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| Brief History of HNFHC's Subsidiaries |
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 Hua Nan Bills Finance |
Hua Nan Bills Finance Corp. was established in September 1996. At its establishment, it was named Chung Yang Bills Finance Co. and had a capitalization of NT $2.528 billion. On October 9 of that year it received a bills finance license from the Ministry of Finance and formally began operation on October 11. The company’s branch office in Kaohsiung began operation one week later on October 18.
On November 4, 1998, the company faced a liquidity crisis and the Ministry of Finance appointed Hua Nan Commercial Bank, First Commercial Bank and Taiwan Business Bank to form a team to manage the company. The convener of this team was Mr. Lai Lin-san. On January 7, 1999, the Ministry of Finance approved a proposal by the firm to stage a capital reduction, which was to be followed by a recapitalization. On January 20, the company cut capital to NT $1 million. On March 10, it staged a cash subscription of NT $6 billion, bringing stock capital to NT $6.01 billion. A special shareholders meeting was held on March 24 to elect a new board and supervisor. Mr. Lai Lin-san was elected chairman and he appointed Mr. Lee Hsing-chin as president. On the afternoon of March 24, the period of outside management of the company ended and Chung Yung returned to normal operation, headed by the board and supervisors.
On September 15, 1999, the company’s headquarters obtained a license to carry out securities dealing operations and on October 15 began outright trading of government bonds under its own portfolio. On March 5, 2001, the Kaohsiung branch was granted a similar license, enabling it to begin outright trading of government bonds under its own portfolio on March 20. On January 11, 2001, the board passed revisions to the company’s organizational charter to improve administrative efficiency. The company’s five departments and two offices were reorganized into an auditing office, the operations department, the trading department and the management department.
On March 29, 2003, a new board and supervisor were elected at a general shareholders meeting. After the meeting, board members elected Mr. Li Chin-po as chairman. On April 11 the new board held a second meeting, at which it passed a resolution to employ Mr. Tseng Sen-cheng as president. On May 15, 2002, the headquarters and Kaohsiung branch were granted approval to carry out bond certification, underwriting, broking and dealing operations. On September 27, 2002, a special shareholders meeting was held at which a resolution was passed to reduce capital by NT $6 billion to erase losses. A cash subscription would then be held to raise NT $4 billion. The Ministry of Finance approved this plan on October 2 and the capital reduction was carried out on October 11th. Capitalization was cut to NT $1 million. The cash subscription took place on December 26 and NT $4 billion was raised, bringing capitalization to NT $4.01 billion. It was at that time that the company became a subsidiary of HNFHC. Chung Yang’s name was changed to Hua Nan Bills Finance in 2003. |
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