular shareholders'
meeting once in 2020.
7. The Board members have completed at least six credits
of continuing education.
8. Qisda has helped the directors and important employees
apply for liability insurance and has reported to the Board
of Directors after renewal of insurance.
9. The Company has engaged a board performance
evaluation and the evaluation result showed excellence.
10. Corporate governance training undertaken by corporate
governancepersonnel



Date of continuing
education
Length of
The curriculum
Organizer Course Name
Securities and
Legal compliance for insider equity
Futures 2019/11/21 3
Institute transaction.
Taiwan
Brief Introduction to the Fair Trade Act,
Corporate
and Impact of Global Antitrust Regulations 2019/11/22 3
Governance
on Taiwanese Enterprises.
Association
Accounting Comparison, Legal Responsibilities and
Research and Case Analysis of "Economic Espionage
2019/11/27 3
Development Crime" in the United States and my
Foundation. country's "Business Secrets Act.
Accounting
Companies cooperate with accountants to
Research and
check and verify: "Check Evidence" and
2020/5/28 3
Develoment
p
Foundation.
"Employing Experts' Work".
Accounting
How to Analyze Key Financial Information
Research and

of Enterprises and Strengthen Crisis
2020/7/13 6
Development
Warning Ability.
Foundation.
Taiwan Institute Corporate Transformation in the Era of
2020/8/18 3
of Directors Change.

Opportunities and Challenges for
Taiwan Institute


Corporates amidst the USChina Trade
2020/11/19 3
of Directors
Conflict.
Independent
The Board of Directors Must M&A
Director
Strategy and the Magical Way of 2021/4/14 3
Association
Enterprise Transformation.
Taiwan
Note: Upto thepublication date of this annual report.
  • 25 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
E. Does the Company build the channels
of communication with stakeholders
(including but not limited to
shareholders, employees, customers,
suppliers and so on.) as well as
designate a stakeholder area on its
website in response to important
issues on corporate social
responsibility concerned by
stakeholders in a proper manner and in
good faith?

V
Qisda has built the stakeholder mailbox on its website that
is used as the channels of communication in response to
important issues on corporate social responsibility
concerned by stakeholders in a proper manner and in good
faith. We also regularly disclose the financial and business
information of financial conditions and operations on the
Market Observation Post System (MOPS) and on the
website established by the Company. Moreover, we will
timely release announcement of material news dedicated to
events that result in significant impact on stakeholders.
No
differences.
F. Does the Company engage a
professional shareholder services agent
to handle shareholders meeting
matters?

V
Qisda has appointed Taishin International Bank Stock Affairs
Department that plays a role of its shareholder services
agent to handle shareholders meeting matters.
No
differences.
G. Information Disclosure
a. Does the Company set up a website
containing the information regarding
financial or business operations as well
as corporate governance?
b. Does the Company adopt other
methods of information disclosure
(such as set up the English website,
appoint personnel responsible for
gathering and disclosing the
information, establish a spokesperson
system, display the Company’s website
during the investor conference briefing,
and more.)?
c. Does the Company publicly announce
the annual financial reports within two
months after the close of each fiscal
year, as well as the financial reports in
Q1, Q2 and Q3, plus the addition of
monthly operating status prior to the
designated deadlines in advance?

V
V
V
a. Qisda has established the Investor Relations in its website
in Chinese and English (Qisda.com) that discloses the
information regarding financial or business operations as
well as corporate governance.
b. Qisda has adopted various methods of information
disclosure, such as set up the English website, specified
personnel responsible for gathering and disclosing the
information, establish a spokesperson system, regularly or
unregularly hold the operations conference briefing and
upload the presentation materials to the Company’s
website and establish investor mailbox in response to
investors’ questions.
c. On March 23, 2021, Qisda has publicly announced the
consolidated and Standalone financial reports in 2020; the
financial reports in 2020 Q1, Q2 and Q3, in addition to
the monthly operating status will be publicly announced
on the Market Observation Post System (MOPS) prior to
the designated deadlines and then upload them to the
Company’s website.

No
differences.
H. Does the Company have other
important information helping
understand the operations of
corporate governance as follows?
a. Employee rights and caring for the
employees
b. Investor relations
V
V
a. Promoting the ideal of building a happy and healthy
workplace, Qisda plans the diverse employee benefits
allowing all colleagues to experience the ideal workplace
environment and wellbeing corporate culture. The
Company creates various benefit plans, and the Welfare
Committee consists of the Company’s colleagues. For
more details on employee rights, please see Labor-
Management Relations (P61-P63) of Business Overview in
Chapter 5.
b. Qisda’s specified personnel shall publicly announce with
timelyinformation on companyfinancial conditions,

No
differences.
  • 26 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
c. Supplier relationship
d. Stakeholder rights
e. Progress of training of directors and
supervisors.
f. Risk management policy and execution
of risk measurement standards
g. Execution of customer policy
V
V
V
V
V
businesses and event of changes regarding insider
shareholdings on the Market Observation Post System
(MOPS) in accordance with the provisions to achieve the
information disclosure and transparency. Moreover, the
information regarding investor contact person on the
Company’s official website.
c. Qisda has17stablished the hiring procedure for suppliers
based on the future products in demand and purchase
strategies. The purpose is to investigate whether a
potential supplier’s management system can meet the
Company’s requirements used as the basis for future
hiring. This includes capacity, technological innovation
capability, quality and service. Moreover, comply with
revised “Operation Procedure for Regulations Governing
the Review of Hiring Suppliers” as well as online system
update in 2015, we’ve added three indicators (such as
environment, human rights and morality as well as
worker interests) to investigation items of new suppliers
so as to screen the new suppliers through environmental
and social items.
d. The setup of Qisda’s official website provides different
interaction ways of different stakeholders that is disclosed
annually in the corporate social responsibility report; in
addition, the Company shall report to the Board of
Directors aimed at communication with stakeholders at
the beginning of every year that allows the Board to
understand and listen to stakeholders’ opinions.
e. Qisda unregularly informs the directors and supervisors
of the Company and its subsidiaries to participate in
continuous education on relevant professional
knowledge. In addition, we have also arranged the
directors to participate in courses held by Taiwan
Institute of Directors dated Auguest and November 2020
aimed at “Corporate Transformation in the Era of
Change” and “Opportunities and Challenges for
Corporates amidst the US China Trade Conflict” (P39).
f. Qisda has established the Risk Management Committee to
formulate the risk management policies and regularly
evaluate the Company’s risk for risk mitigation. For more
details on relevant information, please see Book Chapter
Risk Management (P70-P71).
g. Qisda will get primary consideration for enhancing
customer and business partner satisfaction that fulfills the
promises of satisfaction on due date, cost, technology,
quality, customer service, relevant regulations, overall
evaluation to continuously ensure satisfying customers’
needs. In order to timely respond and satisfy customers’
various needs, the Company has established the
Customer Service Division (CSD) to fully understand and
listen to the Voice of Customer as well as help customers
resolveproblems.


  • 27 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-
Practice
Evaluation Item Principles
Summary Description

for
TWSE/GTS
M-Listed
Companies

And Their
Reasons
h. Liability insurance purchased by the
Company for directors and
supervisors.
V
V
h. Qisda and its subsidiaries have purchased the liability
insurance for directors and supervisors so that it can
carefully execute the business operations as starting point
for investor rights without worries.
i. Qisda has donated and established the BenQ Foundation
since 2003 dedicated to enhancing the society, culture
and education, increasing self / communities’ relations,
promoting quality of life as well as caring for
disadvantaged groups. For more details on social
responsibility practices, please see Status of Social
ResponsibilityStatus(P30-P35).
I. Please describe the improvement status according to the evaluation results of Corporate Governance Evaluation publicly
announced by Governance Center of Taiwan Stock Exchange Corporate (TWSE) in recent years. In addition, the Company
shall propose the matters and measures given priority to strengthen.
The evaluation results of Corporate Governance Evaluation for Qisda in 2018~2020 were classified into three groups, which
are the top 6% to 20%, respectively.
Qisda has designated a stakeholder area on its website in response to important issues on corporate social responsibility
concerned by stakeholders. We will continue to strengthen the items for improvement relating to the following: Protection of
shareholders' rights, equal treatment of shareholders, reinforcement of the Board structure and operations, improvement of
information transparency, actual implementation of the corporate social responsibility, and more.

The evaluation results of Corporate Governance Evaluation for Qisda in 2018~2020 were classified into three groups, which are the top 6% to 20%, respectively.

Qisda has designated a stakeholder area on its website in response to important issues on corporate social responsibility concerned by stakeholders. We will continue to strengthen the items for improvement relating to the following: Protection of shareholders' rights, equal treatment of shareholders, reinforcement of the Board structure and operations, improvement of information transparency, actual implementation of the corporate social responsibility, and more. Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. Networks Inc. to respectively see its corporate governance.

(IV) Composition, duties, and operations of the Company's Remuneration Committee:

1. Information on the members of the Remuneration Committee

Meet One of the Following Professional Qualification Requirements, Meet One of the Following Professional Qualification Requirements, Meet One of the Following Professional Qualification Requirements,
Remark
Independence Criteria (Note 1)
Criteria
Togetherwithat

LeastFiveYearsWork Experience
A Judge, Public Number of
An Instructor or Higher

Prosecutor Attorney
Have Work
Other Public
Position in a Department
of Commerce Law
, ,
Certified Public
Experience in
the Areas of

Companies in
Position , ,
Finance, Accounting, or
Accountant, or Other
Professional or Technical

Commerce,
Which the
Individual is
Other Academic
Department Related to

Specialist Who has Passed

Law, Finance, or
Accounting or
1 2 3 4 5 6 7 8 9 10
Concurrently

the Business Needs of the

a National Examination
and been Awarded a
,
Otherwise
Serving as an
Independent
Company in a Public or

Certificate in a Profession
Necessary for

Director
Name Private Junior College,
College or University
Necessary for the the Business of
the Company
Business ofthe Company
Independent
Director
Cheng-Ju
(Allen)
Fan
- - V V V V V V V V V V V 0 None
Independent
Director
Lo-Yu
(Charles)
Yen
- V V V V V V V V V V V V 2
Independent
Director
Jyuo-Min
Shyu
V - - V V V V V V V V V V 1

Note 1: Please add "✓" in the field under each criteria number if the member meets the criteria two years prior to being elected and during his/her term of service.

  • (1) Not an employee of the Company or any of its affiliates.

  • (2) Not a director or supervisor of the Company or any of its affiliates. (Do not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.)

  • (3) Not a natural-person shareholder who holds shares, together with those held by the person’s spouse, minor children, or held by the person under others’ names, in an aggregate amount of 1% or more of the total number of issued shares of the Company or is ranked in the top 10 in shareholdings.

  • (4) Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of a managerial officer under (1) or any of the persons under (2) and (3).

  • 28 -

  • (5) Not a director, supervisor, or employee of a corporate shareholder that directly holds five percent or more of the total number of issued shares of the company, or that ranks among the top five in shareholdings, or that designates its representative to serve as a director or supervisor of the company under Article 27, paragraph 1 or 2 of the Company Act. (Do not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.)

  • (6) Not a director, supervisor, or employee of other company if a majority of the company's director seats or voting shares and those of that other company are controlled by the same person. (Do not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.)

  • (7) Not a director, supervisor, or employee of other company or institution if the chairman, general manager, or person holding an equivalent position of the company and a person in any of those positions at that other company or institution are the same person or are spouses.

  • (8) Not a director, supervisor, officer, or shareholder holding five percent or more of the shares, of a specified company or institution that has a financial or business relationship with the company. (Do not apply in cases where the specified company or institution holds more than 20 percent but less than 50 percent of the Company’s issued shares and are the independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, the Company and its parent or subsidiary or a subsidiary of the same parent.)

  • (9) Not a professional individual who, or an owner, partner, director, supervisor, or officer of a sole proprietorship, partnership, company, or institution that, provides auditing services to the company or any affiliate of the company, or that provides commercial, legal, financial, accounting or related services to the company or any affiliate of the company for which the provider in the past 2 years has received cumulative compensation exceeding NT$500,000, or a spouse thereof; provided, this restriction does not apply to a member of the remuneration committee, public tender offer review committee, or special committee for merger/consolidation and acquisition, who exercises powers pursuant to the Act or to the Business Mergers and Acquisitions Act or related laws or regulations.

  • (10) Not been involved in any of situations defined in Article 30 of the Company Act.

  • Responsibilities of the Remuneration Committee:

Establish a performance-based compensation system for the Company through an independent standpoint, fulfill functional authority given by the Board of Directors, and regularly submit proposals or recommendations on the compensation system to be discussed at Board meetings.

3. Operation of Remuneration Committee:

  • (1) The Company has a Remuneration Committee composed of three members.

(2) Term of the current Committee: From June 19, 2020 to June 18, 2023.

The Company had convened third (A) Remuneration Committee meetings in 2020 and up to the publication date

of this annual report. with the following attendance:

Attendance Rate (%)
Position Name Attendance in Person (B) Attended by Proxy Remark
(B/A) (Note)
Convener Cheng-Ju (Allen) Fan 3 0 100% Re-election
Committee Member Lo-Yu (Charles) Yen 2 0 100% Newlyelected
Committee Member Jyuo-Min Shyu 2 0 100% Newlyelected
Committee Member Kane K. Wang 1 0 100% Former
Committee Member Jeffrey Y.C. Shen 1 0 100% Former

(3) Discussion from the Remuneration Committee, resolutions, and ways the Company handled opinions from committee members:

Remuneration
Committee meeting
First
March 27 2020
Second
August 11 2020
First
March 23 2021
The Company handled opinions
Item Resolutions
from committee members
1. Approved the 2019 distribution of employees and
directors’ remuneration.
2. Proposed the 2020 compensation distributions to
senior managerial officers.
3. Approved Salary and remuneration case for New Vice
President.
Convener of the Remuneration
Committee consulted the opinion
of all attending remuneration
committee members.

The proposal was approved
without dissent and submitted
for resolution at the Board
meeting.
Approved the amendments to "Compensation Policy to
the Directors and Functional Committee Members"
Convener of the Remuneration
Committee consulted the opinion
of all attending remuneration
committee members.

The proposal was approved
without dissent and submitted
for resolution at the Board
meeting.
1. Approved the 2020 distribution of employees and
directors’ remuneration.
2. Proposed the 2021 compensation distributions to
senior managerial officers.
3. Approved Salary and remuneration case for New Vice
President.
Convener of the Remuneration
Committee consulted the opinion
of all attending remuneration
committee members.

The proposal was approved
without dissent and submitted
for resolution at the Board
meeting.

Other items that shall be recorded:

  1. If the Board of Directors chooses not to adopt or revise recommendations proposed by the Remuneration Committee, the date of the Directors’ Meeting, session, contents of proposals, results of meeting resolutions, and the Company’s disposition of opinions provided by the Remuneration Committee shall be described in detail (also, where the salary and compensation approved by the Directors’ Meeting is better than that recommended by the Remuneration Committee, the differences and the reason for the approval shall be described in detail): None.

  2. 29 -

  3. For the decisions made by the Remuneration Committee, if there are members who hold objection or reservation to a resolution and such objection or reservation is on record or raised through a written statement, the date, session, contents of proposals, all members’ opinions, and ways in handling these opinions should be elaborated: None

  4. (V) Status on Performing Social Responsibility: The systems and measures adopted by the Company aimed at environmental protection, Community Involvement, social contribution, social service, public welfare, consumer rights, human rights, safety and health as well as other social responsibility activities, and its practices.

The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
A. Does the Company conduct the risk
assessment on environmental, social and
corporate governance issues related to
corporate operation according to materiality
principle? And any establishment of relevant
risk management policy or strategies?
V A. Qisda annually conducts the risk evaluation through material
issues and identification by complying with GRI Standards.
The Company regularly send out questionnaires on an
annual basis to know the material issues of four major
aspects with which the stakeholders are mostly concerned
as follows: Economy / governance, environment, society,
health and safety. We not only review the meaning of
material issues identified in the year for Qisda as well as the
scope, but also establish the annual target control of risk
management. The results of target management are
disclosed from the annual target check.










No
differences.
B. Does the Company establish the specified
(concurrent) units to promote the corporate
social responsibility while being handled by the
senior management authorized by the Board of
Directors as well as being reported to the
Board of Directors regarding the process
status?

V
B. Since 2010, Qisda has formally established the “Corporate
Sustainable Development Commission” that is in charge of
presentation and implementation on corporate social
responsibility policies, systems or relevant management
approaches as well as concrete promotion programs. The
President is selected to serves as the Chairperson of the
committee, and senior executives of each department are
selected to serves as the members of each aspect. The
chief executive is responsible for coordinating and
promoting the cross department matters relating to
corporate sustainable development, as well as integrating
the related departments to draft and promote the goals
and KPI aimed at five major aspects are as follows: eco-
friendly products, green building operations, green supply
chain, corporate social responsibility and financial
performance. There will be quarterly presentation reports
and examination of implementation performance regarding
each aspect by turns. The information will be integrated to
control the KPI progress through management platform
that shall be regularly reported to the Board of Directors
on an annual basis.
No
differences
C. Environmental Issues
a. Does the Company establish a suitable
environmental management system according
to its industrial characteristics?
b. Does the Company dedicate to enhance the
use efficiency of various resources and use the
recycled materials with low impact on
environmental load?
V
V
a. Since 1997, Qisda has obtained ISO14001 environmental
management system certification. The internal and external
audits will be regularly implemented on an annual basis in
worldwide manufacturing areas to ensure the operations
of each environmental management rules. Moreover, the
Company has obtained the ISO 50001 energy management
system certifications and then passed the certifications in
2019 so as to improve the energy performance as well as
further decrease the greenhouse gas emission.
b. Qisda is dedicated to increasing the utilization efficiency of
resources. In the aspect of source management, we actively
implement resource recycling and sorting to substantially
reduce the waste generation and crease the volume of
resource recycling. The proportion of waste on resource
recycling and reuse has reached to 91% in 2020. In the
aspect of water resource management, there is no
wastewatergenerated in the manufacturing process. Due
No
differences.
  • 30 -
The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
c. Does the Company evaluate the current and
future potential risks and opportunities of the
enterprises brought about by climate change
and adopt response measures of climate-
related issues?
d. Does the Company tabulate the greenhouse
gas emissions, water consumption and total
weight of waste over the past two years and
formulate policies regarding carbon reduction,
greenhouse gas reduction, less water
consumption or other waste management?
V
V
to only household sewage in each manufacturing area, the
risk of no water use and water pollution is extremely low.
Moreover, the wastewater reuse system is set up in the
manufacturing areas of the world. The recycled household
sewage is mostly used for watering the green plants
planted in the factories. In the aspect of products, the self-
produced products covering from research design to
manufacture stage begin from eco-friendly products as a
starting point by taking into consideration certain basic
topics including prolonging the product life cycle, energy
saving, easy recycling, low toxicity, decreasing
environmental hazard, and more.
c. According to corporate internal risk identification process,
Qisda will evaluate climate change risks and opportunities
derived from regulations, climate change and other
weather. Through the operations of Corporate Sustainable
Development Commission, the Company will individually
develop the goals of strategies and management dedicated
to “eco-friendly products”, “green building operations” and
“green supply chain” that are managed by Key Performance
Indicator (KPI).
d. Qisda performs the annual statistics on total weight of
greenhouse gas emissions, water use and waste disposal
are as follows:
1. Greenhouse gas emissions: 95,600 metric tons in 2020,
95,100 metric tons in 2019.
2. Water use: 561,000 metric tons in 2020, 496,000 metric
tons in 2019.
3. Total weight of waste disposal: 35,000 metric tons in
2020, 31,000 metric tons in 2019.
The Company has drawn up the policies on pollution
prevention and waste reduction, on-going improvement of
energy saving and water saving in social responsibility and
management procedures for environment, safety and
health. The waste reduction project embraces the themes
regarding engineering improvement and administration
management.

D. Social Issues
a. Does the Company follow relevant laws and
regulations as well as the International Bill of
Human Rights to establish related management
policies and procedures?
b. Does the Company establish and implement the
rational employee benefit measures(including

V
V
a. Since 2001, Qisda has obtained ISO45001 Occupational
Safety and Health Management System certification and
then obtained SA 8000 Social Accountability System
certification in 2006. It shows that the Company has
earned the international recognition on management of
employee safety and health as well as labor conditions.
Moreover, according to the Company’s hiring principles, the
public recruitment and selection will be performed based
on actual business requests. We will put our company’s
talent to better use and allocate such talent to areas where
they can thrive. No matter the ethnic or national origin of
the person, race, color, age, gender, sexual orientation,
gender identity, expression, nationality or area, physical
disabilities, pregnancy, belief, political inclination, groups’
background, family responsibility, identity of soldiers
discharged from the military, genetic informatics or marital
status and only it is otherwise expressly provided by the
act, there shall be no unequal treatment or behaviors. And,
we never hire child workers and ban forced labor.
b. Qisda consistently applies its management philosophy
based on respect for human dignityand care of employees.


No
differences.
  • 31 -
The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
remuneration,
paid
vacation
and
other
benefits…etc.)? And any reflection on the
corporate
business
performance
or
achievements in the employee remuneration?
c. Does the Company provide a safe and healthy
working environment to employees? And any
regular implementation on safety and health
education for employees?
d. Does the Company build the efficient training
programs of career planning ability for
employees?
e. For customer health and safety, customer
privacy, marketing and labeling regarding the
Company’s products and services, does the
Company follow relevant laws, regulations and
international guidelines? And any establishment
of policies on consumer rights and interests as
well as procedures for accepting consumer
complaints?



V
V
V
In order to fully support the mental and physical health of
employees and their families and build life guarantees, we
specifically provide the bonuses for Taiwan’s three main
annual festivals, performance bonuses, operation bonus,
paid vacation, group insurance, health inspections,
dormitories and employees’ continuing education
programs. Moreover, relevant regulations on remuneration,
attendance requirements and wide-ranging benefits haven
been established in the work rules so that our employees
can concentrate their attention to put considerable effort
into work.
c. Since 2007, Qisda has introduced the Responsible Business
Alliance (RBA) to the corporate management system. The
management system covers several aspects such as labors,
environmental protection, safety and health, as well as
morality. In the aspect of safety and health, the Company
continued to obtain the ISO 45001 certification to further
solidify its compliance management. Moreover, we have
established the sport venues and facilities in factories for
employees to exercise for fitness as well as arranged the
doctors in attendance. The Company regularly promotes
health inspections and organizes periodic healthy activities
for employees on an annual basis to support their mental
and physical health.
d. Qisda also puts a premium on employees’ training and
development. Resources are continually invested in
providing the specific career development blueprint. Both
physical and network learning platforms are provided to
create a diverse array of training courses. The internal and
external resources are also drawn on to establish Qisda
Academy for training employees; the performance
communication procedure held once in half a
year regularly helps the employees evaluate their personal
development plans and communicate with supervisors on
matters as needed. Meanwhile, the talent review is annually
conducted to confirm the status of organization and talent,
unearth the potential employees to accelerate the job
rotation or promotions, or help employees strengthen the
items which should be developed. Qisda effectively
provides the assistance of career plans and development to
our employees through the methods mentioned above.
e. The health and safety for products, service marketing and
content designators of Qisda can be divided into hazardous
substances and product waste. The description is as
follows:
1. Hazardous substance management: The “Hazardous
Chemical Substance Control List” is established
according to international regulations and customers’
requirements. The purpose is to ensure that the
products can comply with the international regulations
and meet the customers’ requirements through strict
control toward an effective recognition of the
components and final inspection. Since 2008, Qisda has
passed IECQ QC 080000 Hazardous Substance
Process Management System Certification.
2. Product waste and recycling: The RD engineers are
required to consider the product recycling rate and
degree of difficulty for breakdown. The internal
platform of breakdown and evaluation studyfor WEEE

  • 32 -
The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
f. Does the Company establish the supplier
management policy and ask the suppliers to
follow the related rules for the issues such as
environmental protection, occupational safety
and health or labor and human rights? And any
implementation status?





V
is used to calculate the product recycling rate in Mid-
term design so as to ensure that the standards of
recycling rate have fulfilled the WEEE requirements.
Moreover, the major consideration before entering in
the next design stage is the need of WEEE recycling
logo and marking location or not.
In the aspect of customer privacy, when Qisda’s employees
download the confidential document, the document
background will show “Confidential” and the employee’s
name via watermark to remind the sensitivity and
confidentiality of document, provide customer privacy and
corporate assets various layers of protection against
information disclosure; based on the fundamental principles
and common legal requirements of General Data
Protection Regulation (GDPR), the Company has
established the personal information protection and code
of conduct regarding management, which will be used as
the behavior framework complied by the corporate and all
employees. Such engagement in corporate operations and
business practices will not violate the code of conduct.
In the aspect of customer rights and complaints, Qisda
regularly conducts the customer satisfaction surveys to
ensure the understanding and satisfaction for the
individual’s needs. And, customers’ complaints and reports
requiring the Company to improve or help can be
handled through the questionnaire. Qisda also conducts a
comprehensive customer service satisfaction survey in
January and July of each year. The Customer Service
Department will send out the notification letters to
customers’ corresponding contact window and ask the
customers to perform the scoring in Qisda
Questionnaires Evaluation System.
f. Qisda provides layers of inspection to evaluate the suppliers
through hiring procedure for suppliers. The aspects of
inspection include corporate basic information, product
information, major customers and financial status, contracts
related to purchasing liabilities and obligations with the
Corporate as well as hazardous and harmless Substance
control document. Moreover, we abide the “Qisda Supplier
Social Responsibility and Procedures for Environmental
Safety and Health Audit Management”. The purpose is to
cover the topics (including environmental protection,
occupational health and safety or labor and human rights)
in annual survey of key suppliers, as well as confirm the
matching degree of topics and having obtained relevant
certifications or not.
E. Does the Company prescribe the report on
nonfinancial information disclosure such as
CSR report by referring to international
reports to prescribe the standards or
guidelines? Does the Company obtain a third-
party assurance or verification for the
foregoing reports?
V Since 2009, in order to ensure the quality of “Qisda
Corporate Social Responsibility Report”, create the GRI
standard ((G3, G3.1, G4, Standards) and matching degree of
AA1000AS (Account Ability 1000 Assurance Standard), the
Company commissions an independent third-party assurance
to verify the Report. Our reports starting from 2009 have
been passed the verification of GRI G3 &G3.1 A+ &G4 Core
& G4 &Standards Comprehensive as well as AA 1000AS
Standard. The Reports starting from 2009 were conducted by
Bureau Veritas Certification (Taiwan) Co., Ltd. (BVC). (The
2019 Report has been issued in June, 2020. And, the 2020
Report is expected to bepublished inJune,2021.)
No
differences.
  • 33 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
F. For the companies establishing their own corporate social responsibility principles based on the “Corporate Social Responsibility Best
Practice Principles for TWSE/GTSM-Listed Companies”, please describe the operations and comparisons.
Qisda has formally established the “Corporate Sustainable Development Commission” since 2010 that is responsible for promoting
activities related to corporate sustainable development and social responsibility. Since 2007, Qisda has published the “Corporate Social
Responsibility Report”. For more details on operations, please see P30-P35. In 2015, we established the “Corporate Social Responsibility
Practice Principles”, and there is no material difference between the overall operations and “Corporate Social Responsibility Best
Practice Principles for TWSE/GTSM-Listed Companies”.
G. Other important information that helps to understand the operations of corporate social responsibility:
As the aforesaid operations. For more details on Qisda’s corporate sustainable development and corporate social responsibility as well
as published environmental reports in recent years and content of corporate responsibility report, please go to the Corporate Social
ResponsibilitySection of our official websiteQisda.com.
H. Other important information that helps to understand the operations of corporate social responsibility:
1. Using 24" LCD Monitor (EW2430) to obtain the China’s CarbonLabel by complying with customer’s needs in 2011; the projectors
(MP772ST) has obtained the dual certification of EPD and CarbonLabel from Taiwan Environmental Protection Agency. In 2013, Qisda
obtained the certifications of integrated design ISO 14006 (Incorporating Ecodesign)and eco design IEC 62430 (Environmentally
Conscious Design for electrical and electronic products and systems) regarding the products such as displays, projectors, smart phones,
scanners, multimedia players and lights. And the lighting products (Be-Light) also won the 3rd Green Classics Product Award. In 2015,
the Company further received the first prize in Environmentally Friendly Group in the Corporate Sustainability Award from Global
Views Monthly.
2. In addition to factory greening planting and greenery, plus the addition of having received the first prize in the National “2011 Plant
Greening Contest” from Industrial Development Bureau, Ministry of Economic Affaris (MOEA), Qisda puts effort into green factory and
clean production. In 2012, Qisda passed the clean production certification, obtained the first green factory certification in 2017, and then
the continuing certification of green factory in 2019.
3. In 2011, Qisda received the Gold Prize in Corporate Branding for Ranking of Well-Being Marriage and Fertility Index Around Taiwan held
by Ministry of the Interior, Executive Yuan. The Company outshone the other corporates participating in evaluation, earning the highest
honors. This shows that Qisda’s performance on being continuously promoted to build a friendly and healthy workplace has earned
recognition from national awards. The Company further has been included in the 2012 Best Companies to Work For Award from Taipei
City Government, received the “Relaxed Work Award” from Department of Labor and Employment in 2016, and won the “Best
Companies to Work for in Asia 2019 Awards” in 2019.
4. In 2011, Qisda obtained the “Bronze Medal Award in Manufacturing Industry for 2012 Taiwan Corporate Sustainability Report Awards”
by using CSR Reports, and then “Top 50 Excellent Enterprise Awards in Manufacturing Industry for “2013 Taiwan CSR (Corporate
Sustainability Reports) Awards”. The Company were also simultaneously given the “The Model of The Best Climate Leadership Awards”
with excellent weather change strategies and carbon management.
5. In 2012 and 2013, Qisda has been included in the excellent entrepreneur for “Excellent Cases of CSR Reports” from Industrial
Development Bureau, Ministry of Economic Affaris (MOEA). The invited content of reports will be presented in the excellent case
introduction on the topic of “Implementation of Low Carbon and Effort of Green Growth” from Industrial Development Bureau.
6. In 2014, Qisda obtained the “Silver Award in Corporate Sustainability Reporting of Computer–Related Manufacturing for Large-Scale
Enterprises” for “2014 Taiwan CSR (Corporate Sustainability Reports) Awards” by using the 2013 CSR Reports. In 2016, the Company
also obtained the Gold Award in “Electronic and Information Manufacturing” of Top 50 Taiwan Corporate Sustainability Report for “2016
Taiwan Corporate Sustainability Awards (TCSA)” as well as “Climate Leadership Awards”. In 2017, Qisda has obtained the “Gold Award
in Taiwan CSR (Corporate Sustainability Reports) Awards” and “Corporate Comprehensive Performance Awards - Taiwan Top 50” of
“2017 Taiwan Corporate Sustainability Awards (TCSA)”. In 2018, Qisda obtained the “Gold Award in Taiwan CSR (Corporate
Sustainability Reports) Awards” and “Corporate Comprehensive Performance Awards”. In 2019, Qisda further received the Platinum
Award in “Electronic and Information Manufacturing” of Corporate Sustainability Report Category for “2019 Taiwan Corporate
Sustainability Awards (TCSA)” and “Corporate Comprehensive Performance Awards” with the most excellent grades in recent years.
Both the quality of reports and transparency have earned further recognition.
7. Qisda’s performance on corporate social responsibility ranked twelfth in the 2015 Asia Sustainable Development Index, and then ranked
fifth in 2016. In 2016, the Company was also simultaneously given the “The Model of Electronic Technology Group for Corporate Social
Responsibility Awards” from Global Views Monthly.
8. Qisda was selected as a member of the Hong Kong and South East Asia Climate Disclosure Leadership Index, HK-SE CDLI for 2015
Carbon Disclosure Project (CDP). Similarly, Qisda has received an “A-“ rating at leadership level for a second straight year since 2016.
9. In 2017, Qisda obtained the “Annual Best Business Continuity Management (BCM) Awards” from StrategicRISK. In 2018, the Company
was named as a member of the Top 100 Global Technology Leaders by Thomson Reuters.
10. In 2018, Qisda was named a member of Taiwan 30 Benchmarking Enterprises for “CSRone Sustainability Reporting Platform”. At the
same time, the Company was named as a constituent of the “Taiwan Sustainability Index (TWSI)”.
11. In 2018, Qisda was significantly introduced by the “Sustainable Industrial Development Quarterly” from Industrial Development Bureau,
Ministry of Economic Affaris (MOEA) by using its “Integrated Design Management System”, in which the invited content will be
presented in the category of “Sustainable Innovation” for “Corporate Sustainable Development Story Collection”.
12. In 2019, Qisdapassed the first safetycertification of Human-Robot Collaboration(HRC)around Taiwan.
  • 34 -

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----- Start of picture text -----

The Operations Comparison
Against the
Corporate
Governance
Best-Practice
Evaluation Principles for
Summary Description TWSE/GTSM-
Yes No
Listed
Companies
And Their
Reasons
13. Qisda Chairman Peter Chen has received an annual award for “EY Entrepreneur Of The Year 2019” and Excellent Business Model
Entrepreneur Of The Year.
More details of Status on Performing Social Responsibility and CSR reports, please go to the Substainability of our official website
Qisda.com.refer to our website Qisda.com area.
----- End of picture text -----

Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its fulfillment of social responsibilities.

(VI) Implementation of Ethical Management and Implemented Measures:

The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Item Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
A. Establish ethical management policies
and plans
a. Does the Company establish the ethical
management policies passed by the
Board of Directors and then publicly
specify the policies and methodology of
ethical management in regulations and
document as well as the commitment in
terms of management policies actively
fulfilled by the Board of Directors and
senior management?
b. Does the Company establish the
evaluation mechanism on higher risk of
unethical behavior, regularly analyze and
evaluate the business activities with
higher risk of unethical behavior, as well
as adopt the preventative measures at
least covering the Paragraph 2, Article 7
of the Ethical Corporate Management
Best Practice Principles for
TWSE/GTSM-Listed Companies?
c. Are the operational procedures,
guidelines, disciplinary and appeal
system of impairment included in the

V
V
V
a. “Treat customers, suppliers, creditors, shareholders, employees
and public with integrity” serves as Qisda’s corporate mission
and all employees’ responsibility. Qisda prohibits any behavior
such as corruption, bribery and extortion. We ask our employees
to aggressively clarify and actively improve our daily practices so
as to increase our ethical integrity. Qisda has created the
“Integrity Handbook” and “Ethical Corporate Management Best
Practice Principles for Qisda Corporation” passed by the Board
of Directors that shows the concrete norms of behavior aimed at
policies or methodology of ethical management.
b. Integrity Handbook serves as the highest code of conduct for all
Qisda employees in proceeding with business activities. New
employees are reminded to abide the relevant rules through
education training while joining in the Company. We will
strengthen the promotional efforts on code of conduct such as
“Do not receive external gifts” at major holidays such as dragon-
boat and mid-autumn festivals and Chinese New Year, as well as
our employees’ awareness of integrity. Qisda employees must
absolutely abide the related regulations in Integrity Handbook.
Any employee, in case of an event in the form of corruptions and
fraud occurring, may be most severely punished by the expulsion
according to the Company’s “Management Guidelines for
Punishment”. The serious inappropriate manners, such as
practices graft and fraud, embezzlement, any person who accepts
of a bribe and commission; where the conflicts occurred between
the Company’s interest and business is materially affected due to
external engagement in operating other enterprises; imitating the
immediate supervisor’s signature or misappropriation of seals,
shall be regarded as violation cases where expulsion shall be
made. The Risk Management Department regularly evaluates the
risk of unethical behavior on an annual basis so as to adopt the
preventative measures.
c. The code of conduct regarding “Conflicts of Interest”, “Legal
Compliance” as well as “Trade Secret and Corporate Asset” are
specified inQisda’s IntegrityHandbook. Once we discover



No
differences.
  • 35 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Item Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
Company’s prevention programs of
unethical behavior thorough
implementation? And any regular review
of the foregoing programs for better
implementation?
violation of integrity philosophy by someone or related to some
matter, or regulations of integrity principles are violated, it will be
delivered for the Material Disciplinary Committee consisting of
cross department senior managers to review. Should the material
matter related to violation of integrity principles occurred, it will
be reported to the Audit Committee or the Board of Directors
in accordance with the relevant laws and operating procedures.
The Risk Management Auditing Office will conduct a random
assessment aimed at relevant processes and operation
description to avoid the possible unethical behavior occurring. In
November 2015, Qisda established the “Prevention and
Management Guidelines for Serious Misconduct” to enhance the
corporate governance, in which the Company strengthen the
management system covering from three major aspects of
prevention, detection and response dedicated to serious
misconduct, such as conflicts of interest, inappropriate acceptance
of a bribe, and more. The Human Resources Department will
deliver the reminder of ethical conduct such as “Principles for
External Gifts” as e-newsletters to the email account of each
employee at major holidays.
B. Implementation on ethical management
a. Does the Company consider the ethical
practices of the transaction partner as
well as the clauses regarding ethical
conduct contained in the agreement
with the other party?
b. Does the Company establish the
designated unit set up under the Board
of Directors responsible for promoting
the corporate ethical management and
regularly (at least once a year)
reporting its ethical management
policies, prevention programs of
unethical behavior and implementation
to the Board of Directors?
c. Does the Company establish the
policies for preventing conflicts of
interest, provide the appropriate
presentation channel and implement?
d. Has the Company established the
effective
accounting system and internal control
system for implementing the ethical
management, where the relevant audit
plans are devised based on evaluation
results of the risk of unethical behavior
by internal audit unit, or by
commissioning the accountant to
review the information related to
prevention programs of unethical
behavior?
V
V
V
V
a. Qisda clearly stipulates the cooperative principle of honesty and
integrity in the purchase contract. Should the matter related to
violation of integrity principles occurred, it allows the Company
to terminate the contract or permanently stop the cooperation
with the suppliers if the other party is involved in unethical
conduct.
b. The Ethical Management Task Force Team is contained inQisda’s
organization. The group’s members are professional personnel
drawn mainly from human resources, risk management, and audit.
The group is responsible for formulating rules, organizing
educational training sessions, appeal channels and reviews on
ethical risk as well as reporting their findings to the Board of
Directors.
c. Regarding conflicts of interest, Qisda has created the “Integrity
Handbook”, “Code of Ethical Conduct of the Board Directors
and Executives”, "Ethical Corporate Management Best Practice
Principles", "Management Guidelines for Whistleblowing and
Appeal Procedures”, “Prevention and Management Guidelines for
Serious Misconduct” and “Investigation and Management
Guidelines for Serious Misconduct”. The Company conducts the
implementation status on norms of behavior, misconduct
prevention, informing as well as investigation on each aspect.
d. Qisda complies with legal requirements, continuously revises the
internal control system as well as review and evaluate the
effectiveness of internal control system implementation. The
Auditing Office devises the relevant audit plans according to
evaluation results of the risk of unethical behavior as well as
regularly reviews the related information. The legal requirements
of Auditing Office are covered in annual review items, and the
relevant results and improvement status are quarterly reported
to the Audit Committee and the Board of Directors. All the
corporate accounting system will follow the legal requirements
to establish the regulations. The attesting CPA also quarterly
reviews or evaluates the Company’s financial statements, issues
the reports and regularly reports on evaluation results to the
Audit Committee members in Audit Committee.
No
differences.
  • 36 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Item Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
e. Does the Company regularly organize
the internal and external training
sessions on ethical management?
V e. Qisda annually provides an online training session regarding
overview of Integrity Handbook to all employees.
C. The operations of corporate
whistleblowing system
a. Does the Company establish the
concrete whistleblowing and rewards
systems, set up the convenient
reporting channel as well as assign the
appropriate special personnel to
process complaints dedicated to the
person being accused?
b. Does the Company establish the
standard operating procedures for the
investigation, as well as the follow-up
measures and relevant confidentiality
mechanisms that shall be adopted after
investigation?
c. Does the Company adopt the measures
for protecting whistle-blowers from
inappropriate disciplinary actions due
to their whistleblowing?
V
V
V
a. Qisda’s Integrity Handbook clearly stipulates that anyone who
discovers the illegal event must immediately inform all levels of
Executive; the reporting channels include but not limited to
President’s Mailbox, Integrity Mailbox and HR Mailbox. In
November 2015, the Company passed the "Management
Guidelines for Whistleblowing and Appeal Procedures”, clearly
stipulating that the internal and external whistleblowing and
appeal channels include President’s Mailbox, Integrity Mailbox and
HR Mailbox.
b. Regarding the case response of reported misconduct, Qisda has
established the "Management Guidelines for Whistleblowing and
Appeal Procedures” that regulates the standard operating
procedures for appeal matters and relevant confidentiality
mechanisms.
c. Qisda’s Integrity Handbook and relevant rules clearly stipulates
that the Company will strictly keep investigation content and
results confidential for whistleblowers, as well as ensure that the
rights of relevantpersonnel will not be damaged.
No
differences.
D. Strengthening the information
disclosure
Does the Company disclose their
ethical corporate management best
practice principles and the effectiveness
of the promotion on the websites or
on the Market Observation Post
System (MOPS)?

V
The “Corporate Social Responsibility” section set up in Qisda’s
official website: In this section, relevant information of the
corporate governance and ethical management is honestly, clearly
and publicly disclosed. We have established the principles for
integrity in the front page of our internal employee website in
Chinese and English. The purpose is to actively remind that our
employees should clarify and aggressively improve our daily
practices so as to increase our ethical integrity, as well as provide
the anti-corruption channels for suppliers. Moreover, the “Investor
Relations” section also provides the information related to
corporate governance, important resolutions reached by the Board
of Directors and operational description presentation.
We can know that Qisda discloses its ethical corporate
management best practice principles and the effectiveness of the
promotion on the Market Observation Post System(MOPS).
No
differences.
E. For the companies establishing their own ethical corporate management principles based on the “Ethical Corporate Management Best
Practice Principles for TWSE/GTSM-Listed Companies”, please describe the operations and comparisons. In May 2015, Qisda established
the “Qisda Ethical Corporate Management Principles” and revised it in November 2020, and there is no material difference between the
overall operations and “Ethical Corporate Management Best Practice Principles for TWSE/GTSM-Listed Companies”.
F. Other important information that helps to understand the operations of corporate social responsibility: (For example, the Corporate
reviews the presented results to facilitate the timely amendment of the ethical corporate management principles, and more.)
1. Qisda has set up the anti-corruption channels for suppliers. In case of any violation of “ethical” moral principles and integrity, the
suppliers can react through integrity mailbox: [email protected]. The Company will handle the case in a timely manner. In
addition, Qisda will strictly keep investigation content and results confidential for whistleblowers, as well as ensure that the rights of
relevant personnel will not be damaged.
2. The Human Resources Department (HR) annually carries out the company-wide online training sessions regarding “Integrity and
Against Corruption” on an annual basis. The content includes introduction to Integrity Handbook, summarization and practical
example description. We also provide the tests after session to evaluate employees’ learning results. Beyond the original Integrity
Handbook in Traditional Chinese and English versions, Qisda also completed the Simplified Chinese version dedicated to overseas
branch in 2010. The purpose is to propagate the Integrity Handbook as well as provide education related training sessions.
3. For various operating procedures of daily operation activities, Qisda has designed the appropriate internal control mechanism to
decrease the possible corruption occurring as well as take measures to prevent its occurrence. The Company’s Audit Unit regularly
evaluates the management effect of internal control mechanism,collect the suggestions on variouspotential risks(includingfraud
  • 37 -
The Operations The Operations The Operations Comparison
Yes No Against the

Corporate

Governance
Best-Practice
Evaluation Item Principles for
Summary Description
TWSE/GTSM-
Listed
Companies

And Their
Reasons
and corruption) from each department head, set the appropriate audit plans for the basis of relevant check, as well as regularly
report the findings to Audit Committee and the Board of Directors that allows the top management to understand the status of
corporate governance in pursuit of the management goals.
4. For more details on Qisda’s ethical management, please refer to the Company’s corporate sustainable development reports in recent
years,orgo to the Corporate Social ResponsibilitySection of our official websiteQisda.com.
  • Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its implementation of ethical management and implemented measures.

(VII) Please disclose the access to Company’s “Corporate Governance Best Practice” and relevant regulatiuons

The Company has established the Corporate Governance Best Practice Principles on May 5, 2015. For the Company's corporate governance operations, please refer to the chapter of Implementation of Corporate Governance (P17-P45) of this Annual Report and corporate governance report. Regulations such as Regulations for Procedures of Shareholders' Meetings, Organizational Rules for Audit Committees, Organizational Procedures for Remuneration Committee, Corporate Governance Best Practice, Corporate Social Responsibility Best Practice, Ethical Corporate Management Best Practie, Directors and Managers Ethical Pratice, Regulations for the Election of Directors, Regulations Governing Loaning of Funds, Regulations Governing Making of Endorsements/Guarantees, Regulations Governing the Acquisition and Disposal of Assets, Procedures for Financial Derivatives Transactions, Regulations for Disclosure of Financial Business Information, Guidelines for Management of Subsidiaroes and Process of Internal Major Information and Insider Trading Prevention Management, etc., have been issued by the Company, please visit contact Qisda.com for details of these regulations.

  • (VIII) Other important information for enhacing understanding of the implementation of corporate governance:

  • On August 27, 2009, the Company reached the resolutions of the Audit Committee and the Board of Directors for approving “Guidelines for Process of Internal Major Information and Insider Trading Prevention Management”. On November 11, 2020, the Company approved to ament the Guidelines, and then annouce the revised version in the regulation area of the Company’s internal public folder so that managers and employee can be generally known.

  • On November 7, 2018, the Board of Directors made the resolution of appointing corporate governance personnel to protect shareholders' rights and enhance the functions of the Board of Directors.

  • 3 The newly-elected Directors of the Company will be given the brochure of published by the Company, which has the content including various laws and regulations (including the major information processing and insider trading prevention procedures specified in the preceding Paragraph) and precautions to facilitate legal compliance.

  • 38 -

(IX)The Company regularly arranges for senior executives to attend corporate governance courses. Please see the following table for corporate governance training undertaken by senior executives in 2020:

Date of continuing Date of continuing
Length of Compliance


educ

ation
Title Name Date Elected Organizer Course Name
the

with
From To curriculum regulations
Honorary
Chairman
Kuen-Yao
(K.Y.) Lee
2020/06/19 2020/8/18 2020/8/18 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/11/19 2020/11/19 Taiwan Institute of
Directors
Opportunities and Challenges
for Corporates amidst the
USChina Trade Conflict.


3 hours
Chairman and
President
Chi-Hong
(Peter)
Chen
2020/06/19 2020/8/18 2020/8/18 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/11/19 2020/11/19 Taiwan Institute of
Directors
Opportunities and Challenges
for Corporates amidst the
USChina Trade Conflict.


3 hours
Director Shuang-Lang
(Paul) Peng

2020/06/19
2020/7/29 2020/7/29 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/10/27 2020/10/27 Taiwan Institute of
Directors
Opportunities and Challenges
for Corporates amidst the
USChina Trade Conflict.


3 hours
Director Han-Chou
(Joe) Huang
2020/06/19 2020/8/18 2020/8/18 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/11/19 2020/11/19 Taiwan Institute of
Directors
Opportunities and Challenges
for Corporates amidst the
USChina Trade Conflict.


3 hours
Independent
Director
Cheng-Ju
(Allen) Fan
2020/06/19 2020/9/18 2020/9/18 Taiwan Corporate
Governance Association
Analysis of the top ten Global
Risks

3 hours
Yes
2020/9/18 2020/9/18 Taiwan Corporate
Governance Association
Latest practical development of
Inside Trading and the way to
control and respond


3 hours
Independent
Director
Lo-Yu
(Charles)
Yen
2020/06/19 2020/8/18 2020/8/18 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/11/19 2020/11/19 Taiwan Institute of
Directors
Opportunities and Challenges
for Corporates amidst the
USChina Trade Conflict.


3 hours
Independent
Director
Jyuo-Min
Shyu
2020/06/19 2020/8/18 2020/8/18 Taiwan Institute of
Directors
Corporate Transformation in
the Era of Change.

3 hours
Yes
2020/9/22 2020/9/22 Taiwan Stock Exchange
Corporation
The forum of “Corporate
Governance 3.0-Sustainable
Development”


3 hours
Accounting
Manager
Billy Liu 2019/09/01 2020/7/30 2020/7/30 Accounting Research and
Development Foundation.
The latest analysis of IFRS
Q&A

3 hours
Yes
2020/8/14 2020/8/14 Accounting Research and
Development Foundation.
Corporate
Governance
Practices: The way to control
and
respond
of
Listed
companies set up Independent
Director and Audit Committee
in accordance with the law





3 hours
2020/11/30 2020/11/30 Accounting Research and
Development Foundation.
The analysis of policy and
internal control management
practices
of
"Assisting
companies to improve their
ability
to
prepare
financial
reports"





3 hours
  • 39 -

(X) Status of Implementation of Internal Control System

  1. Statement of internal control system

Qisda Corporation Statement of Internal Control System

Date: March 23 2021

Based on the findings of a self-assessment, Qisda Corporation (Qisda) states the following with regard to its internal control system during the year 2020:

  1. Qisda’s board of directors and management are responsible for establishing, implementing, and maintaining an adequate internal control system. Our internal control is a process designed to provide reasonable assurance over the effectiveness and efficiency of our operations (including profitability, performance and safeguarding of assets), reliability, timeliness, transparency of our reporting, and compliance with applicable rulings, laws and regulations.

  2. An internal control system has inherent limitations. No matter how perfectly designed, an effective internal control system can provide only reasonable assurance of accomplishing its stated objectives. Moreover, the effectiveness of an internal control system may be subject to changes due to extenuating circumstances beyond our control. Nevertheless, our internal control system contains self-monitoring mechanisms, and Qisda takes immediate remedial actions in response to any identified deficiencies.

  3. Qisda evaluates the design and operating effectiveness of its internal control system based on the criteria provided in the Regulations Governing Establishment of Internal Control Systems by Public Companies (herein below, the Regulations). The criteria adopted by the Regulations identify five key components of managerial internal control: (1) control environment, (2) risk assessment, (3) control activities, (4) information and communications, and (5) monitoring activities.

  4. Qisda has evaluated the design and operating effectiveness of its internal control system according to the aforesaid Regulations.

  5. Base on the findings of such evaluation, Qisda believes that, on December 31, 2020, it has maintained, in all material respects, an effective internal control system (that includes the supervision and management of our subsidiaries), to provide reasonable assurance over our operational effectiveness and efficiency , reliability, timeliness, transparency of reporting, and compliance with applicable rulings, laws and regulations.

  6. This Statement is an integral part of Qisda’s annual report for the year 2020 and prospectus, and will be made public. Any falsehood, concealment, or other illegality in the content made public will entail legal liability under Articles 20, 32, 171, and 174 of the Securities and Exchange Act.

  7. This statement was passed by the board of directors in their meeting held on March 23, 2021, with seven attending directors all affirming the content of this Statement.

Qisda Corporation

Chairman & President Peter Chen,

  1. Companies which CPAs to professionally review the internal control system shall disclose the review report provided by the accountants: Not applicable.

  2. (XI) The Company and its personnel have been punished by law, the Company has undertaken disincentive measures for its personnel for breaching the internal control system, and any material deficiencies and revisions in the most recent year up to the publication date of the Annual Report: None.

  3. 40 -

(XII) Material Resolutions Approved by Board Meetings

Date Meetingof 2020 Resolutions
Mar. 27, 2020 1stBoard Meeting 1. Approved the proposal of 2019 financial statements
2. Approved the proposal of issuance of new common shares for cash to sponsor issuance of the
overseas depositary shares and/or issuance of new common shares for cash in public offering
and/or issuance of new preferred shares for cash in public offering and/or issuance of new
common shares for cash in private placement and/or issuance of overseas or domestic
convertible bonds in private placement
3. Approved the proposal of the convene date of 2020 Shareholders’ Meeting and meeting agenda
4. Approved the termination of private security offering approved by 2019 shareholders' meeting
5. Approved the proposal of donation of NT$ 5 million to BenQ Foundation
6. Approved to increase capital of DarlyVenture Inc.
Mar. 31, 2020 2ndBoard Meeting 1. Approved the Company participates in Simula Technology Inc.'s private placement of common
shares
Apr. 30,2020 3rdBoard Meeting 1. Approved to tender offer for common shares of Alpha Networks Inc.
May 07, 2020 4thBoard Meeting 1. Approved the proposal of cash dividends distribution of 2019 earnings
2. Approved the proposal of financial statement of Q1, 2020
3. Proposal fo making guarantee forQisda(L)Corp. with the amount of US$60 million
Jun. 10,2020 5thBoard Meeting 1. Approved to authorize the Board ofQisda Sdn. Bhd. to resolve the disposal of the real estates
Jun. 19, 2020 Shareholders’
Meeting
1. Elected seven directors (including three independent directors)
Status: The new position holder are Kuen-Yao (K.Y.) Lee, Chi-Hong (Peter) Chen, Shuang-
Lang (Paul) Peng,Representative of AU Optronics Corp., Han-Chou (Joe) Huang,Representative
of BenQ Foundation, Cheng-Ju (Allen) Fan (Independent director), Lo-Yu (Charles) Yen
(Independent director), Jyuo-Min Shyu (Independent director). The term is from Jun. 19, 2020
to Jun. 18, 2023.
2. Recognized the proposal of 2019 financial statements and business report
Status: Proposal recognized
3. Recognized the proposal of 2019 distribution of surplus
Status: Proposal recognized
4. Approved the amendment to Articles of Incorporation
Status: Proposal approved
5. Approved the proposal of issuance of new common shares for cash to sponsor issuance of the
overseas depositary shares and/or issuance of new common shares for cash in public offering
and/or issuance of new preferred shares for cash in public offering and/or issuance of new
common shares for cash in private placement and/or issuance of overseas or domestic
convertible bonds in private placement
Status: Proposal approved which authourized the Board to deal with the fundraising. The
Company didn’t issue any fundraising until the printed date.
6. Approved to lift non-competition restrictions on newly-elected directors and their
representatives
Status: Proposal approved
Jun. 19, 2020 6thBoard Meeting 1. Elected the Chairman of the Board
2. Appointed the members of Remuneration Committee
Aug. 11, 2020 7thBoard Meeting 1. Approved the proposal of financial statement of Q2, 2020
2. Approved theproposal of acquiringcommon stock of Alpha Networks Inc.
Nov. 11,2020 8thBoard Meeting 1. Approved theproposal of financial statement ofQ3,2020
Dec. 7,2020 9thBoard Meeting 1. Approved to tender offer for common shares of SYSAGE THCHNOLOGY CO.,LTD.
Date Meetingof 2021 Resolutions
Mar. 23, 2021 1stBoard Meeting 1. Approved the proposal of 2020 financial statements
2. Approved the proposal of issuance of new common shares for cash to sponsor issuance of the
overseas depositary shares and/or issuance of new common shares for cash in public offering
and/or issuance of new preferred shares for cash in public offering and/or issuance of new
common shares for cash in private placement and/or issuance of overseas or domestic
convertible bonds in private placement
3. Approved the proposal of the convene date of 2021 Shareholders’ Meeting and meeting agenda
4. Approved the termination of private security offering approved by 2020 shareholders' meeting
5. Approved theproposal of donation of NT$6 million to BenQFoundation

(XIII) Major contents of any dissenting opinions on record or stated in a written statement made by Directors or supervisors regarding material resolutions passed by the Board of Directors’ Meeting in the most recent year up to the publication date of this report: None.

  • (XIV) In the most recent year up to the publication date of the Annual Report, a summary of the resignation and dismissal of the Company personnel such as Chairman, President, accounting manager, financial manager, internal audit manager and R&D manager: None.

  • 41 -

IV. Information on CPA fees

Unit: NT$1,000 Unit: NT$1,000
Accounting
Firm
Name of CPA Audit
Fee
N on-audit Fee Remark
System
Design
Company Human Others CPAs Audit Period
Registration Resource (Note) Subtotal
KPMG Tang, Tzu-Chieh
Chang, Huei-Chen
8,413 0 0 0 300 300 2020.1.1~2020.12.31

Note: Fees mainly related to tax services.

Note 1. Non-audit fees paid to the CPA, accounting firm of CPA and its affiliates were more than 25% of the audit fees: None Note 2. Replacement of accounting firm and the audit fees in the replacing year is less than that in the previous year: Not applicable. Note 3. Audit fees were reduced by over 10% compared with the previous year: None

V. Information on replacement of CPAs

(I) Regarding former CPA

(I)Regardingformer CPA
Replacement date January01, 2021
Reason and explanation for replacement The CPAs are changed from Tang, Tzu-Chieh and Chang, Huei-Chen to Chang, Huei-Chen and Shih, Wei-
Mingbecause of the internal adjustment from the accountingfirm.
Explain why the appointor or CPA terminated or
refused to accept the appointment
Partie
Status
CPA Appointor
Appointment terminated Not applicable
Refused to accept(continue)appointment
Audit report opinions other than unqualified
opinion over the last twoyears and reason
None
Did issuer have a different opinion
None
Other items requiring disclosure (disclosures for
Clause 6.1.4~7, Article 10 of theseguidelines)
None

(II) Regarding the Succeeding CPA

(II)Regardingthe SucceedingCPA
Name of CPA firm KPMG
Name of CPAs Chang, Huei-Chen and Shih, Wei-Ming
Date of Appointment January 01. 2021
Inquiries regarding the accounting treatment methods of specific transactions, accounting
principles or opinions provided on financial report prior to the appointment and results

None
Written opinion of successor CPA regarding discrepancies in opinion with the prior CPA None

(III) Former CPA Letters Regarding Clause 5.1 and 5.2.3, Article 10 of these Guidelines: Not applicable

VI. Has any of the Company’s Chairman, President, or managers responsible for finance or accounting duties served in the Company’s CPA firm or its affiliated Company within the most recent year: None.

  • 42 -

  • VII. The Situation of equity transfer or changes to equity pledge of Directors, managers or shareholders holding more than 10% of Company shares in the most recent year (or initial date of a manager's term of service) up to the publication date of this report:

  • (I) Changes in shares held by Directors, managers, and shareholders holding 10% or more of shares:

As of April 26,2021 As of April 26,2021 2020
Increase Increase Increase Increase
Title Name
(decrease) of (decrease) of (decrease) of (decrease) of
shares held sharespledged shares held sharespledged
HonoraryChairman Kuen-Yao(K.Y.)Lee 0
0

0

0
Chairman Chi-Hong (Peter)Chen 99,204
0

0

0
Director AU Optronics Corp. 0
0
0
0
Representative of
Corporate Director
Shuang-Lang (Paul) Peng
0

0

0

0
Director BenQ Foundation
0

0

0

0
Representative of
Corporate Director
Han-Chou (Joe) Huang
26,057

0

0

0
President Peter Chen
99,204

0

0

0
Vice President Joe Huang 26,057
0

0

0
Vice President Mark Hsiao
0

0

0

0
Vice President CY Ho 19,002
0

0

0
Vice President HarryYang 21,581
0

0

0
Vice President Daniel Hsueh 9,832
0

0

0
Vice President Michael CH Lee 0 0 0
0
Vice President Daven Wu 16,447
0

0

0
Vice President Jasmin Hung 14,531
0

0

0
Associate Vice President T.S. Wu
0

0

0

0
Associate Vice President Rex Wu 0
0

0

0
Associate Vice President Eric Lee
6,385

0
0
0
Associate Vice President Jack Wang 6,094
0

0

0
Associate Vice President T.H. Lee 0
0

0

0
Associate Vice President TonyChao 4,494
0

0

0
Associate Vice President RayHuang 3,448
0

0

0
Associate Vice President Nick Niek 0
0

0

0
Associate Vice President DannyLin 8,389
0

0

0
Associate Vice President CalvinJeng 4,498
0

0

0
Associate Vice President TonyLin 4,828
0

0

0
Associate Vice President Y.S. Cheng 4,198
0

0

0
Associate Vice President Aaron Ho 3,448 0
0

0
Associate Vice President Joe Lee 0
0

0

0
Associate Vice President Alex Wu
0

0

0

0
Major shareholder AU Optronics Corp. 0
0
0
0
Independent director Cheng-Ju(Allen)Fan
0

0

0

0
Independent director Lo-Yu(Charles)Yen
0

0

0

0
Independent director Jyuo-Min Shyu
0

0

0

0
Finance Supervisor Jasmin Hung 14,531
0

0

0
AccountingSupervisor BillyLiu 0
0

0

0

Note: Those who still serve in their respective positions when the Annual Report is published.

(II) Counterparty of equity pledge is a related party: None

(III) Counterparty of equity pledge is a related party: None

  • 43 -

VIII. Information of relationships between Top 10 shareholders are related parties, spouses or relatives within the second degree of kinship Relationship

Information of relationships between Top 10 shareholders are related parties

April 26,2021 April 26,2021
Familial relationships between
top 10 shareholders who are
either related parties,
Shares held by spouse or
Total shar
esheld in the
Shar es held spouses, or relatives within
underage children name of o ther persons
the second degree of kinship,
Name (Note1)
his/her/its title (or name) and
relationships (Note2)
Shareholding Shareholding Shareholding
Number of Number Number Title
Percentage Percentage Percentage Relationships
shares of shares of shares (or Name)
(%) (%) (%)
AU Optronics Corp. 335,230,510
17.04%
0 0.00% 0 0.00%
Konly
Venture
Corp.
Subsidiary
AU Optronics Corp.
Representative:Shuang-Lang (Paul) Peng
9,164
0.00%
65,032 0.00% 0 0.00%
No
te 3
ACER INCORPORATED 81,712,690
4.15%
0 0.00% 0 0.00%
None
None
ACER INCORPORATED
Representative:Jason Chen
0
0.00%
0 0.00% 0 0.00%
None
None
Konly Venture Corp. 50,145,113
2.55%
0 0.00% 0 0.00%
AU
Optronics
Corp.
Parent
Company
Konly Venture Corp.
Representative:Shuang-Lang (Paul) Peng
9,164
0.00%
65,032 0.00% 0 0.00%
No
te 3
Darfon Electronics Corp. 36,559,000
1.86%
0 0.00% 0 0.00%
None
None
Darfon Electronics Corp.
Representative:Andy Su
284,234
0.01%
0 0.00% 0 0.00%
None
None
UBS Europe SE 22,017,891
1.12%
0
0.00%
0
0.00%

None
None
JPMorgan Chase Bank N.A. Taipei Branch in
custody for Norges Bank

20,794,059

1.06%
0
0.00%
0
0.00%

None
None
Polunin Developing Countries Fund, LLC 19,967,762
1.02%
0 0.00% 0 0.00%
None
None
VANGUARD EMERGING MARKETS STOCK
INDEX FUND, A SERIES OF VANGUARD
INTERNATIONAL EQUITY INDEX FUNDS


19,702,620

1.00%
0 0.00% 0 0.00%
None
None
Taishin International Bank entrusted with the
Qisda Corporation Employee Stock Ownership
Trust Account


18,581,342

0.94%
0 0.00% 0 0.00%
None
None
JPMorgan Chase Bank N.A., Taipei Branch in
custody for Vanguard Total International Stock
Index Fund, a series of Vanguard Star Funds



17,916,660

0.91%
0 0.00% 0 0.00%
None
None

Note 1: Each of the top ten shareholders should be listed. Both the corporate shareholder name and representative name should be listed for corporate shareholders. Note 2: Shareholding percentage calculations are made using the individual shareholding percentages of the person, his/her spouse, minor children and use of other names. Note 3: The chairman of AU Optronics Corp. also serves as the chairman of Konly Venture Corp.

  • 44 -

  • IX. Shareholdings and Combined Joint Shareholdings of Businesses Invested in by the Company, Company Directors, Supervisors or Executive Officers or Directly or Indirectly Controlled by the Company

December 31, 2020

Investment by Directors, Investment by Directors,
supervisors, managers
Combined investment
Investment business Investment by the Company and directly or indirectly-
(Note 1) controlled business (Note 2)
Number of Shareholding Number of Shareholding Number of Shareholding
shares Percentage (%) shares Percentage (%) shares Percentage (%)
AU Optronics Corp., 663,598,620
6.99%
20,380,815
0.21%
683,979,435
7.20%
Darfon Electronics Corp., 58,004,667
20.72%
17,443,943
6.23%
75,448,610
26.95%
QS CONTROL CORP. 6,000,000
20.00%
- - 6,000,000
20.00%
VISCO VISION INC. - - 13,698,037
25.03%
13,698,037
25.03%
CENEFOM CORP. - - 1,095,000
12.12%
1,095,000
12.12%
TAIKE BIOTECH CO., LTD. - - 525,000
20.00%
525,000
20.00%
MLK BIOSCIENCE CO., LTD. - - 217,030
20.00%
217,030
20.00%
TDX Medical Technology
(Jiangsu)Co.,Ltd
- - - 40.00% -
40.00%
DMC Components International,
LLC
- - 300,000
30.00%
300,000
30.00%
Nanjing Silvertown Health &
Development Co., Ltd
- - - 30.00% -
30.00%
Guigang Donghui Hospital Co.,Ltd
-
- - 14.13% -
14.13%
UNISAGE DIGITAL CO., LTD. - - 224,633
38.01%
224,633
38.01%
GRANDSYS INC. - - 5,643,373
23.58%
5,643,373
23.58%
ADVANCEDTEK
INTERNATIONAL CORP.
- - 1,152,800
34.09%
1,152,800
34.09%
MCURICH INC. - - 645,000
30.07%
645,000
30.07%

Note 1: Invested by the Consolidated Company using the equity method Note 2: Information recorded on the shareholder roster as of the latest book closure date of each company

  • 45 -

Capital and Shares

I. Capital and shares

  • (I) Source of Share Capital

April 26, 2021; Unit: NTD

Authorized capital Authorized capital Paid-in capital Paid-in capital Note Note
Capital
Issued Number Number increase
Year Capital
price of of by
and Amount Amount Source of capital
increase
(par value Shares
Shares
Certificate No.
assets
Others
month
(thousand)

(thousand)

(thousand)
approval
per share)
(thousand

(thousand
other
date

shares)

shares)
than
cash
1984.04
10
14,000
140,000

3,500

35,000
Establishment - -
1984.11
10
14,000
140,000

7,000

70,000
Capital increase by cash
35,000
- -
1986.12
10
14,000
140,000

14,000

140,000
Capital increase by
retained earnings 70,000
- -
1989.12
30
17,000
170,000

17,000

170,000
Capital increase by cash
30,000
1989.12.30 Ministry of economic
affairs certificate no.
135215
- -
1992.05
10
50,000
500,000

27,200

272,000
Capital increase by
capital surplus 17,850
Capital increase by
retained earnings 84,150
1992.05.07 Ministry of economic
affairs certificate no.
106307
- -
1992.11
10
50,000
500,000

42,000

420,000
Capital increase by
capital surplus 17,952
Capital increase by
retained earnings
130,048
1992.11.27 Ministry of economic
affairs certificate no.
125134
- -
1993.02
25
60,000
600,000

60,000

600,000
Capital increase by cash
180,000
1993.02.10 Ministry of economic
affairs certificate
no.127799
- -
1994.03
10
110,000 1,100,000
79,500

795,000
Capital increase by
retained earnings
195,000
1994.03.22 Moeaic certificate
no.1392
- -
1994.09
10
150,000 1,500,000 114,350 1,143,500 Capital increase by
retained earnings
348,500
1994.09.22 Moeaic certificate
no.5835
- -
1995.07
10
250,000 2,500,000 190,000 1,900,000 Capital increase by
retained earnings
756,500
1995.07.06 Ministry of economic
affairs certificate
no.108683
- -
1996.06
60
250,000 2,500,000 250,000 2,500,000 Capital increase by cash
600,000
1996.06.09 Ministry of economic
affairs certificate
no.109348
- -
1996.08
10
800,000 8,000,000 371,500 3,715,000 Capital increase by
retained earnings
1,215,000
1996.08.23 Ministry of economic
affairs certificate
no.113452
- -
1997.04
10
800,000 8,000,000 376,080 3,760,806 Corporate bond
conversion to common
stock 45,806
1997.04.11 Ministry of economic
affairs certificate
no.105007
- -
1997.07
10
800,000 8,000,000 475,800 4,758,008 Capital increase by
capital surplus 376,081
Capital increase by
retained earnings
621,121
1997.07.04 Ministry of economic
affairs certificate
no.110892
- -
1997.10
10
800,000 8,000,000 518,787 5,187,879 Corporate bond
conversion to common
stock 429,871
1997.10.07 Ministry of economic
affairs certificate
no.119411
- -
1998.03
10
800,000 8,000,000 520,849 5,208,499 Corporate bond
conversion to common
stock 20,620
1998.03.20 Ministry of economic
affairs certificate
no.105297
- -
  • 46 -
Authorized capital Authorized capital Paid-in capital Paid-in capital Note Note
Capital
Issued Number Number increase
Year Capital
price of of by
and Amount Amount Source of capital
increase
(par value Shares
Shares
Certificate No.
assets
Others
month
(thousand)

(thousand)

(thousand)
approval
per share)
(thousand

(thousand
other
date

shares)

shares)
than
cash
1998.06
10
1,100,000 11,000,000 660,062 6,600,624 Capital increase by
capital surplus 520,850
Capital increase by
retained earnings
871,275
1998.06.15 Ministry of economic
affairs certificate
no.114980
- -
1998.09
10
1,100,000 11,000,000 662,817 6,628,175 Corporate bond
conversion to common
stock 27,551
1998.09.25 Ministry of economic
affairs certificate
no.130051
- -
1999.08
10
1,250,000 12,500,000 767,390 7,673,902 Capital increase by
capital surplus 331,409
Capital increase by
retained earnings
714,318
1999.08.11 Ministry of economic
affairs certificate
no.128809
- -
1999.09
10
1,250,000 12,500,000 788,176 7,881,756 Corporate bond
conversion to common
stock 207,854
1999.09.20 Ministry of economic
affairs certificate
no.134724
- -
1999.11
55
1,250,000 12,500,000 888,176 8,881,756 Capital increase by cash
1,000,000
1999.11.19 Ministry of economic
affairs certificate
no.142178
- -
2000.02
10
1,250,000 12,500,000 893,943 8,939,426 Corporate bond
conversion to common
stock 57,670
2000.02.02 Ministry of economic
affairs certificate
no.102895
- -
2000.07
10
1,650,000 16,500,000 1,082,731 10,827,312 Capital increase by
capital surplus 446,971
Capital increase by
retained earnings
1,440,914
2000.07.26 Ministry of economic
affairs certificate
no.125422
- -
2001.07
10
1,770,000 17,700,000 1,381,088 13,810,879 Capital increase by
capital surplus 541,366
Capital increase by
retained earnings
2,442,201
2001.07.02 Ministry of economic
affairs certificate
no.09001241270
- -
2002.03
10
1,770,000 17,700,000 1,398,318 13,983,180 Corporate bond
conversion to common
stock 172,300
2002.03.15 Ministry of economic
affairs certificate
no.09101087600
- -
2002.07
10
2,150,000 21,500,000 1,655,596 16,555,963 Capital increase by
capital surplus 279,663
Capital increase by
retained earnings
1,616,568
Corporate bond
conversion to common
stock 676,552
2002.07.22 Ministry of economic
affairs certificate
no.09101282840
- -
2002.11
10
2,150,000 21,500,000 1,681,051 16,810,510 Corporate bond
conversion to common
stock 254,547
2002.11.14 Ministry of economic
affairs certificate
no.09101465750
- -
2003.07
10
3,000,000 30,000,000 2,067,161 20,671,612 Capital increase by
retained earnings
3,861,102
2003.07.22 Ministry of economic
affairs certificate
no.09201219330
- -
2003.10
10
3,000,000 30,000,000 2,083,861 20,838,612 Corporate bond
conversion to common
stock 167,000
2003.10.16 Ministry of economic
affairs certificate
no.09201291190
- -
2004.01
10
3,000,000 30,000,000 2,085,205 20,852,048 Corporate bond
conversion to common
stock 13,436
2004.01.20 Ministry of economic
affairs certificate
no.09301007380
- -
2004.03
10
3,000,000 30,000,000 2,066,419 20,664,188 Corporate bond
conversion to common
stock 112,140
Cancellation of treasury
stocks 300,000
2004.03.22 Ministry of economic
affairs certificate
no.09301046140
- -
  • 47 -
Authorized capital Authorized capital Paid-in capital Paid-in capital Note Note
Capital
Issued Number Number increase
Year Capital
price of of by
and Amount Amount Source of capital
increase
(par value Shares
Shares
Certificate No.
assets
Others
month
(thousand)

(thousand)

(thousand)
approval
per share)
(thousand

(thousand
other
date

shares)

shares)
than
cash
2004.07
10
3,000,000 30,000,000 2,314,899 23,148,990 Corporate bond
conversion to common
stock 11,780
Capital increase by
retained earnings
2,517,591
Cancellation of treasury
stocks 44,570
2004.07.15 Ministry of economic
affairs certificate
no.09301122620
- -
2004.10
10
3,000,000 30,000,000 2,315,014 23,150,141 Corporate bond
conversion to common
stock 1,151
2004.10.21 Ministry of economic
affairs certificate
no.09301198210
- -
2005.04
10
3,000,000 30,000,000 2,315,509 23,155,091 Corporate bond
conversion to common
stock 4,950
2005.04.07 Ministry of economic
affairs certificate
no.09401056200
- -
2005.07
10
3,000,000 30,000,000 2,467,998 24,679,982 Capital increase by
retained earnings
1,513,754
Corporate bond
conversion to common
stock 11,136
2005.07.27 Ministry of economic
affairs certificate no.
09401144270
- -
2005.11
10
3,000,000 30,000,000 2,468,672 24,686,722 Corporate bond
conversion to common
stock 6,739
2005.11.18 Ministry of economic
affairs certificate no.
09401229710
- -
2006.01
31.36
3,000,000 30,000,000 2,618,672 26,186,722 Capital increase by cash
1,500,000
2006.01.23 Ministry of economic
affairs certificate
no.09501011820
- -
2006.02
10
3,000,000 30,000,000 2,619,978 26,199,785 Corporate bond
conversion to common
stock 13,062
2006.02.15 Ministry of economic
affairs certificate
no.09501026750
- -
2006.04
10
3,000,000 30,000,000 2,624,880 26,248,800 Corporate bond
conversion to common
stock 49,015
2006.04.03 Ministry of economic
affairs certificate
no.09501055570
- -
2007.04
10
5,000,000 50,000,000 2,564,880 25,648,800 Cancellation of treasury
stocks 600,000
2007.04.04 Ministry of economic
affairs certificate
no.09601065540
- -
2007.08
10
5,000,000 50,000,000 1,538,928 15,389,280 Capital reduction for
cover accumulated
deficits 10,259,520
2007.08.29 Ministry of economic
affairs certificate
no.09601212740
- -
2008.04
22.11
5,000,000 50,000,000 1,765,070 17,650,700 Private placement of
common stock
capital increase by cash
2,261,420
2008.05.07 Ministry of economic
affairs certificate no.
09701101680
- -
2008.08
10
5,000,000 50,000,000 1,928,218 19,282,176 Capital increase by
retained earnings
1,631,476
2008.08.07 Ministry of economic
affairs certificate no.
09701190560
- -
2011.08
10
5,000,000 50,000,000 1,966,782 19,667,820 Capital increase by
retained earnings
385,644
2011.08.17 Ministry of economic
affairs certificate no.
10001190150
- -

(II) Shares Type and Shares Outstanding

(II)
Shares Type and
Shares Outstanding
April 26,2021
Authorized Shares Notes
Shares Type Outstandingshares Un-issued shares Total shares
Common Shares 1,966,781,958 3,033,218,042 5,000,000,000 -
  • 48 -

(III) Shareholder structure

(III) Shareholder structure (III) Shareholder structure
April 26, 2021
Shareholder
structure
Government
Financial Other Foreign institutions
Individual Subtotal
institutions institutions corporations and foreigners
Quantity
Number of persons 5 64 287 129,938 514 130,808
Number of shares held 8,083,140 121,670,555 523,337,882 820,143,939 493,546,442 1,966,781,958
Shareholding Percentage (%) 0.41% 6.19% 26.61% 41.70% 25.09% 100.00%

(IV) Distribution of Equity Ownership

April 26,2021
Shareholding Percentage
Class of Shareholding Number of shareholders Number of shares held
(%)
1~999 52,402 10,993,199 0.56%
1,000~5,000 55,984 119,067,780 6.05%
5,001~10,000 10,510 80,075,670 4.07%
10,001~15,000 3,699 45,552,636 2.32%
15,001~20,000 2,077 37,866,719 1.93%
20,001~30,000 1,974 49,552,520 2.52%
30,001~40,000 991 35,038,962 1.78%
40,001~50,000 635 29,137,936 1.48%
50,001~100,000 1,257 89,810,558 4.57%
100,001~200,000 616 86,770,907 4.41%
200,001~400,000 292 81,175,290 4.13%
400,001~600,000 117 57,108,906 2.90%
600,001~800,000 53 36,168,657 1.84%
800,001~1,000,000 35 31,601,747 1.61%
1,000,001 or more 166 1,176,860,471 59.84%
Total 130,808 1,966,781,958 100.00%

(V) List of Major Shareholders

(V)
List of Major Shareholders
April 26,2021
Shareholder's Name Number of shares
held
Shareholding
Percentage(%)
AU Optronics Corp. 335,230,510
17.04%
Acer Incorporated 81,712,690
4.15%
KonlyVenture Corp. 50,145,113
2.55%
DARFON ELECTRONICS CORP. 36,559,000
1.86%
UBS Europe SE 22,017,891
1.12%
JPMorgan Chase Bank N.A. Taipei Branch in custodyfor Norges Bank 20,794,059
1.06%
Polunin DevelopingCountries Fund, LLC 19,967,762
1.02%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD
INTERNATIONAL EQUITY INDEX FUNDS
19,702,620
1.00%
Taishin International Bank entrusted with the Qisda Corporation Employee Stock
OwnershipTrust Account
18,581,342
0.94%
JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International
Stock Index Fund, a series of Vanguard Star Funds
17,916,660
0.91%
  • 49 -

(VI) Information on Market Price, Book Value, Earnings Per Share and Dividend

Unit: NTD

Fiscal Year Fiscal Year Fiscal Year As of March 31, 2021
2020 2019
Item (Note 6)
Market Price Per Share
(Note 1)
Highest 34.60 29.80 23.25
Lowest 25.70 13.40 18.40
Average 29.68 21.01 20.81
Net Worth Per Share
(Note 2)
Before Distribution (Note 7) 18.32 17.26
After Distribution - (Note 9) 16.51
Earnings Per Share
(EPS)
Weighted Average Shares Number
(thousand Shares)
1,966,782 1,966,782 1,966,782
Earnings
per share
Before retrospective (Note 7) 2.54 1.82
After retrospective - 2.54 1.82
Dividends Per Share Cash dividends - (Note 9) 0.75
Dividends
(Shares)
Dividend from retained earnings - (Note 9) -
Dividend from capital reserve - (Note 9) -
Cumulative unpaid dividend - - -
Return on Investment Price/Earnings Ratio(Note 3) (Note 7) 8.27 11.43
Price/Dividend Ratio(Note 4) - (Note 9) 27.75
Cash Dividend Yield(Note 5) - (Note 9) 3.60%

Note 1: The highest and lowest of common stock. The average market value is calculated using the trading volume and price for each year. Note 2: Subject to change after shareholders’ meeting resolution. Note 3: Price/Earnings ratio = Average market price/Earnings per share. Note 4: Price/Dividend ratio = Average market price/Cash dividends per share. Note 5: Cash dividend yield = Cash dividends per share/ Average market price. Note 6: The closure date on April 26, 2021 hence the closing date of its content on March 31, 2021. Note 7: Up to the publication date of this annual report, no information has been attested or approved by an independent auditor. Note 8: The financial information in this annual report was made according to IFRS. Note 9: Pending resolution at the May 11, 2021 BOD Meeting.

(VII) Dividend Policy and Execution Status

  1. Article 17 of the Articles of Incorporation of the Company regulates the dividend policy as follows:

  2. (1) The Company is in a technology-intensive and capital-intensive technology industry at a developing stage coordinating with long-term capital planning and taking into account the shareholders’ cash flow requirement, the Company's dividend policy is to pay dividends from surplus considering factors to improve the growth and sustainable operation of the Company. Dividend distribution is to consider the expanding the scale of operations and cash flow requirements in the future, every year the cash portion of the dividend shall not be less than 10% of the total dividend in the form of cash and stock.

  3. (2) On March 23, 2021, the Board of Directors has made resolutions to add the wordings below to the Article 17 of the Articles of Incorporation of the Company, and will propose to 2021 Annual General Meeting. “When the Company has a profit at the end of each fiscal year and the retained earnings available for distribution of the current year reaches 2% of the paid in capital of the Company, no less than 10% of the retained earnings available for distribution of the current year shall be distributed as dividend.”

  4. The dividend distribution proposal by the Shareholders’ Meeting:

  5. As of the publication date of the annual report, the Board of Directors of the Company has not resolved the 2020 earnings distribution proposal. The Board of Directors meeting will be held no later than 40 days before the annual general meeting to make a resolution. The relevant information will be announced on the Company's website and Market Observation Post System (Mops) at that time, and report to 2021 Annual General Meeting.

  6. Major changes expected in the dividend policy: None

  7. (VIII) The impact of dividend distribution proposed by this shareholders' meeting on the Company’s operating performance and earnings per share:

The Company did not disclose the 2021 financial forecast information and thus does not apply.

  • 50 -

(X) Compensation for employees and Directors

  1. The percentage or range of compensation for employees and Director based on the Articles of Incorporation:

  2. (1)Regulations from the Articles of Incorporation of the Company:

Articles 16

The Company, if profitable in the year, shall set aside 5~20% of the profit as compensation for the employees and no higher than 1% as remuneration for the directors. However, the Company, when accumulated losses remain on the account, shall reserve a portion of its earnings to offset the losses first. The Company may allocate employees’ remuneration prescribed in the preceding paragraph in the form of stock or cash to employees of an affiliated company meeting certain conditions. The Board or the person duly designated by the Board is authorized to decide the conditions and allocation method.

Article 16-1:

The Company's earnings of the year, if any, shall be allocated to pay taxes and offset the accumulated losses from previous years first, and then set aside 10% as legal reserve. The Company shall then appropriate or reverse a certain amount as special reserve in compliance with applicable laws or regulatory requirements. The remaining earnings, if any, may be put together with the retained earnings from previous years and the adjustment amount of the undistributed earnings of the year; the sum of the above may be appropriated as dividends and bonuses according to the distribution proposal prescribed by the Board of Directors based on the actual needs after the proposal is submitted to and approved at the shareholders' meeting.

  • 2.Estimation basis of this annual period for the remuneration and compensation for employees and Directors, and the accounting approach for handling the differences between the calculation basis for the shares of employees' remuneration distributed by stock and the actual distributed amount and the estimated number of shares:

The estimated amount of this Annual Period for distribution of remuneration and compensation to employees and Directors is based on the amount (which shall also be listed as operating expenses for the annual period) obtained from the calculation of each pre-tax income (prior to being deducted by remuneration to employees and Directors) from such period multiplying the distribution percentage of remuneration to employees and Directors based on the Company's Articles of Incorporation. If there is any difference between the actual distributed amount and the estimated one, it shall be recognized as profit or loss of next annual period based on the change in accounting estimation.

  1. The resolution of remuneration distribution by the Board of Directors:

  2. (1) On March 23, 2021, the Board of Directors has made resolutions to determine the amount distributed to employees’ remuneration in cash shall be NT$ 429,668,000 and NT$ 42,925,000 for Directors’ one. No difference from the annual estimated amount of the recognized expenses.

  3. (2) The proportion of employee remuneration paid by stocks to the total amount of the amount of individual profit (after tax) plus the amount of employee remuneration in the current period: Not applicable.

  4. Distribtion of Remuneration of Emploees and Directors of the Previous Annual Period:

  5. (1) The amount distributed to employees’ remuneration in cash was NT$ 322,920,000 and NT$ 31,463,000 for Directors’ one.

  6. (2) The difference between the proposed distribution amount approved by the Board of Directors and the actual amount distributed: the actual distributed amount was the same as the proposed distribution amount approved by the Board of Directors.

(XI) Repurchase of the Company’s Shares by the Company:

No repurchase of the Company’s shares by the Company was conducted in the most recent two annual periods and as of the printing date of the Annual Report.

II. Corporate bond processing

  • (I) Information regarding Corporate Bonds: None.

  • (II) Information regarding the Conversion Bonds: None.

  • (III) Information regarding Exchange Corporate Bonds: None.

  • (IV) Information regarding Shelf Registration for Corporate Bonds: None.

  • (V) Information regarding Corporate Bonds with Attached Warrant: None.

III. Handling of preferred shares (including preferred shares outstanding and in processf)

(I) Handling of preferred shares: None

(II) Information regarding preferred shares with attached warrant: None.

  • 51 -

IV. Implementation of Overseas Depository Receipts

IV. Implementation of Overseas Depository Receipts IV. Implementation of Overseas Depository Receipts IV. Implementation of Overseas Depository Receipts IV. Implementation of Overseas Depository Receipts
April 26,2021
Issue Date
Item
1999.07.07/2002.01.22/2002.01.30/2003.07.10/2005.12.19
Issuance and trading place
Luxembourg Stock Exchange
Total Issued Amount
US$1,433,094,000
Unit Issue Price (Note 1)
US$23.22,US$6.15,US$4.68
Total number of issued (units)
(Note 2)
80,359,340 Units
The source of securities represented
As the Common Shareholder of Qisda
The amount of securities represented
400,370,965 shares
The rights and obligations of holders of
depositary receipts
1. The holder of the depositary receipts may exercise its depositary receipts to recognize the
voting rights of shares.
2. If Qisda issues stock dividends or other rights in the future, the Depositary Institution may
issue the deposit certificate with the equivalent amount based on the original shareholding
ratio of the holder of the depositary certificate, or increase shares of common stock
regognized by each unit of the depositary receipt.
3. The holder of the depositary receipt may request the Depositary Institution to redeem and
deliver the shares of Qisda's common stock recognized by the depositary receipt; or request
the Depositary Institution to redeem and sell the shares of Qisda's common stock recognized
by the depositary receipt.
Trustee
Citibank N .A.
Depository
Citibank N .A. New York Branch
Custodian
Citibank N .A. Taipei Branch
Outstanding amount (Note 3)
285,149 Units
The allocation methods on the relevant
costs incurred as a result of the issuance
and during the effective period.
The expenses related to the issuance shall be apportioned by the Company and the selling
shareholders in proportion to the actual number of shares sold. After the issuance, except for
the agreement between the Company and the Depositary Institution, the expenses for the
duration of all overseas depositary receipts shall be borne by the Company.
Important Agreements for Depositary
and Custody Contracts
None
MarketPrice Perunit (US$)
2020
Max.
US$ 5.17
Min.
US$ 2.22
Avg.
US$ 3.25
As of April 26, 2021,
Max.
US$ 6.01
Min.
US$ 4.65
Avg.
US$ 5.45
Issue Date
1999.07.07/2002.01.22/2002.01.30/2003.07.10/2005.12.19
Item
Issuance and trading place Luxembourg Stock Exchange
Total Issued Amount US$1,433,094,000
Unit Issue Price (Note 1) US$23.22,US$6.15,US$4.68
Total number of issued (units)
(Note 2)
80,359,340 Units
The source of securities represented As the Common Shareholder of Qisda
The amount of securities represented 400,370,965 shares
The rights and obligations of holders of
depositary receipts
1. The holder of the depositary receipts may exercise its depositary receipts to recognize the
voting rights of shares.
2. If Qisda issues stock dividends or other rights in the future, the Depositary Institution may
issue the deposit certificate with the equivalent amount based on the original shareholding
ratio of the holder of the depositary certificate, or increase shares of common stock
regognized by each unit of the depositary receipt.
3. The holder of the depositary receipt may request the Depositary Institution to redeem and
deliver the shares of Qisda's common stock recognized by the depositary receipt; or request
the Depositary Institution to redeem and sell the shares of Qisda's common stock recognized
by the depositary receipt.
Trustee Citibank N .A.
Depository Citibank N .A. New York Branch
Custodian Citibank N .A. Taipei Branch
Outstanding amount (Note 3) 285,149 Units
The allocation methods on the relevant
costs incurred as a result of the issuance
and during the effective period.
The expenses related to the issuance shall be apportioned by the Company and the selling
shareholders in proportion to the actual number of shares sold. After the issuance, except for
the agreement between the Company and the Depositary Institution, the expenses for the
duration of all overseas depositary receipts shall be borne by the Company.
Important Agreements for Depositary
and Custody Contracts
None
MarketPrice Perunit (US$) 2020 Max. US$ 5.17
Min. US$ 2.22
Avg. US$ 3.25
As of April 26, 2021, Max. US$ 6.01
Min. US$ 4.65
Avg. US$ 5.45

Note 1: For the number of shares of the securities recognized by each unit. In September 2000, each unit recognized 10 shares of common stock and later changed to 5 shares.

Note 2: The number of issued volumes was the sum of the vissued volume on the initial issuance date and the additional issued volume amounts after the initial issuance. On October 15, 2007, the Company reduced its capital, and the circulation balance exchange rate was reduced from 1,000 shares to 600 shares.

Note 3: As of April 26, 2021

  • 52 -

V. Employee stock option handling status:

  • (I) Employee stock option handling status:

  • 1.As of the publication date of the annual report, the processing situation and impact on shareholders' right from employee stock option that have not matured yet: Not applicable.

  • 2.Names, acquisition, and subscription of managers who have obtained employee stock option as well as employees who rank among the top 10 in terms of the number of shares obtained via employee stock option, cumulative up to the date of publication of the annual report: Not applicable.

  • (II) Operations of new restricted employee shares:

  • 1.As of the date of publication of the annual report, new restricted employee shares that have not fully met the conditions and the impact on shareholders' right: The Company has not issued new restricted employee shares, so it is not applicable.

  • 2.Names of managers and top ten employees holding new restricted employee shares as of the publication date of the annual report and the conditions of receiving such shares: Not applicable.

VI. Issuance of new shares in connection with the merger or acquisition of other corporations

  • (I) In the most recent year up to the publication date of the annual report, the Company has completed merger and aquisition of other corporations to issue new shares: Not applicable.

  • (II) In the most recent year up to the publication date of the annual report, the Board of Directors of the Company has approved merger and aquisition of other corporations to issue new shares: Not applicable.

VII. Implementation status of fund application

  • (I) As of one quarter before the publication date of this annual report, plan for previous issuance or private placement of securities that have not been completed, or that have been completed but no benefits achieved within the past three years: Not applicable.

  • (II) As of one quarter before the publication date of this annual report, processing condition for previous issuance or private placement of securities that have not been completed, or that have been completed but no benefits achieved within the past three years: Not applicable.

  • 53 -

Overview of Operations

I. Operational Guidelines

  • (I) Sales of Major Products (Services)
Unit: NT$ 1,000
Mainproducts Revenue in 2020 %
Electronicproduct 182,057,869 95%
Others 9,643,834 5%
Total 191,701,702 100%
  • (II) Production volume for the past two years

Unit: NT$ 1,000

Year 2020 2019
Main Production
Capacity
(Note)
Production
Production Production Production Production
products Capacity
Quantity Value Quantity Value
(Note)
Electronicproduct - - 135,398,704 - -
120,848,137
Others - - - - -
-
  • (III) Sales volume for the past two years

Unit: NT$ 1,000

2020 2020 2020 2020 2019 2019 2019 2019
Year
Domestic sales Export sales Domestic sales Export sales
Main
Amount
(Note)
Value Amount Value Amount Value Amount Value
products
(Note) (Note) (Note)
Electronicproduct -
26,392,657
- 155,665,212 - 13,989,511
-
146,099,678
Others -
-
- 9,643,834 - - 9,664,926

Note: There are many types of products in the company, and the measurement units of each product are different, so the sales volume and output are not listed.

  • (IV) A list of any suppliers and clients accounting for 10% or more of the company's total procurement (sales) amount in either of the 2 most recent fiscal years, the amounts bought from (sold to) each, the percentage of total procurement (sales) accounted for by each, and an explanation of the reason for increases or decreases in the below figures.

  • 1.Major Suppliers Information for the past two years

Unit: NT$ 1,000

2020 2020 2020 2019 2019
Item As % of Net Relationship
withQisda
As % of Net
Relationship
Company Amount Company Amount
Procurement Procurement
withQisda
1 CompanyA 30,325,215 18% - CompanyA 31,717,737 22% -
2 Other 134,549,698
82%
- Other 114,986,509
78%
-
Total Net Procurement 164,874,913
100%
- Net Procurement 146,704,246
100%
-

Reasons for increase or decrease: There have been no major changes in the past two years.

  • 2.Major Sales Customer Information for the Past Two Years

Unit: NT$ 1,000

2020 2020 2019 2019
Item
Company
Amount As % of Relationship Company As % of Relationship
Amount
Net Revenue withQisda Net Revenue withQisda
1 CompanyA 40,323,489 21% - CompanyA 44,439,530 26% -
2 Other 151,378,213 79% - Other 125,314,585 74% -
Total Net Revenue 191,701,702 100% - Net Revenue 169,754,115 100% -

Reasons for increase or decrease: There have been no major changes in the past two years.

  • 54 -

(V) Operations Overview

  • a. Our Businesses

  • Business Scope

  • (1) Business Overview

  • LCD Products: Qisda maintains the 2nd largest DMS (Design and Manufacturing Services) manufacturer in the industry. Qisda will continue to focus on fortifying relationship with customers, developing new product features and engaging in value-added vertical integration activities such as panel module design and assembly as well as in-house mechanical parts manufacture. Furthermore, Qisda continued with its active research and development of new functions for professional and integrated design display solutions in order to gain a larger share of the professional monitor market. Projector Products: Qisda group projector business maintained the leading position worldwide in 2020. Qisda is the only manufacturer in Taiwan that is capable of both DLP and LCD projector mass production and shipment. On the other hand, BenQ remained the world’s 2nd largest projector brand and the No.1 DLP projector brand in 2020. Compared with 2019, the global projector market volume decreased; nevertheless BenQ still maintained a 10% market share.

Medical Services: Nanjing BenQ Hospital (NBH) is the only third-class general hospital in Nanjing Jianyeh District. Under the impact of COVID-19, NBH still maintained more than 1,000,000 annual patient visits in 2020 and made great progress in provincially & municipally recognized clinical division. Currently, there is one nationally recognized, two provincially recognized and ten municipally recognized clinical division in NMH. Based on current foundation, NBH keeps developing intensive care, nephrology, neck & head surgery, pancreas surgery, high-end obstetrics, pediatrics and postnatal care services to fulfill specific demands. Meanwhile, Suzhou BenQ Hospital (SBH), which opened in May 2013, also maintained more than 600,000 annual patient visits and passed the JCI certification in 2020. SBH has dedicated to medical diagnosis & treatment / cardiovascular disease / oncology /emergency treatment and high-end health examination services.

  • (2) Product Scope

LCD Products: 17”/18.5”/19”/19.5”/21.5”/23”/23.x”/24”/24.5”/27”/31.5”/32”/34”/35”/37.5”/49”/55”/65” consumer and commercial LCD monitors, wide-screen and professional LCD monitors, medical monitors, and smart monitors. Projector Products: A wide range of projectors for large venue, 4k/2k home, office and educational applications.

Medical Service: General medical diagnosis / treatment, high-end health examination, medical aesthetics and postnatal care services.

2. Industry Overview

  • (1) Current Status and Development of Industry

LCD Products: As indicated by market research reports, the quantity of LCD monitor market grew at an annual rate of 2.7% in 2020. The market forecast for LCD monitors in 2021 is expected to have slight growth because pandemic (COVID-19) continues spreading in the majority of countries worldwide, the demand of work from home and distant learning keep on rising. Though the demand massively grows, the supply of some materials confronts shortage issue, especially for panel and IC components. Therefore, the critical challenge is how to maintain stable supply in panel, get more allocation from IC suppliers as well as proper planning and dynamic adjustment in production and shipping plan. In order to enhance the competitive edge, Qisda will devote our focus and resource and take advantage of good relationship in supply chain to cater customer’s demand and expectation.

  • Projector Products: According to industry analysis reports, the total number of projector shipment worldwide excluding PICO was 4.5 million units in 2020, with a flat or minor increased expectation for 2021. The volume ratio for high brightness, high resolution and solid state lighting source projectors will continue to increase in the future. Also the growth in large venue, home and personal/mobile scenarios enables the sales volume of projectors with 1080p, 4k and 3D/HDR features to grow rapidly. Educational and office applications are supposed to decline due to the expansion of flat panel displays.

Medical Services: The medical market in China is expected to grow rapidly in parallel with the country’s swift economic development and increase of medical insurance coverage. Plus, the country’s governmental policies encourage the establishment of non-governmental medical institutes and such policies will further accelerate the expansion of market size of non-governmental hospitals.

  • 55 -

  • (2) Connection of Upstream, Midstream and Downstream Industries

LCD Products: Upstream business partners consist mainly of LCD panel manufacturing and module assembling plants, including key components such as LCD panels, LED backlight modules and control chipsets. Midstream and downstream partners include system integrators and brand customers, which represent a mature and competitive market. Qisda has developed and maintained strong and long-term relationship with all of its upstream strategic suppliers and downstream brand customers.

Projector Products: Upstream partners consist of a line of optoelectronic device makers, including panel chipset, lens and specialized lamp/ SSL manufacturers. Midstream and downstream partners include projector manufacturers and brand customers. An intimate yet intricate relationship exists amid upstream, midstream and downstream partners as alliance and competition intertwines among business competitors.

  • Medical Services: With 23 clinical professors, NBH is the fourth clinical school of the Nanjing Medical University and the teach school of Southeast University and Nanjing University of Chinese Medicine. NBH is also one of the civil pediatric doctor standardization training bases and hemopurification training bases in the Jiangsu Province, where over 400 students were trained annually. NBH established a cooperation and transfer procedure with top-level medical centers in Jianyeh, Yuhuatai, Pukou and Luhe District of Nanjing City. Meanwhile, NBH also developed medical cooperation with secondary-level medical centers in nearby cities such as Yangzhou, Huaian and in the same province and Ma An Shan, Chuzhou and Hefei in the Anhui Province. The SBH is also an affiliate hospital of Nanjing Medical University. In 2018, the hospital became the pediatric doctor standardization bases of Suzhou First Affiliated Hospital and also train nurses for 6 nursing school nearby. The hospital established a cooperation and transfer procedure townlevel medical institutions in Gaoxin, Wuzon, and Xiangcheng District, Suzhou.

  • (3) Trends in Industrial Development and Competition Status

  • LCD Products: To survive in the mature LCD monitor market, in addition to increasing cost competitiveness and offering flexible delivery, Qisda aims to work closely with brand customers to develop gaming monitors and those with ultra-high resolution, cloud connectivity, wireless application, ultra slim ID, curved and other customized and specialty application products to fulfill diverse demands of the niche market. Besides, through vertical integration of panel module design and assembly, system integrators can elevate their value in the supply chain and increase the ability of differentiation in product design.

  • Projector Products: The projector market has expanded as improvements applied to commercial projectors accelerated due to the advent of the latest technologies. In addition to an economical price tag, projectors have become smaller and lighter while the brightness and resolution have been vastly enhanced. It is estimated that the demand for projectors may increase globally with the expansion of high-resolution and high-brightness projectors for meeting rooms and multi-media home entertainment projectors for home theaters. Meanwhile, due to the popularity of personal mobile devices and variety of wireless data applications, the growth of personal and home multimedia markets over the entertainment ones is becoming a foreseeable trend in the future.

Medical Services: The Chinese government has permitted private and foreign capitals to invest in the medical service industry. In 2015, the State Council of China issued “Master plan for developing national medical service system” and “The opinion for reforming public hospital” Indicates the government should inhibit the growth of public hospital and encourage private hospital. Taiwan investors, such as the Formosa Plastic group, Want Want group and BenQ group as well as the Medical Fund Across the Taiwan Straits all invested large general hospitals in China. Its predictable that new investors from Taiwan will also seek opportunities there in near future.

  1. Technology and R&D Overview

  2. (1) Developing Successful Technology or Products

  3. LCD Products: Mini-LED backlight, multiple-K zone HDR, OLED 4K HDR, Thunderbolt 3-enabled feature displays; 4-side borderless, privacy-enabled, portable screen, and Eyesafe-certified monitors;G-Sync R4/super high refresh rate and Night Vision enabled gaming display;color management (photographer and video post-production usages) monitors.

Gaming Mouse: Proposed improvement on all ZOWIE mice base on the insight to competitive gaming players, as to establish the professional brand positioning and impression to target customer.

Projector Products: High brightness interchangeable lens large venue projectors, high brightness LASER 4K UHD e- cinema projectors, 4K UHD home entertainment projectors, 4K UHD business projectors.

  • 56 -

Medical Services: Nanjing BenQ Hospital have already established one nationally recognized clinical division (the thoracic surgery division), two provincially recognized clinical divisions (radiology division and urology division) and ten municipally recognized clinical divisions otorhinolaryngologieal, ICU, neurology, dermatology, surgical, nephrology, Cardiovascular medicine, orthopedics, rehabilitation and anesthesiology divisions. Suzhou BenQ Hospital have already obtained the certification of national Chesr Pain Center, Apoplexy Center and Atrial Fibrillation Center.

SBH also focus on developing orthopedic, obstetrics / gynecology / pediatrics, rehabilitation, digestive medicine, cardiovascular medicine. In 2020, SBH passed the JCI certification.

  • (2) Annual Major Actions on R&D and Technology in the Future

LCD Products: Webcam/Zoom & Teams certification, QD-OLED monitors, super high brightness and multiple-K zone HDR, quantum-dot coupled with cadmium-free wide color gamut, 8K high-resolution, USB4/HDMI 2.1/DP 2.0/Thunderbolt 4 application, 1,000R curved monitors, high refresh rate/quick response time, next generation G- sync/FreeSync professional gaming monitors, full range of color adjustment solutions and display software solutions. Projector Products: LASER high brightness interchangeable lens large venue projectors, LED 4K UHD home entertainment projectors, LASER ultra-short-throw 4K UHD home entertainment projectors.

Medical Services: The BenQ Hospitals have implemented the “patient-centric and complete medical care” concept to promote the medical care systems currently being adopted in Taiwan, which includes the attending physician system, nursing duty system, medical counseling/tracking system and pharmacist system. The Nanjing BenQ Hospital plans to establish several specific medical centers including nephrology, neck & head oncology, thoracic, pancreas surgery, neurosurgery rehabilitation and cardiovascular centers. The Suzhou BenQ Hospital plans to establish 5 specific medical centers including Chest Pain , severe illness, oncology, obstetrics/gynecology/pediatrics and health management centers. With the support from Suzhou Health and Family Commission, the Suzhou BenQ Hospital also established the Famous Doctor Studio to provide high quality medical service to citizens.

  1. Long-Term and Short-Term Business Development Plan

  2. (1) Short-Term Plans:

LCD Products:

  • Solidify the leading position and provide high-end products.

  • Provide all sizes of LCD displays and promote large-size, high-performance and LED backlight models while actively engaging in monitor-related application researches as ways to maintain Qisda’s position as one of the top three manufacturers worldwide.

  • Increase add-on value in value chains through vertical integration, such as panel module assembly, backlight module design, in-house stamping and in-house plastic injection.

  • Through professional players and deep cultivating experience in the Gaming market, understand the needs of various types of Gaming players, continue to provide display products that can meet the needs of players and be ahead of competitors, and consolidate the position of the first brand of Gaming displays.

  • In addition to continuing cooperate within the group, it also establishes strategic partnerships with other panel and system vendors.

Projector Products:

  • Solidify the leading position and provide one-stop services featuring hardware and software integrated solutions.

  • In addition to increasing market share, it is also expected to provide customers with complete solutions related to software and hardware.

  • Continue developing DLP and LCD projector technologies in order to maintain technological advantage and superiority within the industry.

  • Cultivate the home projector market utilizing comprehensive product lines. Keep developing solutions for high resolution and high brightness. Improve the quality of wireless transmission.

  • Medical Services:

  • Solidify the capability of each division as a general hospital and develop specialized divisions. Develop province- and city-level divisions.

  • Leading in the BenQ group IT technology to develop smart medical business. Combine the advantages of Taiwan & China to develop Characteristic medical services.

  • Develop the capabilities of medical services for specific demands like postnatal care and medical aesthetic services.

  • 57 -

  • Increase the proportion of medical care, and develop self-financed projects such as postpartum care homes and medical cosmetology

  • (2) Long-Term Plans:

LCD Products:

  • Enhance product customization capabilities and eliminate inefficient activities within the value chain through the synchronization of design and production process of backlight module and displays, thus offering diversified and value-added products.

  • Continue cooperating with AU Optronics Corp. Meanwhile, form strategic alliances with other major panel suppliers.

  • Expand professional monitor offerings to industrial design, professional CAD/CAM usage, video post-production, color management and medical application markets.

  • Optimize hardware and software integrated solutions to provide better user experience in order to create valueadded services and increase customers’ brand loyalty.

  • Through sharing the experience of professional photographers and combining professional software and hardware marketing demands, build a professional image of professional color monitors in the photography community, and become an ideal choice for the target group.

Projector Products:

  • Expand and enhance product diversifications for mainstream product lines.

  • Accelerate the development of high-end and SSL models to complete product offering.

Medical Services:

  • Strengthen cooperation with medical schools and enhance personnel training.

  • Enter into the hospital management business by utilizing experiences in the BenQ Hospitals and skills of the team.

b. Market and Sales Overview

  1. Market Analysis

  2. (1) Main Sales Areas

LCD Products: Worldwide

Projector Products: Worldwide

Medical Services: Nanjing and Suzhou in China

  • (2) Market Share (Key Performance Indicator)

LCD Products: Being one of the top two LCD monitor manufacturers worldwide that occupies the leading position in the industry, Qisda held an approximately 16.4% of market share in 2020. 23”-plus monitors occupy 77.4% in product portfolio, which is better than industry average.

  • Projector Products: With market share at approximately 18%, Qisda group is the worldwide No. 2 projector company in 2020.

  • Medical Services: Nanjing BENQ Hospital is the only tertiary general hospital in Nanjing Jianye District; Suzhou BenQ Medical Center is the largest tertiary general hospital in Suzhou National Hi-Tech District (SND).

  • (3) Future Market Supply and Demand and Future Growth, Competitive Niche and Advantages and Disadvantages of the Company's Vision of Development and Response Measures

LCD Products:

  • A. Advantages:

As the industry consolidates, big players are likely to remain large. Furthermore, the demand of large-size and

borderless features has been increasing as well as the demand of professional and gaming monitors.

  • B. Disadvantages:

Severe price competition in a matured market as cost and price become extremely important to brand customers and consumers. Moreover, next-generation array/cell lines go into massive production gradually in the upcoming years. If the demand of end product does not rise accordingly. This will cause the situation of panel over-supply seems to be inevitable.

  • C. Response Measures:

  • a.Provide displays with all panel sizes and promote large-size, high-performance and LED backlight

  • 58 -

monitors where Qisda is believed to possess distinct advantage over competitors.

b.Cultivate and maintain strategic partnerships with top-tier panel vendors to ensure smooth supply of critical parts.

c.Increase add-on value within the value chain through vertical integration, such as integrating the design/assembly process for panel module and backlight module and increasing the ratio of in-house stamping and in-house plastic injection.

d.Product differentiation: Continue with the development of value-added products to increase profitability, avoid price wars and satisfy the demand for multiple displays per room/family.

Projector Products:

  • A. Advantages:

In addition to the benefit from economies of scale, leading technologies allow Qisda’s projectors to remain competitive on a global scale and market share is expected to continue its growth.

  • B. Disadvantages:

Shorter projector product lifecycle and market price disruption caused by growing number of competitors and similar products.

  • C. Response Measures:

  • a. Increase operational efficiency in order to control inventory and fulfill customer needs.

  • b. Strengthen product lineup by increasing the ratio of products with high gross profits.

  • c. Deeply understand consumer needs and accelerate product development lead-time.

  • d. Improve price margin by enhancing high end product portfolio.

Medical Services:

  • A. Advantages:

During 2009~2019, the compound annual growth rate of total medical expenditure in China was 14.1%, which is higher than GDP growth rate. Meanwhile, the medical expenditure to GDP ratio was only 6.64% in 2019, which was relatively low comparing to 10% level of advanced countries. The high entry barrier of medical service sector and our hospital management experience also makes it impossible for competitors to catch up instantly.

  • B. Disadvantages:

72% of the medical beds in China are provided by state-owned hospitals, and doctors usually hesitate about joining private-owned hospitals. This forms an obstacle in personnel recruitment and development.

  • C. Response Measures:

China government encourages the investment of hospitals by private capitals. In the future, private-owned

hospitals will gradually benefit from policies that were only favorable to their state-owned counterparts in the past. With highly advanced hospital management skills and an experienced team backed by the strength of vertical integration within the BenQ group, undoubtedly the BenQ Hospitals will become the leader in the field of medical industry in China.

  1. Important Applications and Manufacturing Processes of Main Products

  2. (1) Important Applications of Major Products

LCD Products: Visual display of computer and video/audio device outputs.

Projector Products: Portable and multi-user capacity; specifically, conferences, meetings and trainings for

commercial and educational institutions, as well as provide theater-quality videos for home theaters and gaming consoles.

Medical Services: Not applicable.

  • (2) Manufacturing Processes:

LCD Products: Incoming inspection Assembly  Presetting  Burn-In Test  Function Test  Exterior

inspection  Packaging  Inventory  Shipment.

  • 59 -

Projector Products: Incoming inspection  Optical system assembly  Module assembly  Burn-in  Final

test  Packaging Inventory  Shipment.

Medical Services: Not applicable.

  1. Supply Status of Main Materials

  2. LCD Products: Continue cooperating with AU Optronics Corp. to develop superior vertical integration as well as maintaining close partnerships with Taiwan, China & Korea panel vendors in order to ensure smooth supply of panels at lower costs.

  3. Projector Products: The stable supply of key components, such as DMD and LCD panels, are crucial to projector business as suppliers are limited to TI, Epson and Sony. Lamp/SSL suppliers are in a similar state due to the industry’s high entry barrier. Qisda has maintained close relationship with suppliers to ensure smooth supply of key components. Medical Services: Not applicable.

Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology, Partner Tech Corp., DFI, Dataimage and SYSAGE TECHNOLOGY and TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its Overview of Operations.

II. Employee Information

As of March 31, 2021
Year 2020 2019
(Note1)
Total number of
employees
Direct employee 11,577 15,579 11,788
Indirect employee 11,643 10,848 8,418
Total 23,220 26,427 20,206
Average age 34.50 33.50 32.47
Average duration of service(years) 6.33 5.87 5.48
Educational
distribution ratio (%)
Director of Philosophy 0.7% 0.6% 0.5%
Master's Degree 16.4% 14.5% 14.9%
Bachelor's Degree 50.2% 45.2% 43.5%
Senior high school 28.5% 37.3% 39.5%
Senior high school below 4.1% 2.4% 1.6%

Note 1: As of April 26, 2021 (the Printed Date) and for the concerns of accuracy, the last date of available information is March 31, 2021.

III. Environmental Protection Expenditures

  • (I) Losses (including indemnity) caused by environmental pollution and the total indemnity amount involved in the most recent year up to the date this report is published; accounts of future countermeasures (including improvement actions) and possible expenditures (including loss, disposition, and an estimate of indemnity incurred by a failure to implement countermeasures; if a reasonable estimation cannot be made, the justification shall be provided):

  • Losses (including indemnity) caused by the environmental pollution in the most recent year up to the date this report is published, the Company is in compliance with the environmental protection acts. The Company and its subsidiaries were not fined for any other violations against the relevant regulations or requested of environmental improvement from environmental organization in the most recent year up to the publication date this report.

  • Future countermeasures thereof (including improvement actions) and possible expenditures: None. (The Company and its subsidiaries have always put emphasis on environmental protection works. Apart from internal pollution prevention and controls, the factory areas are being continuously improved according to the requirements of the environmental management system (ISO14001:2015), and all facilities are set up according to the relevant regulations to prevent environmental pollution losses.)

  • Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology, Partner Tech Corp., DFI, Dataimage and SYSAGE TECHNOLOGY and TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its environmental protection expenditures.

  • 60 -

IV. Labor-Management Relations

List of employee benefits, in-service training, internal training, retirement system, and implementation status, as well as employer-employee agreements, and protection measures for employee entitlements:

  1. Employee welfare and implementation: The Company has always been adhered to the business philosophy as “respecting humanity” and “caring for employees”. In order to fully take care of the physical and mental health of staff and their relatives, and to establish a life support so that the staff can be dedicated to their work without unnecessary worries. The Company provides and sponsors various welfare plans, and the Welfare Committee is composed of staff thenselves. The main measures for the planning and implementation of welfare are as follows:

  2. a. The Company offers: National Health Insurance, Labor Insurance, travel insurance, labor pension plans, fund for arrear wage debts, occupational injury insurance, Employee Stock Ownership Trust, outpatient center, nursery room and industrial doctors.

  3. b. The Company additionally offers: Annual festival and performance bonuses, group insurance and health examination, employee remuneration, wedding, funeral and disease support, food stipend subsidy, breakfast lounge, employee training and education program, and staff dorms.

  4. c. Welfare Committee plans: Club activities, various travel/social activities, various creative/sports competitions, annual gift vouchers, art activities, movie-going, life lectures, massage support, gym and fitness classes, EAP programs, internal coupons, coffee machine and other convenient services.

  5. d. There are convenient measures within the premise of the Company, including convenience stores, cafes, fruit stands, banking and insurance services, and laundry. In addition, the festival sales events are launched from time to time to provide affordable goods our staff need daily.

  6. Employee training

The Company attaches great importance to the training and development of our employees. In order to provide a clear career development blueprint, the Company invests sufficient resources to integrate the physical and online learning platform for employees to conduct relevant courses, and introduces internal and external resources to develop Qisda Academy to train our employees. Meanwhile, in order to convey to employees the emphasis on social responsibility, in addition to the courses related to green products, relevant courses such as EICC/QC 080000/ESH are included in the compulsory courses for all staff in the Company.

The Company's training is based on Qisda Academy and the courses are divided into four major Academies according to function and participant types, namely the Development Academy, the Leadership Management Academy, the Professional Development Academy and the Innovation and Improvement Academy, which are providing complete courses for different learning needs. In terms of the access of learning, in addition to the physical curriculum, the Company also has an internal e-learning training platform for employees to conduct relevant course study.

The four Academies cover a wide range of training courses: The Development Academy includes comprehensive new recruits training and guidance and internal lecturer training and development. Meanwhile, it cooperates with government projects on cooperation between universities and industries to provide employees with multiple choices such as self-development/professional certificates certification. The Professional Development Academy and the Innovation and Improvement Academy offer customized training map based on differences of job content, professions and positions, to enhance professional and innovative capabilities, such as R&D or marketing courses. Meanwhile, in response to the development direction of the Group, they have successively launched courses such as design thinking, innovative development tools, market analysis, brand marketing, and technology trend forums, so that all staff can better understand market and industrial trends, and enhance business sensitivity. The Leadership Management Academy is designed according to the management needs of different levels of management, it designs communication, subordinate cultivation, and strategic management courses to make the supervisors more capable and develop their own leadership skills.

Since the early 2007, the Company has introduced “Six Sigma” to develop the “Continuous Improvement Program” (CIP) to provide concepts and tools employees need for improving their works. And through a series of course design and CIP project implementation, we can help employees to apply the knowledge and skills learned in the course to the actual workflow. More than 4,591 CIP projects have been carried out worldwide, and the improvement results have been significant.

  • 61 -

Our employees have always been a very important asset for the Company. In order to enable employees to grow with the Company, we have continued to invest sufficient resources to promote the talent training program. In the future, the Company will continue to develop Qisda

Academy and increase the training access to provide more effective training and education for employees and help them apply what they have learned into actual work.

Statistics on the 2020 global employee education and training implementation, and the proportion of the number of classes in each course are as follows:

  1. Retirement Policy and execution

  2. a. The Company has Retirement Policy.

  3. b. In May of 1986, the Supervisory Committee of Workers’ Pension Preparation Fund was established and approved by Taoyuan County Government. In November of 1986, the company began to allocate pension based on 2%~15% of the total monthly wage.

  4. c. Starting from July 2005, the new labor pension plan was implemented in accordance with the law, and allocate pension 6% by monthly.

  5. d. According to the provisions of International Accounting Standard (IFRS), the actuary is required to conduct evaluation on the pension reserve fund, and submit an actuarial assessment report.

  6. Employee Code of Conduct

The Company issued the "Integrity Handbook" as the highest standard of employee behavior. Moreover, the company regularly conducts employees training, which covering "conflict of interest", "legal compliance", "business secrets and company assets" and "participation in political activities," etc. worldwide.

All the employees of the Company shall abide by the following declaration of good faith:

  • We shall adhere to all ethics with the highest standards

  • We shall also respect official laws and Company regulations

  • All our languages, words and deedsshall be carried out in good faith

  • We are strictly prohibited from abusing privileges for illegal misconduct

  • We shall do our best to avoid any suspected interest transmission

  • We shall never engage in any ethical violations

  • We shall seek assistance upon any puzzling of decision-making

  • We shall fully cooperate in the investigation of illegal activities

  • We shall immediately notify the supervisors upon any discovery of illegal activities

  • We extend our business partners based on the code of integrity

In addition, based on the appointment and management of personnel and the compliance of the organization, the Company has a "working rules" and related regulations covering the following matters:

  • (1) Grade and rank system: It lists the Company’s job series, job categories, positions and titles, and regulates the grade and rank promotion rules.

  • (2) New recruits probation assessment: Stiplulates the assessment regulations for probation.

  • (3) Attendance and leave regulations: Regulations such as leave, overtime, flexible work, annual leave and commemoration days.

  • (4) Wage and bonus regulations: Provide guidance to the various salary-related operating procedures and approved benchmarks, the importance of various wage and bonus issues and Company confidentiality.

  • (5) Performance management: Assist employees and organizations in planning goal management, implementing corporate strategic goals and visions, and motivating employees' maximum potential and productivity.

  • (6) Personal information management: Define the Company's personal information protection and management matters and clarify individual rights and responsibilities.

  • Protective measures for the working environment and personal safety of employees

The Company attaches great importance to the work environment and employee safety, and expects to be able to fulfill its social responsibilities and achieve sustainability while expanding. In terms of the working environment and

  • 62 -

personal safety protection measures for employees, in addition to complying with relevant domestic laws and regulations, the Occupational Safety and Health Management System (OHSAS 18001) was promoted in the factory areas. Our relevant management methods include: formulating and implementing safety and health management plans, implementing operational environmental monitoring, safety and health inspections and audits, performing work safety analysis, implementing safety and health education training, etc. to implement safety, health and health protection for employees, improve the working environment and safety and health performance, and achieve the goal of continuous improvement. In addition to ensuring the health and safety of employees, mental health of employees is also one of the management focuses. In the future, the employee assistance program (EAP) will be utilized cto ontinue to achieve such goal.

  1. Current important labor agreement and implementation:

    • The Company providesvarious of communication channels within the company, allowing employees to fully express their opinions and reflect problems. For example, regular labor meetings with employees, business briefings, employee welfare committee meetings, and food committee meetings, etc., communicate with company policies and employees. Take opinions such as employee opinion surveys, department meetings, secretarial/assistant symposiums, 2885 online real-time responses, e-newsletters, announcements, etc., and set up "General Manager Mailbox", "Integrity Mailbox", "Sexual Harassment" The 24/7 communication platform, such as the "Trading Mailbox" and "HR Mailbox", collects and understands the employees' problems. Under the mechanism of joint participation and full communication, the labor-management relationship develops harmoniously.
  2. Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its features of employee welfare, education, training, retirement system and their implementation, as well as the agreement between labors and management and the maintenance measures of various employee rights.

  3. (II) List of losses due to labor disputes in the most recent year up to the date this report is published, disclosure of the estimated amount, and countermeasures against current and possible future ccurrences. If the amount cannot be reasonably estimated, the reason shall be provided:

  4. Losses caused by labor disputes in the most recent annual period and as of the printing date of the Annual Report: None.

  5. Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology, Partner Tech Corp.,DFI, Dataimage, SYSAGE TECHNOLOGY and TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its labor disputes.

VI. Material Contracts

  • (1) As of the date of publication of this Report, the material long-term loan agreements and technical cooperation agreements that are still ongoing or are about to expire in the most recent year, are as follows:
follows:
Apr. 26,2021
Contract Type Party Contract Term Content Restrictions
Financing Syndicated Crediting
Banks
Dec.14, 2020 – Dec.14, 2025 Syndicated crediting of NT$ 8.4 billion None
Financing Syndicated Crediting
Banks
Aug. 29, 2019 – Aug. 29, 2024 Syndicated crediting of NT$ 8.64 billion Pledge to land/factory
Financing Syndicated Crediting
Banks
Nov. 23, 2017 – Nov. 23,
2022
Syndicated crediting of NT$ 6 billion Pledge to stock
Licensing Qualcomm Incorporated Jan. 6, 2005 –Termination of
auto-renewal
Licensing of specific patents
for communication related
None
Licensing Telefonaktiebolaget LM
Ericsson
Based on the Contract Licensing of specific patents
for communication related
None
  • Note:Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology, Partner Tech Corp., DFI , Dataimage, SYSAGE TECHNOLOGY and TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its major contracts signed.

  • 63 -

Financial Highlights

  • I. Condensed Balance Sheet and Statement of Comprehensive Income for the most recent five years

  • (I) International Financial Reporting Standards (IFRS)

Condensed Consolidated Balance Sheet Unit: NT$ 1,000

Year
Financial data for the most recent fiveyears(Note 1)

Financial data for the most recent fiveyears(Note 1)

Financial data for the most recent fiveyears(Note 1)

Financial data for the most recent fiveyears(Note 1)

Financial data for the most recent fiveyears(Note 1)
Item 2020 2019 2018 2017 2016
Current Assets 102,323,769 78,332,746 66,193,691
59,533,552

52,268,180
Property, plant and equipment 30,188,228 23,915,978 21,013,038
19,991,519

18,860,162
Intangible assets 9,118,895 5,069,111 4,994,663
5,004,450

202,892
Other Assets(Note 2) 29,181,057 28,708,658 27,605,891
24,409,895

23,980,976
Total Assets 170,811,949 136,026,493 119,807,283
108,939,416

95,312,210
Current Liabilities Before distribution 82,829,234 65,707,236 61,335,721
56,338,130

50,629,405
After distribution (Note 3) 67,182,322 63,007,486 58,993,286
53,225,557
Non-current liabilities 29,019,495 22,283,663 18,611,916 15,056,800
11,737,474
Total Liabilities Before distribution 111,848,729 87,990,899 79,947,637
71,394,930

62,366,879
After distribution (Note 3) 89,465,985 81,619,402 74,050,086
64,963,031
Equityattributable to shareholders ofQisda Corp. 36,025,501 33,943,959 32,447,319
30,958,910

29,510,046
Common Stock 19,667,820 19,667,820 19,667,820
19,667,820

19,667,820
Capital Surplus 1,879,501 2,220,653 2,146,076
2,173,633

2,177,332
Retained Earnings Before distribution 15,742,825 12,663,994 10,801,845
9,501,437

6,806,202
After distribution (Note 3) 11,188,908 9,130,080 6,846,281
4,210,050
Other equity (1,264,645) (608,508) (168,422) (383,980) 858,692
Treasurystock - - - -
-
Non-controllinginterests 22,937,719 14,091,635 7,412,327
6,585,576

3,435,285
Total Equity Before distribution 58,963,220 48,035,594 39,859,646
37,544,486

32,945,331
After distribution (Note 3) 46,560,508 38,187,881 34,889,330
30,349,179

Note 1: Since 2013, Taiwan has officially adopted the International Financial Reporting Standards approved by the Financial Supervisory Commission. The financial information of the most recent five annual periods has been verified by CPAs. No financial information for 2021 that was verified by CPAs as of the printing date of this Annual Report.

Note 2: Other assets are non-current assets other than property, plant and equipment and intangible assets. Note 3: To be resolved by the May 11, 2021 BOD Meeting.

Condensed Consolidated Statement of Comprehensive Income

Unit: NT$ 1,000

Year
Financial data for the most recent fiveyears(Note)

Financial data for the most recent fiveyears(Note)

Financial data for the most recent fiveyears(Note)

Financial data for the most recent fiveyears(Note)

Financial data for the most recent fiveyears(Note)
Item 2020 2019 2018 2017 2016
Revenue 191,701,702
169,754,115

155,783,161
136,862,492 129,553,540
Grossprofit 26,826,789
23,049,869

19,242,976
16,333,047 16,202,907
Profit from operations 6,612,854
6,228,087

4,576,159
3,401,908 4,487,276
Non-operatingincome and expenses 1,599,782 (283,096) 1,036,952 3,017,284 356,505
Profit before income tax 8,212,636
5,944,991

5,613,111
6,419,192 4,843,781
Profit from continuingoperations for theyear 6,366,561
4,409,644

4,450,654
5,656,370 4,067,771
Losses from discontinued operations - - - - -
Profit for theyear 6,366,561 4,409,644 4,450,654 5,656,370 4,067,771
Other comprehensive income(loss),net of taxes (328,194) (517,025) 151,082 (1,277,000) (1,179,750)
Total comprehensive income(loss)for theyear 6,038,367 3,892,619 4,601,736 4,379,370 2,888,021
Profit attributable to shareholders ofQisda Corp. 4,988,479 3,575,055 4,035,064 5,291,387 4,342,267
Profit attributable to non-controllinginterests 1,378,082 834,589 415,590 364,983 (274,496)
Total comprehensive income (loss) attributable to
shareholders ofQisda Corp
4,630,462 3,139,647 4,250,635 4,048,715 3,321,600
Total comprehensive income (loss) attributable to
non-controllinginterests
1,407,905 752,972 351,101 330,655 (433,579)
Earnings Per Share(EPS) 2.54 1.82 2.05 2.69 2.21

Note: Since 2013, Taiwan has officially adopted the International Financial Reporting Standards approved by the Financial Supervisory Commission. The financial information of the most recent five annual periods has been verified by CPAs. No financial information for 2021 that was verified by CPAs as of the printing date of this Annual Report.

  • 64 -

Condensed Parent Company Only Balance Sheet

Unit: NT$ 1,000

Year Year Financial dataforthemostrecentfive years (Note1) Financial dataforthemostrecentfive years (Note1) Financial dataforthemostrecentfive years (Note1) Financial dataforthemostrecentfive years (Note1) Financial dataforthemostrecentfive years (Note1)
Item 2020 2019 2018 2017 2016
Current Assets 28,557,901 32,079,579 32,671,090 30,776,890 29,263,103
Property,plant and equipment 1,513,839 1,519,417 1,481,977 1,493,157 1,501,273
Intangible assets 12,327 10,851 6,595 7,931 11,451
Other Assets(Note 2) 60,263,409 50,663,747 47,123,616 43,886,421 37,178,816
Total Assets 90,347,476 84,273,594 81,283,278 76,164,399 67,954,643
Current
Liabilities
Before distribution 35,261,644 37,703,173 37,030,310 37,519,648 32,948,424
After distribution (Note 3) 39,178,259 38,702,075 40,174,804 35,544,576
Non-current liabilities
19,060,331
12,626,462 11,805,649 7,685,841 5,496,173
Total
Liabilities
Before distribution 54,321,975 50,329,635 48,835,959 45,205,489 38,444,597
After distribution (Note 3) 51,804,721 50,507,724 47,860,645 41,040,749
Equity attributable to shareholders
ofQisda Corp.
36,025,501 33,943,959 32,447,319 30,958,910 29,510,046
Common Stock 19,667,820 19,667,820 19,667,820 19,667,820 19,667,820
Capital Surplus 1,879,501 2,220,653 2,146,076 2,173,633 2,177,332
Retained
Earnings
Before distribution 15,742,825 12,663,994 10,801,845 9,501,437 6,806,202
After distribution (Note 3) 11,188,908 9,130,080 6,846,281 4,210,050
Other equity (1,264,645) (608,508) (168,422) (383,980) 858,692
Treasury stock - - - - -
Non-controllinginterests - - - - -
Before distribution 36,025,501 33,943,959 32,447,319 30,958,910 29,510,046
Total Equity After distribution (Note 3) 32,468,873 30,775,554 28,303,754 26,913,894

Note 1: Since 2013, Taiwan has officially adopted the International Financial Reporting Standards approved by the Financial Supervisory Commission. The financial information of the most recent five annual periods has been verified by CPAs. No financial information for 2021 that was verified by CPAs as of the printing date of this Annual Report.

Note 2: Other assets are non-current assets other than property, plant and equipment and intangible assets. Note 3: To be resolved by the May 11, 2021 BOD Meeting

Condensed Parent Company Only Comprehensive Income

Unit: NT$ 1,000

Year Financial data for the most recent five years (Note 1) Financial data for the most recent five years (Note 1) Financial data for the most recent five years (Note 1) Financial data for the most recent five years (Note 1) Financial data for the most recent five years (Note 1)
Item
2020

2019

2018

2017

2016
Revenue 92,411,291 98,496,920 99,033,057 88,869,603 83,560,114
Gross profit 5,089,536 5,547,128 4,747,704 3,853,596 6,113,825
Profit from operations 981,411 1,795,302 1,143,231 169,072 2,715,889
Non-operating income and expenses 4,269,521 2,045,583 3,161,365 5,355,445 1,813,527
Profit before income tax 5,250,932 3,840,885 4,304,596 5,524,517 4,529,416
Profit from continuing operations for the year 4,988,479 3,575,055 4,035,064 5,291,387 4,342,267
Losses from discontinued operations - - - - -
Profit for the year 4,988,479 3,575,055 4,035,064 5,291,387 4,342,267
Other comprehensive income (loss), net of taxes (358,017) (435,408) 215,571 (1,242,672) (1,020,667)
Total comprehensive income (loss) for the year 4,630,462 3,139,647 4,250,635 4,048,715 3,321,600
Profit attributable to shareholders of Qisda Corp. 4,988,479 3,575,055 4,035,064 5,291,387 4,342,267
Profit attributable to non-controlling interests - - - - -
Total comprehensive income (loss) attributable to
shareholders ofQisda Corp
4,630,462 3,139,647 4,250,635
4,048,715

3,321,600
Total comprehensive income (loss) attributable to
non-controllinginterests
- - - - -
Earnings Per Share (EPS) 2.54 1.82 2.05 2.69 2.21

Note: Since 2013, Taiwan has officially adopted the International Financial Reporting Standards approved by the Financial Supervisory Commission. The financial information of the most recent five annual periods has been verified by CPAs. No financial information for 2021 that was verified by CPAs as of the printing date of this Annual Report.

  • 65 -

(II) The names of CPA and their opinions for the most recent five years.

Year 2020 2019 2018 2017 2016
CPA Tang, Tzu-Chieh Tang, Tzu-Chieh Tang, Tzu-Chieh Tang, Tzu-Chieh Tang, Tzu-Chieh
Chang, Huei-Chen Chang, Huei-Chen Shih, Wei-Ming Shih, Wei-Ming Shih, Wei-Ming
Opinion and content Unqualified opinion Unqualified opinion Unqualified opinion Unqualified opinion Unqualified opinion

II. Financial analysis for the most recent five years

(I) International Financial Reporting Standards - Consolidated Financial Analysis

Year Financial analysis for the most recent five years (Note ) Financial analysis for the most recent five years (Note ) Financial analysis for the most recent five years (Note ) Financial analysis for the most recent five years (Note ) Financial analysis for the most recent five years (Note )
Item analyzed 2020 2019 2018 2017 2016
Financial structure Ratio of debts to assets (%) 65 65 67
66

65
Ratio of long-term capital to property, plant and
equipment (%)
291 294 278
263

237
Solvency Current ratio (%) 124 119 108
106

103
Quick ratio (%) 79 76 66
69

69
Interest coverage ratio 11.83 6.88 7.61
10.72

9.02
Operating ability Receivables turnover rate (times) 5.65 5.71 5.54
5.12

5.14
Average collection days for receivables 65 64 66
71

71
Inventory turnover rate (times) 5.23 5.54 6.04
6.47

6.78
Payable turnover rate (times) 4.62 4.77 4.83
4.56

4.33
Average days for sales 70 66 60
56

54
Property, plant and equipment turnover rate (times) 7.09 7.56 7.60
7.05

6.75
Total asset turnover rate (times) 1.25 1.33 1.36
1.34

1.32
Profitability Return on assets (%) 5 4 4
6

5
Return on equity (%) 12 10 12
16

13
Ratio of profit before income tax to paid-in capital (%) 42 30 29
33

25
Profit margin (%) 3 3 3
4

3
Earnings per share (NT$) 2.54 1.82 2.05
2.69

2.21
Cash flow Cash flow ratio (%) 18 13 15
1

16
Cash flow adequacy ratio (%) 88 93 53
54

65
Cash flow reinvestment ratio (%) 18 13 16
(6)

15
Leveraging Operating leverage 5 4 5
6

4
Financial leverage 1 1 1
1

1
Reasons for changes in financial ratios in the most recent two yers:
1. The increase in interest coverage ratio was mainly due to the increase in profit before tax and excluded interest in 2020.
2. The increase in return on assets and return on equity was mainly due to the increase in operating profit in 2020.
3. The increase in ratio of profit before income tax to paid-in capital was mainly due to the increase in profit before tax in 2020.
4. The increase in cash flow ratio and adequacy ratio was mainly due to the increase in net cash flow from operating activities.
  • Note: The accompanying financial data has been audited and attested by CPAs. As of the date of printing of the Annual Report, the 2021 financial data has not been attested or reviewed by CPAs.

  • 66 -

(II) International Financial Reporting Standards– Parent Company Only Financial Analysis

Year Financial analysis for the most recent five years (Note) Financial analysis for the most recent five years (Note) Financial analysis for the most recent five years (Note) Financial analysis for the most recent five years (Note) Financial analysis for the most recent five years (Note)
Item analyzed
2020

2019

2018

2017

2016
Financial structure Ratio of debts to assets (%) 60 60 60
59

57
Ratio of long-term capital to property, plant and
equipment (%)
3,639 3,065 2,986
2,588

2,332
Solvency Current ratio (%) 81 85 88
82

89
Quick ratio (%) 68 71 77
73

81
Interest coverage ratio 15.50 9.85 12.87
24.53

25.67
Operating ability Receivables turnover rate (times) 3.79 3.74 3.78
3.59

3.47
Average collection days for receivables 96 98 97
102

105
Inventory turnover rate (times) 18.25 19.70 24.58
28.51

27.4
Payable turnover rate (times) 3.37 3.46 3.53
3.13

2.98
Average days for sales 20 19 15
13

13
Property, plant and equipment turnover rate (times) 60.93 65.63 66.57
59.36

55.10
Total asset turnover rate (times) 1.06 1.19 1.26
1.23

1.23
Profitability Return on assets (%) 6 5 5
8

7
Return on equity (%) 14 11 13
18

15
Ratio of profit before income tax to paid-in capital (%) 27 20 22
28

23
Profit margin (%) 5 4 4
6

5
Earnings per share (NT$) 2.54 1.82 2.05
2.69

2.21
Cash flow Cash flow ratio (%) 9.45 13.55 1.81
(3.87)

22.71
Cash flow adequacy ratio (%) 106 113 74
82

160
Cash flow reinvestment ratio (%) 1 8 (2)
(11)

15
Leveraging Operating leverage 5 3 4
24

1
Financial leverage 2 1 1
-
1
Reasons for changes in financial ratios in the most recent two annual periods:
1. The increase in Interest coverage ratio was mainly due to the increase in profit before tax and excluded interest in 2020.
2. The increase in return on assets and return on equity was mainly due to the increase in operating profit in 2020.
3. The increase in ratio of profit before income tax to paid-in capital was mainly due to the increase in profit before tax in 2020.
4. The decrease in cash flow ratio and cash flow reinvestment ratio was mainly due to the decrease in net cash inflow from operating
activities because of payment for material in 2020.
5. The increase in operating leverage and financial leverage was mainly due to decreased in operating profit in 2020.

Note: The accompanying financial data has been audited and attested by CPAs. As of the date of printing of the Annual Report, the 2021 financial data has not been attested or reviewed by CPAs.

Below are calculations:

  1. Financial structure

  2. (1) Ratio of debts to asset = Total liabilities / Total assets

  3. (2) Ratio of long-term capital to property, plant, and equipment = (Total equity + Non-current liabilities) / Net property, plant and equipment

  4. Solvency

  5. (1) Current ratio = Current assets / Current liabilities.

  6. (2) Quick ratio = (Current assets - Inventories - Prepaid expenses) / Current liabilities

  7. (3) Interest coverage ratio = Net income before income tax and interest expense / Interest expenses over this period.

  8. Operating ability

(1) Receivable (including accounts receivable and notes receivable due to business operations) turnover rate = Net sales / Balance of average accounts receivable for various periods (including accounts receivable and notes receivable due to business operations). (2) Average collection days for receivables = 365/Receivables turnover rate.

  • (3) Inventory turnover rate = Cost of goods sold/ Average inventory.

(4) Payable (including accounts payable and notes payable due to business operations) turnover rate = Cost of goods sold / Balance of average accounts payables of various periods (including accounts payable and notes payable due to business operations).

  • (5) Average days for sales = 365 / Inventory turnover rate.

  • (6) Property, plant and equipment turnover rate = Net sale/Average net property, plant and equipment.

  • (7) Total asset turnover rate = Net sales / Average total assets

  • Profitability

(1) Return on assets = [Net income after taxes + interest expense x (1 - tax rate)] / Average total assets

  • (2) Return on equity = Net income after taxes / Average total equity

  • (3) Profit margin = Net income after taxes / Net sales

(4) Earnings per share = (Net income attributable to shareholders of the parent company - preferred stock dividend) / Weighted average number of shares outstanding

  1. Cash flow

  2. (1) Cash flow ratio = Net cash flow of operating activities / Current liabilities.

(2) Cash flow adequacy ratio = Net cash flow from operating activities for the most recent five years / (Capital expenditures + inventory increase + cash dividend) for the most recent five years.

(3) Cash flow reinvestment ratio = (Net cash flow from operating activities - cash dividends) / (Gross value of property, plant, and equipment + Long-term investments + Other non-current assets + working capital).

  1. Leveraging

(1) Operating leverage = (Net operating revenue - variable operating cost and expenses) / Operating profit.

  • (2) Financial leverage = Operating profit / (Operating profit - interest expenses).

  • 67 -

III. The Audit Committee's Review Report

The Audit Committee's Review Report

The Board of Directors has prepared the Company's Financial Statements for the year of 2020. Tang, Tzu-Chieh and Chang, Huei-Chen Certified Public Accountants of KPMG, have audited the Financial Statements. The 2020 Financial Statements, Business Report, Independent and Auditors Report have been reviewed and determined to be correct and accurate by the Audit Committee of Qisda Corporation. I, as the Chair of the Audit Committee, hereby submit this report according to Article 14-4 of the Securities and Exchange Act and Article 219 of the Company Act.

==> picture [118 x 8] intentionally omitted <==

----- Start of picture text -----

Chair of the Audit Committee
----- End of picture text -----

Cheng-Ju (Allen) Fan March 23, 2021

==> picture [139 x 57] intentionally omitted <==

The Audit Committee's Review Report

As of the publication date of the annual report, the Board of Directors of the Company has not resolved the 2020

earnings distribution proposal. The relevant information will be announced on the Company's website and

Market Observation Post System (Mops) at that time.

  • IV. Consolidated Financial Statements with Independent Auditors' Report of the most recent year: please refer to Appendix 1 (Pages 91).

  • V. Parent Company only Financial Statements with Independent Auditors' Report for the most recent year: Please refer to Appendix 2 (Pages 254).

  • VI. Any financial difficulties experienced by the Company and its affiliate businesses during the most recent year up to the publication date of this report need to be stated as well as the impact on the Company's financial position need to be outlined: None.

  • 68 -

Review and Analysis of Financial Position and Financial Performance, and Risk Management

I. Financial position

Financial position analysis


and Risk Management
I. Financial position
Financial position analysis

and Risk Management
I. Financial position
Financial position analysis

and Risk Management
I. Financial position
Financial position analysis
Unit: NT$1,000
Year Difference

Item 2020 2019 Amount %
Current assets 102,323,769 78,332,746 23,991,023 31%
Investment accounted for usingequitymethod 16,308,434 17,778,476 (1,470,042) -8%
Property,plant and equipment 30,188,228 23,915,978 6,272,250 26%
Investmentproperty 3,561,030 3,404,112 156,918 5%
Intangible assets 9,118,895 5,069,111 4,049,784 80%
Other non-current assets 9,311,593 7,526,070 1,785,523 24%
Total assets 170,811,949 136,026,493 34,785,456 26%
Current liabilities 82,829,234 65,707,236 17,121,998 26%
Long-term debt 22,366,798 16,674,667 5,692,131
34%
Other non-current liabilities 6,652,697 5,608,996 1,043,701
19%
Total liabilities 111,848,729 87,990,899 23,857,830 27%
Common stock 19,667,820 19,667,820 0 0%
Capital surplus 1,879,501 2,220,653 (341,152) -15%
Retained earnings 15,742,825 12,663,994 3,078,831 24%
Other equity (1,264,645) (608,508) (656,137) 108%
Equityattributable to shareholders of Qisda Corp. 36,025,501 33,943,959 2,081,542 6%
Non-controllinginterests 22,937,719 14,091,635 8,846,084
63%
Total equity 58,963,220 48,035,594 10,927,626 23%
Reasons for changes in proportion in the most recent two years:
1. The increase in Intangible assets was mainly due to mergers and acquisitions of Alpha Networks Inc.、SIMULA TECHNOLOGY INC.
and GOLDEN SPIRIT CO., LTD., increase goodwill, customer relations, patent rights, trademark rights.
2. The increase in total assets was mainly due to mergers and acquisitions of Alpha Networks Inc.、SIMULA TECHNOLOGY INC. and
GOLDEN SPIRIT CO., LTD..
3. The increase in total liabilities was mainly due to mergers and acquisitions of Alpha Networks Inc.、SIMULA TECHNOLOGY INC. and
GOLDEN SPIRIT CO., LTD..
4. The decrease in other equity was mainly due to fluctuations of exchange rate, leading to foreign currency translation differences from
foreign operations.
5. The increase in non-controllinginterests was mainlydue to mergers and acquisitions of Alpha Networks Inc..

II. Financial performance

Financial performance analysis

II. Financial performance
Financial performance analysis
II. Financial performance
Financial performance analysis
II. Financial performance
Financial performance analysis
II. Financial performance
Financial performance analysis
II. Financial performance
Financial performance analysis
Unit: NT$1,000
Year Increase (decrease) Change in

2020
2019
Item amount proportion
Net revenue 191,701,702
169,754,115

21,947,587

13%
Cost of sales 164,874,913
146,704,246

18,170,667

12%
Grossprofit 26,826,789
23,049,869

3,776,920

16%
Operatingexpenses 20,213,935
16,821,782

3,392,153

20%
Profit from operations 6,612,854
6,228,087

384,767

6%
Non-operatingincome and expenses 1,599,782 (283,096) 1,882,878
665%
Profit before income tax for theyear 8,212,636
5,944,991

2,267,645

38%
Income tax expense 1,846,075 1,535,347
310,728

20%
Profit for theyear 6,366,561
4,409,644

1,956,917

44%
Reasons for changes in proportion in the most recent two years:
1. The increase in Operating expenses was due to mergers and acquisitions of Alpha Networks Inc.、SIMULA TECHNOLOGY INC. and
GOLDEN SPIRIT CO., LTD..
2. The decrease in non-operating income and expenses was due to the decrease in the share of profits of associates and joint ventures in
2020.
3. The increase in income tax expenses was due to mergers and acquisitions of Alpha Networks Inc.、SIMULA TECHNOLOGY INC. and
GOLDEN SPIRIT CO.,LTD..
  • 69 -

III. Cash flow

  • (1) Change in consolidated cash flow in 2020
III. Cash flow
(1) Change in consolidated cash flow in
2020
Unit: NT$1,000
Cash balance at the beginning of 2020 2020 Net cash flow Cash balance at the end of 2020
10,780,507 11,759,911 22,540,418
  • (II) Analysis of changes in consolidated cash flow in 2020
Unit: NT$1,000 Unit: NT$1,000 Unit: NT$1,000 Unit: NT$1,000
Item 2020 2019 Increase(decrease)amount Change inproportion
Net cash flows provided by
operatingactivities
14,568,749 8,475,301 6,093,448
72%
Net cash flows used in
investingactivities
(1,277,116) (6,252,618) 4,975,502
80%
Net cash flows used in
financingactivities
(2,135,400) (890,287) (1,245,113)
-140%

(1) The operating activities was mainly due to the increase in profit before tax and the change in operating activity funds, so the net cash outflow from operating activities increase compared with 2019.

(2) The investment activities was mainly due to the decrease in time deposits over three months compared with 2019, so the net cash outflow from investing activities decrease compared with 2019.

(3) The financing activities was mainly due to the increase in purchasing subsidiary equity from non-controlling interests, so the net cash outflow from financing activities increase compared with 2019.

(III) Liquidity improvement plan: The Company showed no signs of liquidity deficit.

  • (IV) Analysis of cash liquidity in the coming year: The Company, on the premise of maintaining stable cash liquidity, will carefully plan and manage cash expenditures related to investments and operations while taking, cash balances on accounts, cash flows from operating activities and investing activities and the status of financial markets into consideration.

IV. Material expenditures of the most recent year and impact on the Company's finances and operations

On consolidated statements, the company and subsidiaries purchased approximately NT$4.7 billion in real property, plant and equipment in 2020, accounting for 2.5% of net sales, and had no significant impact on the company’s financial business.

V. Investment policy for the most recent fiscal year, the main reasons for the profits/losses generated thereby, the improvement plan, and investment plans for the coming year

The Company's investment policies are in line with business development strategies and operational needs. The annual consolidated financial statements the Share of profits of associates and joint ventures amount is NT$499,569,000 in 2020. For the coming annual period, we will continue to focus on relevant strategic investment in the industry and continue to prudently evaluate the investment plans.

VI. Risk Management

The Company's risk management is focusing on corporate governance risk management systems and risk transfer planning: Strategic, financial, operational and hazard risks are managed by the Risk Management Committee. The Company's risk management vision and policies are well defined, allowing effectively management of risks exceeding the Company's risk tolerance level, and risk management tools are itilized to optimize the total cost of risk management.

  • 70 -

  • (1) Vision of risk management

  • a. Commitment to continuously provide products and services to create long-term values for customers, shareholders, employees and the whole society.

  • b. Risk management requires systematic risk management procedures and organization to identify, assess process, report and monitor major risks affecting the Company's survival in a timely and effective manner, and enhance the risk awareness of all employees.

  • c. Risk management is not about pursuing “risk-fee”, but the best interests to optimize risk management costs while accepting such risks.

  • (II) Policies of risk management

  • a. To ensure the Company's sustainable operation, the Risk Management Committee has been established to regularly identify, assess, process, report and monitor the risks that may adversely affect the Company's operating goals.

  • b. Identify and control risks prior to occurrence of actual incidents, suppress losses when they actually occur, and instantly restore the supply of products and services after such incidents. And the operation continuity plan is set for simulation of major risk scenarios identified by the Risk Management Committee.

  • c. For risks that do not exceed risk tolerance level, risk management costs may be considered and treated with different management tools, but the following shall be exceptions.

  • Risks with negative impacts on the safety of employees.

  • Risks with negative impacts on the Company's goodwill.

  • Risks that may result in violation of legal regulations.

  • (III) Organizational chart of the Risk Management Committee

The General Manager shall be the Chairman of the Risk Management Committee.

  • The Executive Officer of units of risk management shall be the Director General and the chief executive officer from each unit of the Company shall be the Committee members.

Organizational Chart of the Risk Management Committee

==> picture [395 x 141] intentionally omitted <==

VII. Matters for Analysis and Assessment for Risks

  • (I) The impact of interest rates, exchange rates changes and inflation on the Company's profits and losses and future countermeasures

  • The impact of recent changes in interest rates on the Company's profits and losses and future countermeasures The bank loans to the Company and its subsidiaries are based on a floating rate basis. The measures taken by the Company and its subsidiaries in response to the risk of changes in interest rates are to regularly assess the interest rates of banks and currencies, and maintain good relationships with financial institutions in order to maintain lower financing costs and enhance the management of working capital, reduce the dependence on bank loans and diffuse the

  • 71 -

risk of changes in interest rates.

The following sensitivity analysis is based on interest rate risk. For floating rate liabilities, the analysis is based on the assumption that the balance of liabilities outstanding on the reporting date is circulating throughout the whole annual period.

If the annual interest rate increases or decreases by 1%, the net profit before tax of the Company and its subsidiaries in 2020 and 2019 will be reduced or increased by NT$ 440,553,000 and NT$ 369,769,000 respectively, with all other variables remaining unchanged. This is mainly due to the floating interest rates of loans for the Company and its subsidiaries.

  1. The impact of exchange rate changes on the Company's profits and losses in the most recent annual period and future countermeasures

The Group utilizes foreign currency forward contracts and foreign exchange swaps to hedge its foreign currency exposure with respect to its sales and purchases. These financial instruments help to reduce, but do not eliminate, the impact of foreign currency exchange rate movements. The maturity dates of derivative financial instruments the Group entered into were less than six months and did not conform to the criteria for hedge accounting. The Group’ s exposure to foreign currency risk arises from cash and cash equivalents, notes and accounts receivable (including related-party transactions), notes and accounts payable (including related-party transactions), other receivables (including related-party

transactions), other payables (including related-party transactions), and loans and borrowings that are denominated in a currency other than the respective functional currencies of Group entities. At the reporting date, the carrying amounts of the Group’s significant monetary assets and liabilities denominated in a currency other than the respective functional currencies of Group entities and their respective sensitivity analysis were as follows (including the monetary items that have been eliminated in the accompanying consolidated financial statements):

Unit: 1,000

Unit: 1,000
Financial assets
USD
EUR
CNY
JPY
Financial Liabilities
December 31,2020
Foreign currency Exchange rate TWD Change in magnitude Effect onprofit or loss
$ 1,553,657
82,529
1,601,226
3,109,307
1,749,975
41,796
1,615,273
7,424,353

28.3500

34.9560

4.3216

0.2749

28.3500

34.9560

4.3216

0.2749
440,462
28,849
69,199
8,547
496,118
14,610
69,806
20,410
USD
EUR
CNY
JPY
Financial assets
USD
EUR
CNY
JPY
Financial Liabilities
Foreign currency Exchange rate TWD Change in magnitude Effect onprofit or loss
$ 1,365,752
63,958
1,148,125
2,493,138
1,294,869
43,363
1,396,051
5,674,061

30.1060

33.8690

4.3132

0.2771

30.1060

33.8690

4.3132

0.2771
41,117,330
2,166,194
4,952,093
690,849
38,983,326
1,468,661
6,021,447
1,572,282
1%
1%
1%
1%
1%
1%
1%
1%
411,173
21,662
49,521
6,908
389,833
14,687
60,214
15,723
USD
EUR
CNY
JPY

As the Group deal in diverse foreign currencies, gains and losses on foreign exchange were summarized as a single amount. The aggregate of realized and unrealized foreign exchange gains (losses) for the years ended December 31, 2020 and 2019 were $(117,444,000) and $(21,214,000), respectively.

  1. The impact of inflation on the Company's profits and losses and future countermeasures

In recent years, the market prices have risen steadily. The Company and its subsidiaries will continue to pay full attention to the inflation and appropriately adjust the product retail price and inventory to reduce the impact of inflation on the Company and its subsidiaries, and sign procurement contracts the major raw material suppliers.

  • 72 -

  • (II) The main reasons for the high-risk, high-leveraged investment, capital loan, guarantee/endorsement and derivative commodity trading, and the profits or losses and future countermeasures.

The Company and its subsidiaries have always adhered to the policies of not engaging in high-risk, high-leveraged investments. Our derivatives trading is based on risk aversion and does not engage in speculative trading. The trading of the derivatives of the Company and its subsidiaries in 2020 was based on the principles of hedging and there was no relevant operational risk generated. In the future, the Company will continue to conduct derivatives transactions on the principles of hedging caused by exchange rate and interest rate fluctuations, and continue to regularly assess foreign exchange positions and risks to reduce the Company's operational risks.

The Company and its subsidiaries have engaged in forward foreign exchange contracts and FX sawp transactions mainly to hedge the risks arising from fluctuations in exchange rates of assets or liabilities denominated in foreign currencies, which are highly negatively related to the fair value changes of the derivative financial products used as hedging tools, and the assessment is regularly conducted. However, it is not subject to the hedge accounting treatment conditions and is therefore classified as a financial asset or liability measured at fair value of profits or losses.

When the Company and its subsidiaries engage in loaning funds to others, making guarantee/endorsement guarantees and conducting derivatives transactions, in addition to complying with relevant operating procedures, we shall regularly file the announcement in accordance with the regulations of the competent authority. As of the printing date of this Annual Report, the recepients of the Company's and its subsidiaries' loaned unds and guarantee/endorsement are only our subsidiaries.

  • (III) R&D expenses for future R&D projects and investment amount.

In 2021, the Company is planning to invest more than NT$ 6.2 billion in R&D expenditures. In the future, we will adjust our investment plans according to the global industry development trend and the actual operating conditions of the Company.

Future R&D plans of the Company

  1. LCD products: Certification of Webcam/Zoom & Teams、HDR、Quantum Dot、8K Ultra HD、USB4/HDMI 2.1/DP 2.0/Thunderbolt 4 monitor、Curved display (1,000R);High update rate and display refresher rate on next generation of G-sync 3/FreeSync 2 professional gaming display;full color adjustment solution and display software and hardware solutions.

  2. Projector products: laser lighting source high-lumen interchangeable lens projector for large-scale exhibition、Portable high-quality projector with LED lighting source for business / education、laser lighting source ultra short-focus 4K UHD high-quality projection for education / household、micro projector with LED lighting source and smart display high-efficiency 、 development of the second-generation projection imaging machine for oral scanning medical applications.

  3. (IV) The impact of important policies and legal regulations changes at domestice and abroad on the Company's financial status and the countermeasures

  4. Policies:

The relevant units of the Company have always paid full attention to and studied the policies and laws that may affect the Company's operations, and adjusted the internal system of the Company to ensure the smooth corporate operation. In the most recent annual period, there had been no significant impact on the Company's financial statuss due to important domestic and foreign policies changes.

  1. Legal regulations:

  2. a. The Company's business operation philosophy is to comply with relevant laws and regulations as the priority; therefore, the Company's management team is always aware of the changes of relevant laws and regulations, and can respond to various situations arising from regulatory changes at any time.

  3. b. In accordance with the stipulations of the laws, the financial report will be prepared according to IFRS since 2013. From August 2009, the Company has started to submit the progress tracking report of the Board of Directors on a quarterly basis and set up a project committee and working group in September 2009. The Company has appointed an accounting firm to act as a consultant to the Company's IFRS conversion program to assist the Company and its subsidiaries in the smooth introduction of IFRS during the statutory period. As of recently, the Company has completed all required works of the IFRS conversion plan according to legal regulations, and begun to prepare financial statements in accordance with IFRS.

  4. c. There have been no other significant impact to the company's financial status due to legal changes in the most recent annual period.

  5. 73 -

  6. (V) The impact of technological and industrial changes on the Company's financial business and the countermeasures The global LCD monitor market is heading towards the plateau period and its scale continues to shrink. In addition to continuing to develop new niche products in recent years, the Company has integrated resources from its subsidiaries such as BenQ Corporation, BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC., Alpha Networks Inc., Hitron Technologies Inc. and Interactive Digital Technologies Inc. to provide more comprehensive products and services of medical equipment and consumables, biomedical and medical cosmetology, terminal customer service of retail, motherboard manufacturing and customer application services, and optimize existing business operations, expand medical layout efficiency, accelerate solution development and Strategic investment in 5G Network business. The operation of these high value-added products has laid a good foundation and layout for Qisda to meet the future growth and challenges.

  7. (VI) The impact of corporate image changes on corporate crisis management and the countermeasures.

  8. The company conducts a questionnaire survey on important stakeholders every year to understand the stakeholders' expectations and concerns about the company, as an important reference for the company's continuous operation strategy, and responds and explains the operation in the annual corporate social responsibility report Status to ensure information transparency and effective communication.

  9. The Company conducts regular inspections on matters such as the external environment, the Company's business type and management system, and responds to any situation that may affect the goodwill of the Company and simulates its possible impact. The countermeasures will minimize the uncertainty; and the risk management unit will be responsible for the operation-related risks and impact analysis, and cooperate with the implementation of relevant contingency plan with the Risk Management Committee.

  10. The Company is also actively committed to environmental protection and safety and hygiene management, and has obtained the certification of ISO 14001 Environmental Management System and ISO 45001 Occupational Safety and Health Management System, and will pursue continuous improvement in the spirit of this certification.

  11. (VII) Expected benefits and possible risks of M&A and the countermeasures.

There are currently no ongoing M&A so there are no benefits and risks.

  • (VIII) Expected benefits and possible risks of the expansion of factory and the countermeasures Currently, the main focus of the Company and its subsidiaries in the factory and equipment is to fully utilize the existing production capacity and maximize the economy of scale. Therefore, there is no need to significantly expand the factory in the short-term.

  • (IX) Risk of procurement and sales concentration, and countermeasures

The Company's domestic and foreign major raw material suppliers and customers are quite diversed, and long-term stable cooperative relations have been formed, so there is no problem and risk of concentration of purchase and sales. The Company also evaluates the financial attributes of different customers and controls the risks according to different trading modes with insurance companies, bank letters of credit and collateral, and timely trackscustomer payment status to protect the Company's interests.

  • (X) The impact and risk of a substantial transfer or replacement of equities by Directors, Supervisors or Shareholders holding more than 10% of the toal shares

The Directors of the Company have no substantial transfer or replacement of equities.

  • (XI) Impact of changes in management on the Company and risks

Not applicable due to the Board of Directors and the management team of the Company have not changed significantly.

  • 74 -

  • (XII) Disclosure of disputed contents, amounts of the subject matters, commencement dates of the proceedings, parties involved in the proceedings of litigation or non-litigation events, major closed or ongoing lawsuits and litigation or non-litigation events invloving the Company and its Directors, Supervisors, General Managers, Substantive Persons–in Charge, major shareholders holding more than 10% of total shares and affiliates/subsidiaries with results of which may have a material impact on the shareholders' equity or the price of the securities, and the actual results as of the printing date of this Annual Report.

  • Major closed or ongoing lawsuits, litigation or non-litigation events or administrative litigation involving the Company in the most recent two annual periods and as of the printing date of this Annual Report with results of which may have a material impact on the shareholders' equity or the price of the securities:

  • a. Several direct and indirect consumers in the United States filed a class action lawsuit of damage loss claim in September 2010, arguing that the Company and its subsidiary BQA were suspected to have been participating in the ODD (Optical Disk Drive) product pricing agreement, which violated the US antitrust laws. As for the class action lawsuit filed against the indirect consumer part, the company has won the final judgment in February 2020, and other cases have also been settled by the plaintiff.

  • b. Several direct and indirect consumers in the United States filed a class action lawsuit of damage loss claim in January 2012, arguing that the Company and its subsidiary BQA were suspected to have been participating in the ODD (Optical Disk Drive) product pricing agreement, which violated the Canadian antitrust laws. The appointment of lawyers had been settled and the final results of the remaining related cases has not yet been reached.

  • Major closed or ongoing lawsuits, litigation or non-litigation events or administrative litigation involving the Company’s Directors, Supervisors, General Managers, Substantive Persons–in Charge, major shareholders holding more than 10% of total shares and affiliates/subsidiaries in the most recent two annual periods and as of the printing date of this Annual Report with results of which may have a material impact on the shareholders' equity or the price of the securities:

  • a. Litifation events of the Company’s subsidiary BenQ America Corp. (BQA):

  • (i) Several direct and indirect consumers in the United States filed a class action lawsuit of damage loss claim in September 2010, arguing that the Company and its subsidiary BQA were suspected to have been participating in the ODD (Optical Disk Drive) product pricing agreement, which violated the US antitrust laws. As for the class action lawsuit filed against the indirect consumer part, the company has won the final judgment in February 2020, and other cases have also been settled by the plaintiff.

  • (ii) Several direct and indirect consumers in the United States filed a class action lawsuit of damage loss claim in January 2012, arguing that the Company’s subsidiary BQA was suspected to have been participating in the ODD (Optical Disk Drive) product pricing agreement, which violated the Canadian antitrust laws. The appointment of lawyers had been settled and the final results of the remaining related cases have not yet been reached.

  • b. Litigation events of the Company’s corporate director, AU Optronics Corporation (AUO):

  • (i) A lawsuit was filed by certain consumers in Israel against certain LCD manufacturers including AUO in the District Court of the Central District in Israel (“ Israeli Court” ). The defendants contested various issues including whether the lawsuit was properly served. In December 2016, the Israeli Court overturned the original decision and revoked the permission for this case to serve out of Israeli jurisdiction. The plaintiffs lodged an appeal to the Israeli Supreme Court but the Israeli Supreme Court overruled the appeal in August 2017. In January 2018, the parties reached a settlement agreement and agreed to commence the required proceedings for withdrawing the lawsuit. In April 2019, the Central District Court of Israel in Lod approved the settlement. In May 2014, LG Electronics Nanjing Display Co., Ltd. and seven of its affiliates filed a lawsuit in Seoul Central District Court against certain LCD manufacturers including AUO, alleging overcharge and claiming damages. AUO does not believe service has been properly made, but in order to protect its rights, AUO has retained counsel to handle the related matter, and at this stage, the final outcome of these matters

  • 75 -

is uncertain. AUO has been reviewing the merits of this lawsuit on an on-going basis. In September 2018, AUUS received a complaint filed by the Government of Puerto Rico on its own behalf and on behalf of all consumers and governmental agencies of Puerto Rico against certain LCD manufacturers including AUO and AUUS in the Superior Court of San Juan, Court of First Instance alleging unjust enrichment and claiming unspecified monetary damages. AUO has retained counsel to handle the related matter and intends to defend this lawsuit vigorously, and at this stage, the final outcome of these matters is uncertain. AUO is reviewing the merits of this lawsuit on an on-going basis.

As of February 3, 2021, the Company has made certain provisions with respect to certain of the above lawsuits as the management deems appropriate, considering factors such as the nature of the litigation or claims, the materiality of the amount of possible loss, the progress of the cases and the opinions or views of legal counsel and other advisors. Management will reassess all litigation and claims at each reporting date based on the facts and circumstances that exist at that time, and will make additional provisions or adjustments to previous provisions. The ultimate amount cannot be ascertained until the relevant cases are closed. The ultimate resolution of the legal proceedings and/or lawsuits cannot be predicted with certainty. While management intends to defend certain of the lawsuits described above vigorously, there is a possibility that one or more legal proceedings or lawsuits may result in an unfavorable outcome to the Company. In addition to the matters described above, the Company is also a party to other litigations or proceedings that arise during the ordinary course of business. Except as mentioned above, the Company, to its knowledge, is not involved as a defendant in any material litigation or proceeding which could be expected to have a material adverse effect on the Company’s business or results of operations.

(ii) Environmental lawsuits:

Since 2010, there have been environmental proceedings relating to the development project of the Central Taiwan Science Park in Houli, Taichung, which AUO’ s second 8.5-generation fab is located at (the “Project”). The Environmental Protection Administration (“EPA”) of the Executive Yuan of Taiwan issued the environmental assessment and development approval in 2010. On October 24, 2019, the Appeal Review Committee of the Executive Yuan rejected the administrative appeal filed by five local residents. On December 24, 2019, the residents have proceeded to file an administrative action for invalidating the environmental assessment again. The matter is still under review by the court. Management does not believe that this event will have a material adverse effect on the Company’s operation and will continue to monitor the development of this event.

(XIII) Other major risks and the countermeasures

  1. Information security policies

To ensure the confidentiality, integrity, accessibility and legality of information assets (hardware, software, materials, documents and personnel related to information processing), and to avoid threats from intensional internal or external actions or accidents, our corporate information security policies are promulgated based on consideration of the Company's business needs, and reference to ISO 27001 information security international standards. Information security control measures include:

  • Establishment of the information security management organization to supervise the operation of the information security management system, identify the internal and external issues of the information security management system and the information security requirements and expectations of the relevant organizations.

  • Evaluation and management of information security for internal processes of the company.

  • Enhancement of awareness of information security among the Company’s employees and division of labor.

  • Information security requirements to external suppliers.

  • Development of information security indicators.

  • Continuous information operations and drills.

  • Process and response to information security incidents.

  • Legal compliance.

  • Assessment of security and network risks

To properly protect the information assets within the Company's information security management system, we have determined and implemented relevant specifications for information assets and risk assessment procedures to confirm the risk level of information assets, and determine countermeasures via risk assessment results and internal

  • 76 -

meetings. By doing so, we can achieve effective mitigation, transfer, elimination or even acceptance of risks.

The Company has an internal scanning and monitoring system to ensure that the system operates with the latest operational updates to reduce the risk of being attacked.

We conduct annual review on various regulations and evaluate the Company's internal information security regulations to ensure compliance with legal regulations and effectiveness, and regularly publicize relevant security regulations to prevent the staff from violating internal regulations, which cause damage loss to the Company.

Each year, we review various regulations and evaluate the company's internal information security regulations to ensure compliance with regulations and effectiveness, and regularly publicize relevant security regulations to prevent the company from harming the company's violation of internal regulations.

In addition to basic information security-related training when recruiting new employees, the Company also regularly organizes e-mail social engineering exercises to educate employees on relevant information security knowledge such as e-mail sending and receiving, so as to reduce the risk of employees accidentally clicking on malicious e-mail. Through the implementation of various courses, we can not only enhancing the information security awareness of staff but also ensuring that information security concepts can be incorporated into daily operations.

  1. Information Security Management

With the establishment of the information security management system, the Company implements information security policies to protect customer data and corporate intelligence output, enahnce information security incident response capabilities and achieve information security policy measurement indicators. We also meet the expectations of the stakeholder groups of the Company, and continue to enhance the Company's security control system through PDCA mechanism, which will assist in improving the Company's competitiveness.

  1. Arrangement for Insurance of Information Security

  2. Since July of 2017, the Company has insured corporate information security risk management insurance. In case of insurance claims related to expenses incurred during the security incident (such as business interruption, forensics), the insurance coverage includes consolidated subsidiaries to reduce the Company’s losses.

  3. Countermearues for Severe Incidents of Information Security

  4. The Company enhances the internal emergency response process SOPs and drills during the establishment of the information security management system, and will continue to simulate various MPA attack scenarios and arrange relevant personnel to participate in the drills to ensure that emergency procedures can be initiated when the incident occurs to effectively reduce events responding time and Company losses.

  5. Security management of information asset equipmentThe company protects the confidentiality, availability, and consistency of information assets by establishing a set of information assets classification and inventory mechanism, and effectively identifies the company's key systems and equipment, strengthens and strengthens the physical security management of the information room, including personnel access control, Add surveillance image system and item entry and exit management to protect the safety of company information system equipment.

  6. Management of external service vendors In order to protect the company's own rights and information security, the company establishes a prior risk assessment mechanism for external manufacturers and requires them to sign a confidentiality agreement (NDA) in the process of signing service contracts with external manufacturers to protect the company's confidential information and avoid Was misused or exposed.

  7. Information security management system certification In response to the current information security technology risks, the company has introduced an information security management system to comprehensively improve information security protection and has obtained ISO 27001 information security international standard certification at August 2020.

In addition to investing in software and hardware investment in information security protection, the company also vigorously promotes the integration of information security management systems with international standards. It is expected to further improve the information security protection mechanism and continuously improve various information security management and maintenance operations to achieve It meets the information security management objectives of "confidentiality", "integrity" and "availability", and is expected to effectively reduce the impact of possible information security incidents and enhance corporate image and competitiveness.

Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology, Partner Tech Corp., DFI , Dataimage, SYSAGE TECHNOLOGY and TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its analysis and assessment to other risks.

VIII. Other material matters: None.

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Chapter 8 Special Notes

Special Notes

I. Information about affiliates

(I) Organization chart of affiliates

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----- Start of picture text -----

Unit: Shareholding ratio (%) 2020.12.31
Qisda Corporation
BenQ Dialysis Technology Corp. /100% Qisda America Corp. /100% BenQ Corp. /100%
Qisda Optronics Corp. /100% Qisda Japan Co., Ltd. /100% Darly 2 Venture, Ltd. /100% BenQ America Corp. /100%
Darly Venture Inc. /100% Qisda Sdn. Bhd. /100% INFTY Corporation /100% BenQ Canada Corp. /100%
Darly Consulting Corporation holding by affiliated enterprises: /45.11% Qisda (L) Corp. /100% BenQ Guru Holding Limited /37.5% BenQ Latin America Corp. /100%
Darly 2 Venture, Ltd. /54.89% holding by affiliated enterprises:
BenQ ESCO Corp. holding by affiliated enterprises: / 41% BenQ Medical (Shanghai) Co., Ltd /100% Darly Venture (L) Ltd. /12.5% Darly 2 Venture, Ltd. /50% BenQ Mexico S. de R.L. de C.V. holding by affiliated enterprises: /99.97%
Darly 2 Venture, Ltd. /18% Qisda (Suzhou) Co., Ltd. /100% BenQ Corp. /0.03%
Darly Consulting Corporation /24%
holding by affiliated enterprises: Darly Venture Inc. / 8% Partner Tech Corp. /58.04% Qisda (Hong Kong) Limited /100% BenQ Guru Corporation holding by affiliated enterprises: Darly Venture Inc. /0.02% /99.94% BenQ Service de Mexico S.de R.L. de C.V. holding by affiliated enterprises: BenQ Latin America Corp. /0.03% /99.97%
Darly 2 Venture, Ltd. /2.19% Qisda Electronics(Suzhou) Co. Ltd. /100%
DFI Inc. /45.08% BenQ Guru Software Co., Ltd. /100% Joytech LLC /100%
holding by affiliated enterprises: Qisda Optronics (Suzhou) Co., Ltd. /100%
Darly Venture Inc. /2% BenQ Material Corp. /25.21% Vividtech LLC / 100%
Darly 2 Venture, Ltd. /8.01% holding by affiliated enterprises:
Data Image Corporation holding by affiliated enterprises: Darly Venture Inc. / 5.20% /28.82% Qisda Precision Industry (SuZhou) Co., LtdQisda (Shanghai) Co., Ltd. /72.18% /100% Qisda Corp. /13.61% Darly Venture Inc. /4.74% Darly Consulting Corporation /0.00% MaxGen Comercio Industrial Imp E Exp Ltda. holding by affiliated enterprises: Joytech LLC /50% /50%
SYSAGE THCHNOLOGY CO., LTD /35.04% holding by affiliated enterprises: Qisda Electronics(Suzhou) Co. Ltd. /27.82% BenQ Medical Technology Corporation /43.43% BenQ (Hong Kong) Limited /100%
holding by affiliated enterprises:
Topview Optronics Corporation /20% Darly Venture Inc. /7.96%
holding by affiliated enterprises: BenQ Biotech (Shanghai) Co.,Ltd /70% Darly 2 Venture, Ltd. /3.57% BenQ Co.,Ltd /100%
Darly Venture Inc. / 4.47%
Darly 2 Venture, Ltd. /9.10%
K2 International Medical Inc. /34.99% Guangxi Youshan Medical Technology Co.,Ltd /55% BenQ Asia Pacific Corp. /100% BenQ Intelligent Technology (Hongkong) Co.,Ltd. /100%
holding by affiliated enterprises:
Darly 2 Venture, Ltd. /5.01% Wangcheng Medical Technology (Chengdu) Co.,Ltd /70% BenQ Korea Co., Ltd. /100% ShengCheng Trading (Shanghai) Co.,Ltd /100%
K2 Medical(Thailand) Co.,Ltd /49%
Shanghai Filter Technology Co.,Ltd /100% BenQ Japan Co., Ltd. /100% BenQ Intelligent Technology (Shanghai) Co., Ltd. /100%
K2 (Shanghai) International Medical Inc ./60.1%
EXPERT ALLIANCE SYSTEMS & CONSULTANCY (HK) COMPANY LIMITED /54% BenQ Australia Pty Ltd. /100% BenQ Technology (Shanghai) Co., Ltd. /100%
PT FRISMED HOSLAB INDONESIA /67%
EXPERT ALLIANCE SMART TECHNOLOGY CO. LTD. / 100% BenQ (M.E.) FZE. /100% BenQ Europe B.V. /100%
SIMULA TECHNOLOGY INC. / 37.51%
holding by affiliated enterprises: Qisda Vietnam Co.,Ltd /100% BenQ India Private Ltd. /100% BenQ UK Limited /100%
Darly Venture Inc. /6.88%
Darly 2 Venture, Ltd. /6.88%
GOLDEN SPIRIT CO., LTD. /50% Darly Venture (L) Ltd. /100% BenQ Singapore Pte Ltd. /100% BenQ Deutschland GmbH /100%
holding by affiliated enterprises:
Darly Venture Inc. /50% BenQ BM Holding Cayman Corp. holding by affiliated enterprises: /19.35% BenQ Service & Marketing (M) Sdn. Bhd. /100% BenQ Iberica S.L.Unipersonal /100%
Bigmin Bio-Tech Company Ltd. /100% Darly Venture (L) Ltd. /5.78%
BenQ Corp. /8.17% BenQ (Thailand) Co., Ltd. /100% BenQ Austria GmbH /100%
Darly Venture Inc. /10.21%
E-Strong Medical Technology Co., Ltd. /66.57% Darly 2 Venture, Ltd. /26.55%
holding by affiliated enterprises:Bigmin Bio-Tech Company Ltd. /0.003% BenQ BM Holding Corp. /100% PT. BenQ Teknologi Indonesia holding by affiliated enterprises: BenQ Corp. /0.31% /99.69% BenQ Benelux B.V. /100%
Alpha Networks Inc. /54.49% BenQ Italy S.R.L. /100%
holding by affiliated enterprises: NanJing BenQ Hospital Co., Ltd. /100%
BenQ Corp. /0.003%
Darly Venture Inc. / 2.26% BenQ France SAS /100%
Darly 2 Venture, Ltd. /0.77% Suzhou BenQ Hospital Co., Ltd. /64.41%
Darly Consulting Corporation /2.35% holding by affiliated enterprises: BenQ Nordic A.B. /100%
Suzhou BenQ Investment Co., Ltd. /35.59%
BenQ Hospital Management Consulting BenQ LLC /100%
(NanJing) Co., Ltd. /100%
MainteQ Europe B.V. /100%
BenQ Healthcare Consulting Corporation /100%
Suzhou BenQ Investment Co., Ltd. /100%
----- End of picture text -----

Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively to respectively see its Organization chart of affiliates

  • 78 -

(II) Basic information of affiliates

(II) Basic information of affiliates (II) Basic information of affiliates (II) Basic information of affiliates (II) Basic information of affiliates (II) Basic information of affiliates (II) Basic information of affiliates (II) Basic information of affiliates
December 31, 2020; NT$1,000
Name of business abbreviation Date of Address Currency Paid-in Main Activities
incorporation Capital
BenQ Medical Technology
Corporation
BMT 1989.03.21 7F., No. 46, Zhouzi St., Neihu Dist., Taipei City 114, Taiwan NTD 445,660 Manufacturing and trading of medical
equipment
BENQ MATERIALS CORP. BMC 1998.07.16 No. 29, Jianguo E. Rd., Guishan Dist., Taoyuan City 333, Taiwan NTD 3,206,745 Development, manufacturing and sales of
various functional filmproducts
PARTNER TECH CORP. PTT 1990.02.21 10F., No. 233-1, Baoqiao Rd., Xindian Dist., New Taipei City 231, Taiwan NTD 750,856 Production and sales of electronic
products and point of sale and import
and export trade
DFI INC. DFI 1981.07.14 10F., No. 97, Sec. 1, Xintai 5th Rd., Xizhi Dist.,New Taipei City, Taiwan NTD 1,146,889 Manufacturing, processing and trading of
industrial computer boards and
computer components
DATA IMAGE CORPORATION DIC 1997.11.22 30F., No.93, Sec. 1, Xintai 5th Rd., Xizhi Dist., New Taipei City 221, Taiwan NTD 693,996 Design, manufacture and sale of marine
displayoptoelectronic modules
TOPVIEW OPTRONICS CORP. TOC 2010.10.07 10F., Dacheng Rd., Taoyuan Dist., Taoyuan City 330, Taiwan NTD 287,500 Production and sales of Security
monitor, and import and export trade
SYSAGE THCHNOLOGY CO., LTD SYSAGE 1998.04.16 10F., No. 516, Sec. 1, Neihu Rd., Neihu Dist., Taipei City 114, Taiwan NTD 1,883,573 Operating communications and Internet
hardware and software equipment
SIMULA TECHNOLOGY INC. SIMULA 2003.12.15 13、14F., No.1351, 14F., No.1353, Zhong-Zheng Rd., Taoyuan Dist., Taoyuan
City33071,Taiwan
NTD 799,729 Electronic Parts/Components
GOLDEN SPIRIT CO., LTD. GSC 2001.08.31 No. 232, Dazhong2nd Rd., ZuoyingDist., KaohsiungCity813505, Taiwan NTD 200,000 Tradingin medical equipment
Bigmin Bio-Tech CompanyLtd. BMB 1991.11.13 No. 232, Dazhong2nd Rd., ZuoyingDist., KaohsiungCity813505, Taiwan NTD 15,000 Tradingin medical equipment
E-STRONG MEDICAL
TECHNOLOGY CO., LTD.
ESM 2013.09.11 No. 27, Nongyuan Rd., Changzhi Township, Pingtung County 908126, Taiwan NTD 333,500 Trading in medical equipment
Alpha Networks Inc. Alpha 2003.09.04 No. 8, Li-shing7 Road, Hsinchu Science Park Hsinchu, Taiwan NTD 5,417,185 Communications and Internet
K2 INTERNATIONAL MEDICAL
INC.
K2 2006.07.04 9F., No. 18, Jihu Rd., Neihu Dist., Taipei City 114, Taiwan NTD 200,000 Trading in medical equipment
K2 MEDICAL(THAILAND)CO.,LTD K2th 2018.10.26 77/87 Thonburi Road,Klongtan Sub-District,Klongsan District, Bangkok
Metropolis
THB 40,000 Medical equipment trading
K2 (Shanghai) International Medical
Inc.
K2sh 2007.08.31 Building 2, No. 787, Manufacturing Bureau Road, Huangpu District, Shanghai USD 1,250 Medical equipment trading
PT FRISMED HOSLAB INDONESIA K2ID 2000.06.28 RUKO BIDEX BLOK G NO. 30-31 JL. PAHLAWAN SERIBU BSD CITY,
KEL. LENGKONG GUDANG KEC. SERPONG
IDR 110,000 Trading in medical equipment
Name of business abbreviation Date of Address Currency Paid-in Main Activities
incorporation Capital
EXPERT ALLIANCE SYSTEMS &
CONSULTANCY (HK) COMPANY
LIMITED
EASCHK 2011.03.29 Room 1101-1102, 11th Floor, Times Center, 928-930 Cheung Sha Wan
Road, Lai Chi Kok, Kowloon, Hong Kong
HKD 30,000 Manufacturing of computer peripheral
products and provide smart service
EXPERT ALLIANCE SMART
TECHNOLOGY CO. LTD.
EASTMO 2018.12.14 Block A, 14th Floor, China Fortune Commercial Middle, 26-54B, Bristol
Road, Macau
MOP 100 Manufacturing of computer peripheral
products andprovide smart service
BenQ corporation BenQ 2000.03.13 No. 16,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 5,396,615 Brandproduct manufacturingand sales
BENQ ASIA PACIFIC CORP. BQP 2007.09.28 No. 12,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 200,000 Electronicproduct tradingin Asia
BENQ DIALYSIS TECHNOLOGY
CORP.
BDT 2014.10.08 No. 159-1, Shanying Rd., Guishan Dist., Taoyuan City 333, Taiwan NTD 280,000 Manufacturing and trading of medical
equipment
QISDA OPTRONICS CORP. QTOS 2014.12.11 No. 1, Xingye St., Guishan Dist., Taoyuan City 333, Taiwan NTD 1,000 Manufacturing of computer peripheral
products
DarlyVenture Inc. APV 1996.05.02 No. 12,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 1,641,969 Holdingcompany
Darly2 Venture, lnc. Darly2 2000.01.19 No. 12,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 2,250,000 Holdingcompany
DarlyConsultingCorporation. DarlyC 2001.08.29 No. 12,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 266,248 Investment management consultant
BENQ ESCO CORP. ESCO 2013.01.25 No. 12,Jihu Rd., Neihu Dist., Taipei City114, Taiwan NTD 100,000 Energytechnologyservice
INFTY Corporation INF 1994.12.08 10F., No. 419, Sec. 2, Zhongshan Rd., Zhonghe Dist., New Taipei City 235,
Taiwan
NTD 69,469 Assembly and trading of E-sport
products
BENQ GURU CORP. GST 2003.11.25 No. 14, Jihu Rd., Neihu Dist., Taipei City 114, Taiwan NTD 57,600 R&D and trading of computer
information systems
BenQ Healthcare Consulting
Corporation
BHCC 2009.02.05 No. 12, Jihu Rd., Neihu Dist., Taipei City 114, Taiwan NTD 22,763 Management consultant
Qisda America Corp. QALA 2007.07.05 8941 Research Drive, Suite 200, Irvine, CA 92618 USA USD 1,000 Electronicproduct trading
Qisda Japan Co., Ltd. QJTO 2007.07.27 3-30-1, KAIGAN AKIMOTO SOKO 3A 5F. MINATO-KU, Tokyo, Japan JPY 10,000 Electronic product trading and product
repair in the local market
Qisda Sdn. Bhd. QLPG 1989.11.15 2686Jalan Todak, Seberang Jaya 13700 Prai Penang, Malaysia MYR 50,274 Leasingand management services
Qisda (L) Corp. QLLB 1997.01.23 Level 15(B), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000
Federal Territoryof Labuan, Malaysia
USD 114,250 Holding company
BenQ Medical (Shanghai) Co., Ltd BMSH 2015.07.20 Room 2, Unit C, 8th Floor, Building D, No. 207, Yuhong Road, Changning
District, Shanghai, China
USD 1,360 Trading in medical equipment
Qisda (Suzhou) Co., Ltd. QCSZ 1993.06.25 No. 169, Zhujiang Road, Suzhou New District, , Jiangsu, China USD 74,000 Processing of liquid crystal displays and
mobile communicationproducts
Qisda(HongKong)Limited QCHK 2008.12.04 Unit 706, Haleson Building, No 1Jubilee Street, HongKong HKD 10 Holdingcompany
Qisda Electronics(Suzhou) Co. Ltd. QCES 2000.02.23 No. 169, Zhujiang Road, Suzhou New District, , Jiangsu, China USD 11,800 Processing of liquid crystal display
modules
Name of business abbreviation Date of Address Currency Paid-in Main Activities
incorporation Capital
Qisda Optronics (Suzhou) Co., Ltd. QCOS 2000.01.12 No. 169, Zhujiang Road, Suzhou New District, , Jiangsu, China USD 12,460 Processing of optoelectronic products
such asprojectors
Qisda Precision Industry (SuZhou)
Co., Ltd
QCPS 2007.07.27 No. 169, Zhujiang Road, Suzhou New District, , Jiangsu, China USD 5,000 Processing of plastic parts
Qisda(Shanghai)Co., Ltd. QCSH 2005.12.15 No. 669, Taihua Road, PudongNew Area, Shanghai, China USD 66,500 Processingof liquid crystal display
BenQ Biotech (Shanghai) Co.,Ltd BBC 2019.08.19 No. 613, 713 Taihua Road, Pudong New District, Shanghai CNY 100,000 Manufacturing and trading of medical
equipment
Guangxi Youshan Medical Technology
Co.,Ltd
Youshan 2020.01.19 Room 1316,13/F,TOWER 1,Datang headquarters,No.21,Pingle Road,
NanningArea of China(Guangxi)Pilot Free Trade Zone ,China
CNY 6,000 Trading in medical equipment
Wangcheng Medical Technology
(Chengdu)Co.,Ltd
Wangcheng 2020.11.25 Room 1-401,Building 17, Chengdu Cross-Strait Technology Industry
Development Park,WenjiangDistrict, Chengdu, Sichuan Province,China
CNY 2,000 Trading in medical equipment
Shanghai Filter Technology Co.,Ltd Filter 2020.12.24 Building 4, No. 613, 713 Taihua Road, Pudong New District, Shanghai, China CNY 140,000 R&D, manufacturing and sales of
synthetic materials and rubberproducts
Qisda Vietnam Co.,Ltd QVH 2019.10.23 Lot CN12, Dong Van 4 Industrial Park, Dai Cuong Commune, Kim Bang
District, Ha Nam Province, Vietnam.
USD 35,000 Manufacturing of liquid crystal display
Darly Venture (L) Ltd Darly 1997.01.23 Level 15(B), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000
Federal Territoryof Labuan, Malaysia
USD 6,000 Holding company
BenQ BM Holding Cayman Corp. BBHC 2009.01.05 Floor 4, Willow House, Cricket Square, PO Box 2804, Grand Cayman KY1-
1112, Cayman Islands
USD 244,945 Holding company
BenQ BM Holding Corp. BBM 2003.10.30 Level 15(B), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000
Labuan F.T., Malaysia
USD 262,463 Holding company
NANJING BenQ Hospital Co., Ltd. NMH 2003.11.11 No. 71 Hexi street,Jianye District, Nanjing, China USD 152,015 Medical service
Suzhou BenQ Hospital Co., Ltd. SMH 2004.07.07 No.181, Zhuyuan Road, High Tech Zone,Jiangsu, Suzhou, China CNY 601,975 Medical service
BenQHospital Management
Consulting (NanJing)Co., LTD.
NMHC 2005.11.14 No. 71 Hexi street, Jianye District, Nanjing, China USD 1,000 Management consultant
Suzhou BenQ Investment Co., Ltd. BIC 2015.09.16 No.181, Zhuyuan Road, High Tech Zone,Jiangsu, Suzhou, China USD 30,000 Holdingcompany
BenQ Guru Holding Limited GSH 2005.12.08 Unit A2, 10/F, Block A, Tin On Industrial Building, 777-779 Cheung Sha
Wan Road , Lai Chi Kok,Hongkong
HKD 62,400 Holding company
BenQ Guru Software Co., Ltd. GSS 1998.07.21 Building B, No.181, Zhuyuan Road, High Tech Zone, Jiangsu, Suzhou, China USD 13,200 R&D and trading of computer
information systems
BenQ America Corp. BQA 1997.09.25 3200 Park Center Dr., Suite 150, Costa Mesa, CA 92626 USA USD 2,000 Electronicproduct tradingin north USA
BenQ Canada Corp. BQca 2003.09.29 3-1750 The Queensway, Suite 1265, Toronto, on M9C 5H5 Canada CAD 1 Electronicproduct trading
BenQ Latin America Corp. BQL 2005.10.13 8200 NW 33rd street, Suite 301, Miami FL 33122, USA. USD 4,350 Electronic product trading in Central
and South America
Name of business abbreviation Date of Address Currency Paid-in Main Activities
incorporation Capital
BenQ Mexico S. de R.L. de C.V. BQmx 2002.05.27 Boulevard Palmas Hill 1, Piso 8, Suite/Oficina 00-101 Colonia Valle de las
Palmas, Huixquilucan Estado de México, C.P. 52764
MXN 3 Electronic product trading
BenQ Service de Mexico S. de R. L. de
C.V.
BQsm 2011.07.21 Boulevard Palmas Hill 1, Piso 8, Suite/Oficina 00-101 Colonia Valle de las
Palmas, Huixquilucan Estado de México, C.P. 52764
MXN 3 Provide various administrative and
management services
Joytech LLC. Joytech 2009.11.20 8200 NW 33rd street, Suite 301, Miami FL 33122, USA. USD 1 Holdingcompany
Vividtech LLC. Vividtech 2010.01.04 8200 NW 33rd street, Suite 301, Miami FL 33122, USA. USD 1 Holdingcompany
MaxGen Comercio Industrial Imp E
ExpLtda.
MaxGen 2010.01.14 Rua Haddock Lobo, 585 7 andar CEP 01414-001 Sao Paulo, SP Brazil BRL 503 Electronic product trading
BenQ (Hong Kong) Limited BQHK 1991.10.31 Unit A-2, 10/F, Tin On Industrial Building,777-779 Cheung Sha Wan Road,
Lai Chi Kok,Kowloon, HongKong
HKD 466,200 Holding company
BenQ Co.,Ltd BQC 2005.05.11 1st Floor, Building D, No. 207, Yuhong Road, Changning District, Shanghai,
China
USD 80,000 Real estate rental business
BenQ Intelligent Technology
(Hongkong)Co.,Ltd.
BQHK_HLD 2017.07.05 Unit A-2, 10/F, Tin On Industrial Building,777-779 Cheung Sha Wan Road,
Lai Chi Kok,Kowloon, HongKong
USD 4,000 Electronic product trading in HK
ShengCheng Trading(Shanghai)
Co.,LTD
BQsha_EC2 2015.10.10 Room 5, Unit C, 8th Floor, Building D, No. 207, Yuhong Road, Changning
District, Shanghai, China
USD 100 Electronic product trading
BenQ Intelligent Technology
(Shanghai)Co., Ltd.
BQC_RO 2017.10.13 Unit E, 8th Floor, Building D, No. 207, Yuhong Road, Changning District,
Shanghai, China
USD 3,000 Trading in electronic products in China
BenQ Technology (Shanghai) Co., Ltd. BQls 2003.10.24 Room 2103F, 21st Floor, No. 28, Maji Road, Waigaoqiao Free Trade Zone,
Shanghai, China
USD 200 Electronic product trading
BenQ Europe B.V. BQE 1994.09.26 Meerenakkerweg1-12,1-17,1-19and 1-23, Eindhoven, the Netherlands EUR 12,523 Electronicproduct tradingin Europe
BenQ UK Limited BQuk 1997.11.07 3 Staplehurst Office Centre, Weston-on-the-Green, OX25 3QU, Bicester
Oxfordshire, United Kingdom
GBP 300 Electronic product trading
BenQ Deutschland GmbH BQde 2000.09.07 Essener Strasse 5, 46047 Oberhausen, Germany EUR 600 Electronicproduct trading
BenQ Inberica S.L. Unipersonal BQib 2002.10.19 C/-Constitucion, 1-3(3rd f1),08960 SanJust Desvern, Barcelona, Spain EUR 150 Electronicproduct trading
BenQ Austria GmbH BQat 2001.08.07 Altmannsdorfer Strasse 89, Top6, 1120 Vienna, Austria EUR 35 Electronicproduct trading
BenQ Benelux B.V. BQnl 2000.10.12 Meerenakkerweg1-12, 1-17, 1-19 and 1-23, Eindhoven, the Netherlands EUR 18 Electronicproduct trading
BenQ ItalyS.R.L. BQit 2002.02.14 Viale Ercole Marelli 165, 5th Floor, 20099 Sesto San Giovanni, Italy EUR 300 Electronicproduct trading
BenQ France SAS BQfr 2004.04.08 Centre d’affaires La Boursidiere RN 186, 92350 Le Plessis Robinson France EUR 50 Electronicproduct trading
BenQ Nordic A.B. BQse 2005.12.06 Norgegatan 1, 164 32 Kista, SWEDEN SEK 100 Electronicproduct trading
BenQ LLC BQru 2011.01.02 Park Place Moscow, 113/1 Leninski Prospekt B101, 117198 Moscow,
Russian Federation
RUB 50 Provide various administrative and
management services
MainteQ Europe B.V. MQE 2002.04.05 EKKersrijt 4130, 5692 DC Son, The Netherlands EUR 818 Display and projector repair service in
Europe
Name of business abbreviation Date of Address Currency Paid-in Main Activities
incorporation Capital
BenQ Korea Co., Ltd. BQkr 2006.08.18 1801,288, Digital-ro, Guro-gu, Seoul, Korea KRW 50,000 Provide various administrative and
management services
BenQJapan Co., Ltd. BQjp 1996.07.19 7Fl, Shiba-2 Bldg., 2-2-15 Shiba, Minato-ku, Tokyo 105-0014,Japan JPY 10,000 Electronicproduct trading
BenQ Australia PtyLtd BQau 2000.07.01 Unit 6, 2 Holker Street, Newington, NSW 2127 Australia AUD 2,191 Electronicproduct trading
BenQ(M.E.)FZE. BQme 2001.04.07 P. O. Box 18007,Jebel Ali Free Zone, Dubai. U.A.E. AED 1,000 Electronicproduct trading
BenQ India Private Ltd. BQin 2000.02.29 9B Building, 3rd Floor, DLF Cyber city Phase-3, Gurgaon-122002,
Haryana, India
INR 440,296 Electronic product trading
BenQ Singapore Pte Ltd. BQsg 2000.09.20 8 Burn Road #11-07 Trivex, Singapore 369977 SGD 500 Electronicproduct trading
BenQ Service & Marketing (M) Sdn.
Bhd.
BQmy 2004.03.04 C-39-5, Block C, Jaya One, No.72A, Jalan Universiti, 46200 Petaling Jaya,
Selangor, Malaysia
MYR 100 Electronic product trading
BenQ (Thailand) Co., Ltd. BQth 2003.02.20 28th Fl., Sinn Sathorn Tower. 77/119 Krungdhonburi Road, Klongtonsai,
Klongsarn, Bangkok 10600 ,Thailand
THB 60,000 Electronic product trading
PT. BENQ TEKNOLOGI INDONESIA BQid 2017.11.06 Wisma 77 Tower 2 Lantai 5 Zone 1, Jalan Letjen S.Parman Kavling 77, Slipi
Sub-district, Palmerah Subdistruct, WestJakarta
IDR 3,250,000 Electronic product trading

Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its affiliate organizational chart.

3. Presumed to be the same shareholder for those with relations of control and affiliation: None.

  1. Overall business covered by the affiliates and subsidiaries, and the interaction and division of labor:

The Company's business coverage:

DMS (Design and Manufacturing Service): Engaged in the design, development, manufacturing and sales of various electronic products.

Brand Marketing: Engaged in design, development and sales of our provate brand products.

Materials Science: Engaged in research, development, manufacturing and sales of various electronic chemical film products.

Medical Services: Hospitals that provide medical services.

Network communication: Engaged in the commissioned design, research and development, manufacturing and sales of broadband, wireless network products and computer network systems and their components.

The Company is convinced that this division of labor system will enable the Company's overall operations to be upgraded, and will be able to fully utilize synergies in R&D, manufacturing, marketing and investment strategies to form the best competitive advantages.

(V) Directors, supervisors, and presidents of affiliates

April 26, 2021; Unit: in thousand shares; NT$ 1,000; %

Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
BMT Director
General manager
BenQ Corp.Representative:
Peter Chen, JY Hu, Michael Kuan, Harry Yang
Li,Jen-Fang(Independent director),
Chang,Chin-Tung(Independent director),
Huang,Chin-Fa(Independent director)
Michael Kuan
24,491,956
54.96%
BMC Director

General manager
Qisda Corp. Representative:
ZC.Chen, Peter Chen
BenQ Corp.Representative:
Conway Lee
K.Y. Lee, Yu,Ko-Yung, Yeh,Fu-Hai (Independent director),
Chen,Chiu-Ming(Independent director),
Lu,Yu-Yang (Independent director)
RayLiu
139,690,207
43.56%
PTT Director
General manager
Qisda Corp. Representative:
Peter Chen, Pete Wang, Michael CH Lee
Wu Hung Lin
Victor Tsan (Independent director), Calvin Wang
(Independent director),
Ryan Shen (Independent director)
Pete Wang
51,231,888
68.23%
DFI Director
General manager
Qisda Corp. Representative:
Peter Chen, Michael CH Lee, Steven Tsai
Leei,Min-Shan
Chou,Kuang-Jen(Independent director),
Chu,Chih-Hao(Independent director),
Yeh,Te-Chang(Independent director)
Steven Tsai
63,078,873
55.09%
DIC Director
General manager
Qisda Corp. Representative:
Joe Huang, Joe Lee, Jasmin Hung, Deng,Fu-Ji, Daniel Hsueh
Yu, Su-Ping
Yeh, Hui-Hsin (Independent director),
Ma,Xiao-Kang (Independent director),
He,Wen-Xian (Independent director)
Chan,Wei-Hsiang
26,612,305
38.35%
TOC Director Qisda Corp. Representative:
Zhou,Le-Ling, Cai,Wen-Jing, Joe Huang, Liang,Kun-De,Billy
Liou
Li,Hong-Ming, Su,Ying-Qing (Independent director), Cai,Xin-
Zhang (Independent director), Lin,Kai-Bin (Independent
director)
9,651,000
33.57%
SYSAGE Director Qisda Corp. Representative:
Michael CH Lee, Jasmin Hung, Joshua Tzeng, Steven Tsai,
Guo,Shu-Er
Wang,Wen-Cong (Independent director), Wang,Jin-Lai
(Independent director),Lai,Shan-Gui(Independent director)
66,000,000
35.04%
SIMULA Director Qisda Corp. Representative:
Joe Huang(Note2), LucilleYu, Calvin Jeng, Jasmin Hung
Chen,Jin-ji (Independent director), Dan,Tang-E (Independent
director),
Yeh,Hui-Hsin(Independent director)
41,000,000
51.27%
GSC Director

Supervisor
Qisda Corp. Representative:
Spark Huang, Lin,Yu-Min, Harry Yang
Qisda Corp. Representative:
BillyLiou
20,000,000
100.00%
  • 84 -
Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
BMB Director

Supervisor
Qisda Corp. Representative:
Spark Huang, Lin,Yu-Min, Harry Yang
Qisda Corp. Representative:
BillyLiou
1,500,000
100.00%
ESM Director



Supervisor
Qisda Corp. Representative:
Spark Huang, Lin,Yu-Min, Harry Yang, Billy Liou
NEW IMAGE MEDICAL CO., LTD. Representative:
Wu,Sheng-Zhong
Bigmin Bio-Tech Company Ltd. Representative:
JimmyHsu
22,200,500
66.57%
Alpha Director Qisda Corp. Representative:
April Huang, Peter Chen, Lin,Yu-Chin, Jasmin Hung
Li,Shu-Hsing (Independent director), Chiang,Cheng-Jung
(Independent director),
Hsieh,Ming-Der(Independent director)
324,312,126
58.87%
K2 Director
Supervisor
General manager
Qisda Corp. Representative:
Chen,Ming-Cheng, Harry Yang, Jasmin Hung, Spark Huang
Chen,Hsiu-Wen, Lin,Yuan-Hao, Chen,Chung-I
Darly2 Venture, lnc. Representative:
Billy Liou
Chen,Chung-I
8,000,000
40.00%
K2th Director
General manager
Harry Yang, Ong-Art-Chalinrat, Yeh,Kung-Wu
Ong-Art-Chalinrat
392
19.60%
K2sh Director
Supervisor
General manager
Chen,Chung-I
Chen,Ming-Cheng
Yuan,Yao-Hua
751,250
24.04%
K2ID Director
General manager
Chen,Chung-I, Fang,Shi-Jia, FREDHO HALIM
Chen,Ming-Cheng,Zhao Si-Yi,SUZANTY ARIANY
737,000
26.80%
EASCHK Director Michael CH Lee, Claire Tien, Yu,Xiao-Hui, Chen, Feng-Yang,
Chen,Zhen-Liang
Contribution amount
HKD30,000,100


54.00%
EASTMO Director Michael CH Lee, Claire Tien, Yu,Xiao-Hui Contribution amount
MOP100,000


54.00%
BenQ Director
Supervisor
General manager
Qisda Corp. Representative:
K.Y. Lee, Peter Chen, Conway Lee, Jasmin Hung
Qisda Corp. Representative:
Billy Liou
ConwayLee
539,661,479
100.00%
BQP Director
Supervisor
General manager
BenQ Corp.Representative:
Conway Lee, Jeffrey Liang, Scott Yen
BenQ Corp.Representative:
Ping Shen
JeffreyLiang
20,000,000
100.00%
BDT Director
Supervisor
Qisda Corp. Representative:
Harry Yang, Spark Huang, Billy Liou
Qisda Corp. Representative:
Aaron Chen
28,000,000
100.00%
QTOS Director
Supervisor
Qisda Corp. Representative:
Joe Huang, Jasmin Hung(Note2), Daniel Hsueh
Qisda Corp. Representative:
BillyLiou(Note2)
100,000
100.00%
APV Director
Supervisor
Qisda Corp. Representative:
Jasmin Hung, Peter Chen, Michael LS Wang
Qisda Corp. Representative:
BillyLiou
164,196,893
100.00%
Darly2 Director

Supervisor
BenQ Corp. Representative:
Jasmin Hung, Peter Chen, Michael LS Wang
BenQ Corp. Representative:
BillyLiou
255,000,000
100.00%
  • 85 -
Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
DarlyC Director
Supervisor
Darly2 Venture, lnc. Representative:
Jasmin Hung, Peter Chen, Michael LS Wang
Darly Venture Inc. Representative:
BillyLiou
26,832,611
100.00%
ESCO Director
Supervisor
General manager
Darly Venture Inc. Representative:
Michael CH Lee, Zheng,Jia-Liang, Billy Liou
Darly2 Venture, lnc. :
Aaron Chen
Zheng,Jia-Liang
8,300,000
83.00%
INF Director
Supervisor
BenQ Corp.Representative:
Conway Lee, Peter Huang, Enoch Huang
Darly2 Venture, lnc. :
PingShen
6,946,880
100.00%
GST Director
Supervisor
BenQ Guru Holding Limited Representative:
Michael CH Lee, Joshua Tzeng, Billy Liou
Darly Venture Inc. Representative:
Aaron Chen
5,757,428
99.96%
BHCC Director
Supervisor
BenQ BM Holding Corp. Representative:
Mark Hsiao, Peter Chen, Ron Chiang, Jasmin Hung
BenQ BM Holding Corp. Representative:
BillyLiou
2,276,330
70.05%
QALA Director
General manager
Joe Huang, Daniel Hsueh, Ellin Lee
Joe Huang
1,000,000
100.00%
QJTO Director
Supervisor
CY Ho, Chen,Pei-Tzu, Jimmy Hsu
BillyLiou
Contribution amount
JPY10,000,000

100.00%
QLPG Director Jasmin Hung,SS Lim,Mavis Lin MYR 50,274,200
100.00%
QLLB Director Jasmin Hung,Peter Chen,BillyLiou 114,250,000
100.00%
BMSH Director
Supervisor
General manager
Qisda (L)Corp. Representative:
Harry Yang, Frencis Xiao, Rackie Kuo
Qisda (L)Corp. Representative:
Mercer Peng
Frencis Xiao
Contribution amount
USD1,360,000


100.00%
QCSZ Director
Supervisor
General manager
Qisda (L)Corp. Representative:
Mark Hsiao, Eric Lee, Mercer Peng
Qisda (L)Corp. Representative:
Billy Liou
Mark Hsiao
Contribution amount
USD74,000,000


100.00%
QCHK Director Jasmin Hung,Peter Chen,BillyLiou 10,000
100.00%
QCES Director
Supervisor
General manager
Qisda (Hong Kong)Limited Representative:
Mark Hsiao, Eric Lee, Mercer Peng
Qisda (Hong Kong)Limited Representative:
Billy Liou
Mark Hsiao
Contribution amount
USD11,800,000


100.00%
QCOS Director
Supervisor
General manager
Qisda (Hong Kong)Limited Representative:
Mark Hsiao, Eric Lee, Mercer Peng
Qisda (Hong Kong)Limited Representative:
Billy Liou
Mark Hsiao
Contribution amount
USD12,460,000


100.00%
QCPS Director
Supervisor
General manager
Qisda (Hong Kong)Limited Representative:
Mark Hsiao, Eric Lee, Mercer Peng
Qisda (Hong Kong)Limited Representative:
Billy Liou
Mark Hsiao
Contribution amount
USD5,000,000


100.00%
QCSH Director
Supervisor
General manager
Qisda Electronics (Suzhou) Co. Ltd. Representative:
Mark Hsiao
Qisda (Hong Kong) Limited Representative:
Eric Lee, Mercer Peng
Qisda (Hong Kong) Limited Representative:
Billy Liou
Mark Hsiao
Contribution amount
USD66,500,000


100.00%
  • 86 -
Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
BBC Director


Supervisor
Qisda Corp. Representative:
Harry Yang, Mark Hsiao, Jasmin Hung
Shanghai Kunxin Medical Technology Co., Ltd. Representative:
Xia, Lie-Bo
Qisda Corp. Representative:
Michael Lee
Shanghai Kunxin Medical Technology Co., Ltd. Representative:
He,Hong-Xing
Contribution amount
CNY70,000,000


70.00%
Youshan Director



Supervisor
BenQ Biotech (Shanghai) Co.,Ltd Representative:
Li,Xiao-Ming, Wen,Hu
Guangxi Youshan Investment Co., Ltd Representative:
Huang,Tian Yue
BenQ Biotech (Shanghai) Co.,Ltd Representative:
Lei,Xin-Hua
Contribution amount
CNY3,300,000


38.50%
Wangcheng Director


Supervisor
Xu,Yong
BenQ Biotech (Shanghai) Co.,Ltd Representative:
Lei,Xin-Hua, Wen,Hu
BenQ Biotech (Shanghai) Co.,Ltd Representative:
Fan,Shi-Hai
Contribution amount
CNY1,400,000


49.00%
Filter Director

Supervisor
BenQ Biotech (Shanghai) Co.,Ltd Representative:
Mark Hsiao, Xia,Lie-Bo, Harry Yang, Jasmin Hung
Michael Lee,He,Hong-Xing
Contribution amount
CNY1,000,000


100.00%
QVH Director

Supervisor
Qisda Corp. Representative:
Mark Hsiao, Rex Wu, Mercer Peng, T T Huang
Qisda Corp. Representative:
BillyLiou
Contribution amount
USD35,000,000


100.00%
Darly Director Jasmin Hung,Peter Chen,Michael LS Wang 6,000,000
100.00%
BBHC Director K.Y. Lee, Peter Chen, Jasmin Hung, Mark Hsiao,
Michael Tseng, Louise Wang, Yang,Hung-Jen, Wang,Lin,
Kuo,Chi-Chih
171,581,837
70.05%
BBM Director K.Y. Lee, Peter Chen, Jasmin Hung, Mark Hsiao,
Michael Tseng, Louise Wang, Yang,Hung-Jen, Wang,Lin,
Kuo,Chi-Chih
262,463,251
70.05%
NMH Director
Supervisor
General manager
BenQ BM Holding Corp. Representative:
Mark Hsiao, Peter Chen, Michael Tseng, Louise Wang,
Jasmin Hung, Wang,Lin, Kuo,Chi-Chih, Yu,Zhen-Kun
BenQ BM Holding Corp. Representative:
Mavis Lin
Mark Hsiao
Contribution amount
USD 172,014,984


70.05%
SMH Director
Supervisor
General manager
BenQ BM Holding Corp. Representative:
Mark Hsiao, Peter Chen, Michael Tseng, Louise Wang,
Jasmin Hung, Wang,Lin, Kuo,Chi-Chih, Zhou,Xiao-Qing
BenQ BM Holding Corp. Representative:
Mavis Lin
Mark Hsiao
Contribution amount
CNY 601,975,000


70.05%
NMHC Director
Supervisor
General manager
BenQ BM Holding Corp. Representative:
Mark Hsiao, Peter Chen, Michael Tseng, Louise Wang,
Jasmin Hung, Wang,Lin, Kuo,Chi-Chih
BenQ BM Holding Corp. Representative:
Mavis Lin
Mark Hsiao
Contribution amount
USD 1,000,000


70.05%
BIC Director
Supervisor
General manager
BenQ BM Holding Corp. Representative:
Mark Hsiao, Jasmin Hung, Louise Wang, Ron Chiang
BenQ BM Holding Corp. Representative:
Mavis Lin
Mark Hsiao
Contribution amount
USD30,000,000


70.05%
GSH Director Michael CH Lee, Joshua Tzeng,Rackie Kuo 62,400,000
100.00%
  • 87 -
Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
GSS Director
Supervisor
General manager
BenQ Guru Holding Limited Representative:
Michael CH Lee, Joshua Tzeng, Billy Liou
BenQ Guru Holding Limited Representative:
Aaron Chen
Huang,Chih-Kuang
Contribution amount
USD13,200,000


100.00%
BQA Director ConwayLee,Ellin Lee,Lars Yoder 200,000
100.00%
BQca Director Lars Yoder,Ellin Lee,Richard Winter 1,000
100.00%
BQL Director ConwayLee, Anson W Yang,Israel Bedolla 4,350,000
100.00%
BQmx Director Israel Bedolla,Anson W Yang,ConwayLee 3,000
100.00%
BQsm Director Israel Bedolla,Anson W Yang,ConwayLee 3,000
100.00%
Joytech Director Israel Bedolla,Anson W Yang,Ellin Lee 500
100.00%
Vividtech Director Israel Bedolla,Anson W Yang,Ellin Lee 500
100.00%
MaxGen Director Marcelo Café 1,000
100.00%
BQHK Director Jasmin Hung,Rackie Kuo,DannyLin 466,200,002
100.00%
BQC Director
Supervisor
BenQ (Hong Kong) Limited Representative:
Jasmin Hung, Rackie Kuo, Danny Lin
BenQ (Hong Kong) Limited Representative:
Aaron Chen(Note2)
Contribution amount
USD80,000,000


100.00%
BQHK_HLD Director Conway Lee, Michael Tseng, Rackie Kuo Contribution amount
USD4,000,000


100.00%
BQsha_EC2 Director
Supervisor
General manager
BenQ Intelligent Technology (Hongkong) Co.,Ltd.
Representative:
Michael Tseng, David Huang, Rackie Kuo
BenQ Intelligent Technology (Hongkong) Co.,Ltd.
Representative:
Ping Shen
David Huang
Contribution amount
USD100,000


100.00%
BQC_RO Director BenQ Intelligent Technology (Hongkong) Co.,Ltd.
Representative:
Contribution amount
USD3,000,000


100.00%

Conway Lee, Michael Tseng, Rackie Kuo
Supervisor
General manager
BenQ Intelligent Technology (Hongkong) Co.,Ltd.
Representative:
Ping Shen
Michael Tseng
BQls Director
Supervisor
General manager
BenQ (Hong Kong) Limited Representative:
Conway Lee, Michael Tseng, Rackie Kuo
BenQ (Hong Kong) Limited Representative:
Ping Shen
Michael Tseng
Contribution amount
USD200,000


100.00%
BQE Director ConwayLee,Steve Chu, JoyChang 5,009,076
100.00%
BQuk Director
Secretary
Conway Lee, Steve Chu, Royce James Lye
JoyChang
300
100.00%
BQde Director Steve Chu, JoyChang,Oliver Barz 100
100.00%
BQib Director Steve Chu, JoyChang(Note2) 150
100.00%
BQat Director Steve Chu, JoyChang,Mihai Borze 35
100.00%
BQnl Director ConwayLee,Steve Chu, JoyChang 182
100.00%
BQit Director Steve Chu, JoyChang,Mihai Borze 50,000
100.00%
BQfr Director Steve Chu, JoyChang,Bruno Morel 1
100.00%
BQse Director Steve Chu, JoyChang,BoJoalim Carl Cramer 1
100.00%
BQru Director Steve Chu, JoyChang,Youri Studenikin 1
100.00%
MQE Director ConwayLee, JoyChang,EL Tan 81,800
100.00%
BQkr Director
Supervisor
Jeffrey Liang, Scott Yen, Peter So
PingShen
10,000
100.00%
100.00%
BQjp Director
Supervisor
Jeffrey Liang, Scott Yen,Masashi Kikuchi
PingShen
200
100.00%
BQau Director JeffreyLiang, Scott Yen,Martin Moelle 2,191,092
100.00%
BQme Director JeffreyLiang,Scott Yen,Manish Bakshi 1
100.00%
BQin Director JeffreyLiang,Scott Yen,Rajeev.Singh 440,295,980
100.00%
BQsg Director JeffreyLiang,Scott Yen,HASLINA BINTE ABU BAKAR 500,000
100.00%
  • 88 -
Shareholding Shareholding
Name of
Title Name or representative
(Investment
business Shares (Investment Amount)

Holding%)
BQmy Director JeffreyLiang,Scott Yen,Brian HY Lee(Lee HingYew) 100,000
100.00%
BQth Director JeffreyLiang,Scott Yen,Thanyarak Nasomyon 11,999,998
100.00%
BQid Director
Supervisor
General manager
Jeffrey Liang, Andryanto C Wijaya
Scott Yen
Andryanto C Wijaya
6,500
100.00%

Note1: Qisad Grop combined holding shares and Shareholding ratio. Note2: As of April 30, 2021

Note3: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its Directors, supervisors, and presidents of affiliates.

(VI) Overview of affiliates’ operations:

(VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations: (VI) Overview of affiliates’ operations:
December 31,2020;Unit: NT$1,000

Profit or loss for

Earnings per
Name of Profit from
Capital Total assets Total liabilities Net assets Revenue
the year (After

share (dollar;
business operations
income tax) after income tax
QLPG 546,160 342,424
45,566
296,858 0 (23,137) (6,634)
QALA 32,800 6,413,850 6,370,335 43,516 22,640,630 13,265 5,888
QJTO 3,784
878,968
826,358 52,610 2,219,696 5,550 2,028
BDT 280,000 137,480 21,833 115,647 58,896 (33,045) (33,629) (1.2)
QTOS 1,000 1,011
0
1,011 0 0 10 0.1
Darly L 165,000 290,122
141,908
148,214
0
(58) 4,548
APV 1,641,969 2,561,998 1,730 2,560,268 0 (428) 118,653 0.72
QVH 1,073,549 2,160,874
1,328,809
832,065 377,650 (128,941) (147,028)
QLLB 3,460,633 15,003,415 1,176,172
13,827,243
0 (274) 1,566,663
QCSZ 2,241,460 32,920,183 23,259,992
9,660,191

76,397,392
1,123,110 1,031,051
QCHK 0 3,574,305 0 3,574,305 0 (28) 567,839
BMSH 43,776 53,665 17,517 36,148 52,528 (1,896) (1,104)
QCSH 2,014,285 297,621
1,669,609
(1,371,988) 0 (22,308) (12,391)
QCES 357,422
7,517,200
6,108,786 1,408,414
22,283,243
232,913 144,986
QCOS 377,413 7,765,602
4,015,971

3,749,631

14,413,748
414,560 398,569
QCPS 151,450 821,156 429,508 391,648 1,751,610 45,534
36,210
ESCO 100,000 64,680 45,667 19,014
87,371

(8,469)
(2,098) (0.21)
BenQ 5,396,615 18,627,230 9,333,726 9,293,503 16,836,188 (42,203) 1,387,254
2.57
BQHK 1,819,024
2,860,024

27,844

2,832,180
0 (47) 215,593
BQE 485,684
3,763,927
3,055,236 708,691
7,895,264

100,575
138,824
BQP 200,000 2,801,001
2,511,887
289,114
6,397,212

160,365
152,292
7.61
BQA 60,580 1,986,157 1,276,575 709,582
4,636,434

70,697
94,304
BQL 127,414
611,049
679,434
(68,385)
596,111
1,442

(122,492)
MQE 35,139 83,734
11,119
72,615 68,320 3,951
2,958
Darly 2 2,250,000 3,105,719 27,135 3,078,584
0
(629) 110,625 0.49

BQHK_HLD
118,143 838,035 50,734
787,301

136,668
8,401
381,071
INF 69,469 89,413 11,171
78,242

263,834

8,799
4,092
0.59
GSH 242,320 176,788 620 176,168 0 (27) 2,152
BQid 6,923 47,402
38,116
9,286 47,074
9,919
11,310
BQkr 1,713 26,375 19,618 6,757 1,052
(4,198)
(1,543)
BQjp 2,582
572,912

488,047
84,865 1,694,527 49,220 167
BQau 65,042
293,036
223,225 69,810 579,868 21,080 9,115
BQme 8,809 512,663 486,865 25,797 1,231,491
27,543
27,229
BQin 225,287 674,473 645,111
29,362

738,858
5,143 8,684
BQsg 11,425 29,120 45,401
(16,281)
44,955 4,010 4,261
BQmy 106,550 38,889 31,028 7,861
81,718
1,000 1,084
BQth 56,030 59,228 111,963 (52,735) 167,759 (5,869) (4,314)
BQC 2,766,770 3,049,828 210,936 2,838,891
510,326
283,709 215,792
BQls 12,703 209,225 167,661
41,564

57,800
24,623 16,778
BQsha_EC2 2,942
58,894

39,904

18,990
236,137 31,009 23,330
BQC_RO 90,106 1,882,125 1,159,686 722,439 4,280,224
350,133
333,951
GSS 495,651
145,276
66,359 78,918 133,279 (13,420) (9,818)
GST 57,600 83,778 12,186 71,591 113,196 10,413 12,004
2.08
BQca 30 260,902
254,269
6,632
942,709
6,226 8,038
BQmx 7 281,697 242,754
38,943
377,661
3,975
(4,081)
Joytech 4,422
(139,807)
0 (139,807) 0 0 (58,320)
Vivitech 4,422
(139,807)
0 (139,807) 0 0 (58,320)
MaxGen 8,159
333,754

613,736

(279,982)
200,290
5,412

(116,991)
  • 89 -

Profit or loss for

Earnings per
Name of Profit from
Capital Total assets Total liabilities Net assets Revenue
the year (After

share (dollar;
business operations
income tax) after income tax
BQsm 6 11,132
7,703
3,430 0 290 (48)
BQuk 14,003 327,613 277,233 50,380 1,437,192
16,875
12,534
BQde 23,535 756,019 611,686 144,333 2,007,487 15,248 (4,301)
BQib 5,884
295,256
205,179 90,077 826,099 46,668 35,394
BQat 1,373 164,285 106,018 58,267 921,249 2,033 2,048
BQnl 714
136,154

171,145
(34,992) 489,276 5,178 5,180
BQit 11,768 286,098 252,964
33,134

427,698
4,805 4,270
BQfr 1,961
344,652

470,105
(125,453) 827,207 9,017 6,857
BQse 439 118,374
36,379
81,995 613,379 8,958 6,725
BQru 48 15,312
2,080
13,232
31

258
1,901
DarlyC 268,326 387,462
17,167
370,295 0 (749) 14,579 0.54
BBHC 7,405,278 3,898,484
3,106
3,895,379 0 (18,194) 100,322
BBM 8,038,278 3,879,638 41,127 3,838,511
0
(48,942) 129,133
NMH 5,298,666 6,236,866 3,752,349 2,484,517 5,051,123 293,476 246,217
SMH 2,929,594
3,891,261

3,033,200
858,061
2,534,766
62,592
(40,815)
NMHC 38,825 24,243 249 23,994
24

(654)
(426)
BHCC 22,763 44,821
15,241

29,580
42,018 (12,665) (15,060) (6.62)
BIC 974,419 845,941
11,079
834,862
0
(4) 153
BBC 435,170 839,247 52,632
786,615
153,172
(80,582)
(68,075)
Youshan 25,306 44,430 17,712
26,718
35,594
916
906
Wangcheng 8,643 8,643 0 8,643 0 0 0
Filter 0 0 0 0 0 0 0
BMTC 445,660 1,794,920 677,798 1,117,122
1,400,850
97,476 84,120 1.39
BMC 3,206,745 11,059,451
6,736,676
4,322,775 15,049,948 547,371
395,973
1.23
PTT 750,856 2,017,958 1,015,425 1,002,533 2,755,516 60,570 35,300 0.07
DFI 1,146,889 8,084,003 3,050,365 5,033,639 8,349,522
648,125
477,833 3.54
K2 200,000 778,161
204,976
573,185 687,786 25,361
44,252

2.95
K2TH 38,339 76,735 37,737 38,998 54,304
1,373
1,399
K2SH 39,415 158,162
97,354

60,809
300,294
18,252

15,268
K2ID 5,000 303,939 4,620 299,320 118,650 27,661
34,846
DIC 693,996 2,156,014
1,028,279
1,127,735 2,836,726 262,662
179,070
2.58
EASCHK 117,507 119,801
3,379
116,423 312,828 3,455 3,162
EASTMO 381
10,559
2,268 8,292
15,134

(153)
(157)
TOC 287,500 1,926,320 866,343 1,059,977 1,573,907 83,601
62,703
2.23
SYSAGE 1,883,573 8,147,415 3,601,069 4,546,346 13,512,521
649,970
576,099 2.91
SIMULA 799,729 1,947,922
428,258
1,519,664
1,029,856
110,232
76,304

1.10
GSC 200,000 506,487 238,906 267,580 221,509 16,484
23,252

1.53
BMB 15,000 54,822
27,756
27,066 86,687 9,256 8,564
5.71
ESM 333,500 581,659 288,006 293,653 164,824
5,200
2,026 0.07
ALPHA 5,417,185
27,005,583

14,267,251

12,738,331

32,170,649

897,607

725,103

1.03
  • Note: Please refer to the 2020 Annual Reports of the Company’s Subsidiaries BenQ Materials Corporation, BenQ Medical Technology Corporation, Partner Tech Corp., DFI Inc., DATA IMAGE CORPORATION, SYSAGE TECHNOLOGY CO., LTD., TOPVIEW OPTRONICS CORP., SIMULA TECHNOLOGY INC. and Alpha Networks Inc. to respectively see its Overview of affiliates’ operations.

  • II. Privately placed securities handling status in the most recent year up to the publication date of this Annual Report: None

  • III. Holding or disposition of the Company shares by subsidiaries in the most recent year up to the publication date of this Annual Report: None.

  • IV. Other items that must be included: None.

  • V. Any event that results in substantial impact on the shareholders’ equity or prices of the Company’s securities as prescribed by Subparagraph 2, Paragraph 2, Article 36 of the Securities and Exchange Act that have occurred in the most recent year up to the publication date of this Annual Report: None.

  • 90 -

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  • 254 -

Independent AuditorsReport

The Board of Directors of Qisda Corporation:

Opinion

We have audited the parent-company-only financial statements of Qisda Corporation (the “Company”), which comprise the parent-company-only balance sheets as of December 31, 2020 and 2019, and the parent-company-only statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the parent-company-only financial statements, including a summary of significant accounting policies.

In our opinion, based on our audits and the reports of other auditors (please refer to the paragraph on Other Matter of our report), the accompanying parent-company-only financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for Opinion

We conducted our audit of the parent-company-only financial statements as of and for the year ended December 31, 2020 in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants, and auditing standards generally accepted in the Republic of China. Furthermore, we conducted our audit of the parent-company-only financial statements as of and for the year ended December 31, 2019 in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants, Rule No. 1090360805 issued by the Financial Supervisory Commission, and auditing standards generally accepted in the Republic of China. Our responsibilities under those standards are further described in the paragraph on the Auditors’ Responsibilities for the Audit of the parent-company-only Financial Statements of our report. We are independent of the Company in accordance with the Certified Public Accountants Code of Professional Ethics in Republic of China (“the Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the parent-company-only financial statements of the current period. These matters were addressed in the context of our audit of the parent-company-only financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matters for the Company’s parent-company-only financial statements for the year ended December 31, 2020 are stated as follows:

  1. Revenue recognition

Please refer to notes 4(p) and 6(u) for the accounting policy on revenue recognition and “Revenue” for the related disclosures, respectively, of the notes to the parent-company-only financial statements.

  • 255 -

Description of key audit matter:

The Company recognizes its revenue depending on the various trade terms in each individual sale transaction and service rendered, which are considered to be complex in determining the timing of revenue recognition. Therefore, revenue recognition has been identified as one of the key audit matters.

How the matter was addressed in our audit:

In relation to the key audit matters above, our principal audit procedures included testing the design and operating effectiveness of the Company’s internal controls over financial reporting in the sales and collection cycle; assessing whether revenue is recognized based on the trade terms with customers through reviewing the related sales contracts or other trade documents; performing a sample test on the sales transactions that took place before and after the balance sheet date to determine whether the performance obligation has been satisfied by transferring control over the goods or services to a customer, and assessing the accuracy of the timing of revenue recognition; reviewing and understanding the reasonableness for any identified significant sales returns and allowances that took place after the balance sheet date, as well as assessing the completeness of the revenue and related sales returns and allowances.

2. Valuation of inventories

Please refer to notes 4(g), 5 and 6(f) for the inventory accounting policy, “Critical accounting judgments and key sources of estimation uncertainty” for estimation uncertainty of inventory valuation, and “Inventories” for the related disclosures, respectively, of the notes to the parent-company-only financial statements.

Description of key audit matter:

Inventories are measured at the lower of cost and net realizable value. Due to the rapid technological innovations and highly competitive environments in the electronic industry, the life cycle of certain products of the Company are short and their market prices fluctuate rapidly, which could possibly result in a price decline and obsolescence of inventory, wherein the inventory cost may exceed its net realizable value. Therefore, the valuation of inventories has been identified as one of the key audit matters.

How the matter was addressed in our audit:

In relation to the key audit matter above, our principal audit procedures included reviewing the inventory of aging report and analyzing the fluctuation of inventory aging; selecting samples to verify the accuracy of the net realizable value of inventories and inventory aging report prepared by the Company; evaluating whether valuation of inventories was accounted for in accordance with the Company’s accounting policies; and assessing the historical reasonableness of management’s estimates on inventory provisions.

3. Acquisition of subsidiaries

Please refer to notes 4(t) and 6(g) for the accounting policy on business combination, and the related disclosures on acquisition of subsidiaries, respectively, of the notes to the parent-company-only financial statements.

Description of key audit matter:

The Company acquired 19.02% ownership of Alpha Networks Inc. through public tender offer in July 2020, resulting in the Company and its subsidiaries' ownership interest in Alpha Networks Inc. to increase to 42.86%; therefore, it is assessed that the Company obtained control over it. To adopt the accounting treatment of business combination, the management needs to determine the fair value of the identifiable assets and liabilities. The assessment is complex and involves significant assumptions and estimation. Accordingly, the assessment of acquisition of subsidiaries has been identified as one of the key audit matters.

  • 256 -

How the matter was addressed in our audit:

In relation to the key audit matter above, our principal audit procedures included obtaining the purchase price allocation report with valuation on intangible assets, conducted by an external expert engaged by the management; and auditing the acquired assets and liabilities identified by the management including any fair value adjustment at the acquisition date. In doing so, we have consulted internal valuation specialists to assist in evaluating the reasonableness of the valuation model and key assumptions used. We have also confirmed that correct accounting treatment has been applied and appropriate disclosures with respect to the acquisition has been made.

  1. Assessment of impairment of goodwill from investments in subsidiaries

Please refer to notes 4(n), 5 and 6(g) for the accounting policy on impairment of non-financial assets, “Critical accounting judgments and key sources of estimation uncertainty ” , for the estimation uncertainty of impairment of goodwill, and “Investments accounted for using the equity method,” and for the related disclosures, respectively, of the notes to the parent-company-only financial statements.

Description of key audit matter:

Goodwill arising from acquisition of subsidiaries, which are included in the carrying amount of investments accounted for using the equity method. Goodwill are annually subject to impairment test or when there are indications that goodwill may have been impaired. The assessment of the recoverable amount of goodwill involves management’s judgment and estimation. Accordingly, the assessment of impairment of goodwill has been identified as one of the key audit matters.

How the matter was addressed in our audit:

In relation to the key audit matter above, our principal audit procedures included obtaining the assessment of goodwill impairment provided by the management; assessing the appropriateness of the valuation model and key assumptions, including the discount rate, expected growth rate and future cash flow projections, used by the management in measuring the recoverable amount; performing a sensitivity analysis of key assumptions and results; and assessing the adequacy of the Company’s disclosures with respect to the related information.

Other Matter

We did not audit the financial statements of certain investees accounted for using the equity method of the Company. Those financial statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those investees, is based solely on the report of other auditors. Those investments accounted for using the equity method amounted to NT$5,666,505 thousand and NT$4,756,920 thousand, respectively, constituting 6.27% and 5.64%, respectively, of the total assets as of December 31, 2020 and 2019, and the related shares of profit of subsidiaries, associates and joint ventures amounted to NT$260,766 thousand and NT$366,655 thousand, respectively, constituting 4.97% and 9.54%, respectively, of the total income before income tax for the years ended December 31, 2020 and 2019.

Responsibilities of Management and Those Charged with Governance for the Parent-Company-Only Financial Statements

Management is responsible for the preparation and fair presentation of the parent-company-only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and for such internal control as management determines is necessary to enable the preparation of parent-company-only financial statements that are free from material misstatement, whether due to fraud or error.

  • 257 -

In preparing the parent-company-only financial statements, management is responsible for assessing the Company’ s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance (including members of the Audit Committee) are responsible for overseeing the Company’s financial reporting process.

AuditorsResponsibilities for the Audit of the Parent-Company-Only Financial Statements

Our objectives are to obtain reasonable assurance about whether the parent-company-only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the auditing standards generally accepted in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these parent-company-only financial statements.

As part of an audit in accordance with auditing standards generally accepted in the Republic of China, we exercised professional judgment and maintained professional skepticism throughout the audit. We also:

  1. Identify and assess the risks of material misstatement of the parent-company-only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

  3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the parent-company-only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

  5. Evaluate the overall presentation, structure and content of the parent-company-only financial statements, including the disclosures, and whether the parent-company-only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

  6. Obtain sufficient appropriate audit evidence regarding the financial information of the investees accounted for using the equity method to express an opinion on the parent-company-only financial statements. We are responsible for the direction, supervision and performance of the audit. We remained solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

  • 258 -

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the parent-company-only financial statements for the year ended December 31, 2020 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors’ report are Tzu-Chieh Tang and Huei-Chen Chang.

KPMG

Taipei, Taiwan (Republic of China) March 23, 2021

Notes to Readers

The accompanying parent-company-only financial statements are intended only to present the financial position, financial performance and cash flows in accordance with the 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 parent-company-only financial statements are those generally accepted and applied in the Republic of China.

The independent auditors’ audit report and the accompanying parent-company-only financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ audit report and parent-company-only financial statements, the Chinese version shall prevail.

  • 259 -
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