ASE Technology Holding Co., Ltd. Files 20-F for Fiscal Year 2023

TL;DR

<b>ASE Technology Holding Co., Ltd. has filed its annual 20-F report for the fiscal year ended December 31, 2023.</b>

AI Summary

ASE Technology Holding Co., Ltd. (ASX) filed a Foreign Annual Report (20-F) with the SEC on April 3, 2024. ASE Technology Holding Co., Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Kaohsiung, Taiwan. ASE Technology Holding Co., Ltd. was formerly known as ASE Industrial Holding Co., Ltd. and Advanced Semiconductor Engineering Inc. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking ASE Technology Holding Co., Ltd., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023. As a key player in the semiconductor industry, the 20-F filing offers insights into ASE Technology Holding's position and outlook within the global semiconductor supply chain.

Risk Assessment

Risk Level: medium — ASE Technology Holding Co., Ltd. shows moderate risk based on this filing. The company operates in the highly cyclical and competitive semiconductor industry, which is subject to rapid technological changes and global economic fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 20-F filing to assess ASE Technology Holding's performance and strategic positioning in the semiconductor market.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-04-03 — Filing Date (Filed as of date)
• 2023 — Fiscal Year (Reported fiscal year)
• 2022 — Prior Fiscal Year (Financial data comparison)
• 2021 — Prior Fiscal Year (Financial data comparison)

Key Players & Entities

• ASE Technology Holding Co., Ltd. (company) — Filer of the 20-F report
• 20-F (regulator) — Form type filed
• December 31, 2023 (date) — Conformed period of report
• April 3, 2024 (date) — Filed as of date
• Kaohsiung, Taiwan (location) — Business address
• ASE Industrial Holding Co., Ltd. (company) — Former company name
• Advanced Semiconductor Engineering Inc (company) — Former company name
• 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

Risk Factors

• Market and Economic Conditions [high — market]: The company's business is subject to the cyclical nature of the semiconductor industry and global economic conditions, which can impact demand and pricing.
• Operational Risks [medium — operational]: The company faces risks related to its manufacturing processes, supply chain disruptions, and the need for continuous technological innovation.
• Financial Risks [medium — financial]: Fluctuations in currency exchange rates and interest rates can affect the company's financial results.
• Regulatory Compliance [low — regulatory]: The company must comply with various international and local regulations in the jurisdictions where it operates.

Key Dates

• 2024-04-03: Filing of 20-F — Annual report submission for fiscal year 2023

Key Financial Figures

• $10.00 — Registered Common Shares , par value NT$10.00 each ASX The New York Stock Exchang
• $10 — ,384,426,737 Common Shares, par value NT$10 each, were outstanding.** Indicate by
• $45 — he R.O.C. and the U.S., at a price of NT$45 per SPIL common share and NT$225 per SP
• $225 — ce of NT$45 per SPIL common share and NT$225 per SPIL American depositary share, com
• $55 — he R.O.C. and the U.S., at a price of NT$55 per SPIL common share and NT$275 per SP
• $275 — ce of NT$55 per SPIL common share and NT$275 per SPIL American depositary share, com
• $30.62 — ") as of December 29, 2023, which was NT$30.62=US$1.00, and all translations from RMB
• $1 — December 29, 2023, which was NT$30.62=US$1.00, and all translations from RMB to U.
• $1.00 — ecember 29, 2023, which was RMB7.0999=US$1.00. All amounts translated into U.S. dolla
• $31.66 — ease by the Federal Reserve Board was NT$31.66=US$1.00. On March 15, 2024, the exchang

Filing Documents

• d434934d20f.htm (20-F) — 10162KB
• d434934dex8.htm (EX-8) — 35KB
• d434934dex12a.htm (EX-12.A) — 10KB
• d434934dex12b.htm (EX-12.B) — 10KB
• d434934dex13a.htm (EX-13.A) — 5KB
• d434934dex13b.htm (EX-13.B) — 5KB
• d434934dex15a.htm (EX-15.A) — 2KB
• d434934dex15b.htm (EX-15.B) — 2KB
• d434934dex97.htm (EX-97) — 28KB
• g434934dsp050.jpg (GRAPHIC) — 43KB
• g434934g22m09.jpg (GRAPHIC) — 165KB
• 0001193125-24-085380.txt (&nbsp;) — 46572KB
• asx-20231231.xsd (EX-101.SCH) — 290KB
• asx-20231231_cal.xml (EX-101.CAL) — 161KB
• asx-20231231_def.xml (EX-101.DEF) — 1129KB
• asx-20231231_lab.xml (EX-101.LAB) — 1578KB
• asx-20231231_pre.xml (EX-101.PRE) — 1484KB
• d434934d20f_htm.xml (XML) — 13479KB

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 6

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 6

Key Information

Item 3. Key Information 6 [RESERVED] 6 CAPITALIZATION AND INDEBTEDNESS 6 REASON FOR THE OFFER AND USE OF PROCEEDS 6

Information on the Company

Item 4. Information on the Company 27 HISTORY AND DEVELOPMENT OF THE COMPANY 27 BUSINESS OVERVIEW 29 ORGANIZATIONAL STRUCTURE 53 PROPERTY, PLANTS AND EQUIPMENT 54

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 58

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 58 OPERATING RESULTS 58 RESEARCH AND DEVELOPMENT 70 TREND INFORMATION 71 SAFE HARBOR 71

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 71 DIRECTORS AND SENIOR MANAGEMENT 71 COMPENSATION 77 BOARD PRACTICES 80 EMPLOYEES 80 SHARE OWNERSHIP 81

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 82 MAJOR SHAREHOLDERS 82 RELATED PARTY TRANSACTIONS 84 INTERESTS OF EXPERTS AND COUNSEL 84

Financial Information

Item 8. Financial Information 84 CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 84 SIGNIFICANT CHANGES 86

The Offer and Listing

Item 9. The Offer and Listing 86 OFFER AND LISTING DETAILS 86 PLAN OF DISTRIBUTION 87 MARKETS 87 SELLING SHAREHOLDERS 87

DILUTION

DILUTION 87 EXPENSES OF THE ISSUE 87

Additional Information

Item 10. Additional Information 87 SHARE CAPITAL 87 ARTICLES OF INCORPORATION 87 MATERIAL CONTRACT 93 FOREIGN INVESTMENT IN THE R.O.C. 93 EXCHANGE CONTROLS 94 TAXATION 95 DIVIDENDS AND PAYING AGENTS 99 99 DOCUMENTS ON DISPLAY 99 SUBSIDIARY INFORMATION 99 ANNUAL REPORT TO SECURITY HOLDERS 99 i Table of Contents

Quantitative and Qualitative Disclosures about Market Risk

Item 11. Quantitative and Qualitative Disclosures about Market Risk 99

Description of Securities Other Than Equity Securities

Item 12. Description of Securities Other Than Equity Securities 103 DEBT SECURITIES 103 WARRANTS AND RIGHTS 103 OTHER SECURITIES 103 AMERICAN DEPOSITARY SHARES 103 PART II 105

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 105

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 105

Controls and Procedures

Item 15. Controls and Procedures 105

[Reserved]

Item 16. [Reserved] 107

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 107

Code of Ethics

Item 16B. Code of Ethics 107

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 108

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 109

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 109

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 110

Corporate Governance

Item 16G. Corporate Governance 110

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113

Insider Trading Policies

Item 16J. Insider Trading Policies 114

Cybersecurity

Item 16K. Cybersecurity 114 PART III 115

Financial Statements

Item 17. Financial Statements 115

Financial Statements

Item 18. Financial Statements 115

Exhibits

Item 19. Exhibits 116 ii Table of Contents USE OF CERTAIN TERMS Unless the context otherwise requires, references in this annual report to: "Advanced Shanghai" are to ASE Advanced Semiconductor (Shanghai) Limited, a company incorporated under the laws of the P.R.C. that spun off from ASESH AT in November 2020 and was disposed of in December 2021; "AMPI" are to Advanced Microelectronic Products Inc., a company incorporated under the laws of the R.O.C.; "ASDI" are to ASDI Assistance Direction S.A.S., a simplified limited liability company ( societe par actions simplifiee ) organized under the laws of France; "ASE," "ASE Inc." or "ASE Group" are to Advanced Semiconductor Engineering Inc. and, unless the context requires otherwise, its subsidiaries; "ASE Chung Li" are to ASE (Chung Li) Inc., a company previously incorporated under the laws of the R.O.C. that merged into ASE Inc. in 2004; "ASE Electronics" are to ASE Electronics Inc., a company incorporated under the laws of the R.O.C.; "ASE Japan" are to ASE Japan Co. Ltd., a company incorporated under the laws of Japan; "ASE Korea" are to ASE (Korea) Inc., a company incorporated under the laws of the Republic of Korea; "ASE Material" are to ASE Material Inc., a company previously incorporated under the laws of the R.O.C. that merged into ASE Inc. in 2004; "ASE Shanghai" are to ASE (Shanghai) Inc., a company incorporated under the laws of the P.R.C.; "ASE Test" are to ASE Test Limited, a company incorporated under the laws of Singapore; "ASE Malaysia" are to ASE Electronics (M) Sdn. Bhd., a company incorporated under the laws of Malaysia; "ASE Test Taiwan" are to ASE Test, Inc., a company incorporated under the laws of the R.O.C.; "ASEH," the "Company," "ASE Technology Holding," "we," "us" or "our" are to ASE Technology Holding Co., Ltd. and, unless the context requires otherwise, its subsidiaries; "ASEKS" are to ASE (Kunshan) Inc., a company incorporated under the laws of the P.R

RISK FACTORS

RISK FACTORS Below please find a summary of the principal risks we face, organized under relevant headings. Risks Relating to Our Business Since we are dependent on the highly cyclical semiconductor and electronics industries and conditions in the markets for the end-use applications of our products, our revenues and net income may fluctuate significantly. A reversal or slowdown in the outsourcing trend for semiconductor packaging and testing services and EMS could adversely affect our growth prospects and profitability. If we are unable to compete favorably in the highly competitive markets of semiconductor packaging and testing and EMS, our revenues and net income may decrease. Our profitability depends on our ability to respond to rapid technological changes in the semiconductor industry. Our operating results are subject to significant fluctuations, which could adversely affect the market value of our Common Shares and ADSs. Due to our high percentage of fixed costs, we may be unable to maintain our gross margin at past levels if we are unable to achieve relatively high capacity utilization rates. We may not be successful in pursuing mergers and acquisitions. Any mergers or acquisitions we make may lead to a diversion of management resources. The loss of a large customer or disruption of our strategic alliance or other commercial arrangements with semiconductor foundries and providers of other complementary semiconductor manufacturing services may result in a decline in our revenues and profitability. We rely on a limited number of key customers in certain products for our revenues, and our results of operations may be adversely affected by a reduction of our key customers' business. Our revenues and profitability may decline if we are unable to obtain adequate supplies of raw materials and energy in a timely manner and at a reasonable price. 6 Table of Contents If we are unable to manage our expansion or investments effectively, ou

View Full Filing

View this 20-F filing on SEC EDGAR