ASE Technology Holding Co., Ltd.

The grade, in three tenses

Headline 5.5 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.7 out of ten, present 5.1 out of ten, future 4.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.8 out of ten. +9.9% a year over 10 filed years; profitable in 10 of 10. 77th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.1 out of ten. Share count grew 0.8% a year. 0% of cash flow returned. Insiders: 38 sales, 0 purchases. 31st percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.4 out of ten. ROE 11%: 11¢ of profit per shareholder dollar. Leverage 59%: owes 59¢ per asset dollar. 44th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.6 out of ten. top 44% of 97 in its family; net margin 6.4%. 56th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 2.9 out of ten. bottom 29% of 94 in its family for room to expand. 29th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.8 out of ten. top 42% of 93 in its family for growth drivers. 58th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.1 out of ten. top 49% of 88 in its family for expectations against reality. 51st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-01 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 4, 2026-09-24. Filings on record since 2000. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-01.

The people

Jason C.S. Chang has led ASEH as chairman and principal executive officer since it was formed in April 2018, and he also chairs ASE Inc.; the company counts 42 years of his service. His brother Richard H.P. Chang has been vice chairman and president since 2018, also with 42 years. Tien Wu, a director and the chief operating officer since 2018, is also chief executive of ASE Inc., which he joined in March 2000 after working at IBM. Joseph Tung has been chief financial officer since 2018, after running finance at ASE Inc. from December 1994 to July 2020; he came from Citibank. [1, 2, 3, 4, 5]

The Chang family's hold runs through the board. Five of the nine directors represent ASE Enterprises Limited, a Hong Kong company held in trust for the chairman and his family, and counting his other holdings Jason C.S. Chang beneficially owned 21.35% of the shares in March 2026. His son-in-law Andrew Tang has been chief procurement officer since September 2023 and a director since June 2024, and his daughter Dan-Yao Chang joined the board in June 2025. Three directors are independent, among them Mei-Yueh Ho, Taiwan's Minister of Economic Affairs from 2004 to 2006. All 32 people on the SEC's insider record for the company first filed in March 2026. [6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

Tien Wu has faced an insider trading case since an indictment in 2017, which alleged that he told a friend about ASE's tender offers for SPIL shares before they were announced. A Taiwan appeals court found him guilty on some charges in December 2024 and sentenced him to 22 months; the Supreme Court sent that part back in July 2025; in February 2026 the appeals court affirmed the lower court's not guilty verdict, and prosecutors appealed again in March 2026. The filing says the outcome remains pending. [16, 17, 18, 19]

At the end of 2025 the company counted 105,947 employees, up from 95,492 a year earlier. About half, 52,173, were direct labor on the production lines; 30,874 did indirect manufacturing work, 14,258 research and development and 8,642 selling and administration. Taiwan held 67,870 of them and China 19,020, and Vietnam reached 2,305 from 746 two years before. The company says it has never had a work stoppage over labor difficulties. [20, 21, 22]

How it operates

ASEH does the manufacturing steps that chip companies hand out. It packages chips (packaging, also called assembly, seals a bare die and gives it its electrical connections), makes some of the materials that connect chips to circuit boards, and tests them, from engineering tests through wafer probing to final tests. It takes part in every stage of making a chip except designing the circuit and fabricating the wafer. Through USI Group it also provides EMS, electronic manufacturing services, meaning it builds boards and modules for other companies' servers, computers, phones and cars. In 2025 packaging brought in 47.8% of operating revenue, testing 11.1% and EMS 39.9%; it also earns some revenue from real estate and from making integrated circuits. [23, 24, 25, 26, 27, 28]

Its customers are fabless chip designers, which rely entirely on outside manufacturers, and IDMs, chip makers with their own factories that increasingly hand out this work. Five customers took 46.5% of 2025 operating revenue, and one customer, counted together with others that ASEH served on its behalf, took more than a tenth in each of the last three years. By where the customer is headquartered, the United States brought in 56.7% of revenue, down from 63.6% in 2023, Taiwan 18.0%, the rest of Asia 15.2% and Europe 10.0%. In packaging and testing, communications chips made up 45.8% of revenue and computing chips 24.0%, up from 18.1% a year before. [29, 30, 31, 32, 33]

It earns a fee for the work, not for the silicon: customers or foundries send wafers on consignment, so the die, usually the costliest part of a packaged chip, never enters its costs or revenue. Testing is priced mainly by machine time, measured in processor seconds on automated testers, plus the cost of the equipment. Most of its prices and revenue are in U.S. dollars, while it reports in New Taiwan dollars and its costs run mainly in New Taiwan dollars, U.S. dollars, yuan, yen, won and euros. [34, 35, 36, 37, 38, 39]

Its main factories are in Taiwan, China, South Korea, Japan, Singapore, Malaysia, the Philippines, Vietnam, Mexico, the United States, Poland, France, the United Kingdom, Germany, Tunisia, the Czech Republic and Hungary, and 58.9% of 2025 revenue came from its operations in Taiwan. At the end of January 2026 it ran 25,001 wire bonders, the machines whose count is the usual measure of packaging capacity, 7,456 testers and 205 surface mount lines for EMS. [40, 41, 42, 43, 44]

It buys testers mainly from Teradyne, Tokyo Electron and Advantest, and packaging equipment from makers including All Ring Tech, Marketech International, Grand Process Technology, Tokyo Electron and Lam Research. The main packaging materials are leadframes, substrates, gold wire and molding compound; its own interconnect materials operations supplied about 8.7% of the substrates it needed in 2025, by value. In EMS, raw materials cost 78.7% of that business's revenue. [45, 46, 47, 48, 49]

The specifics

ASEH is itself the product of a merger. It was formed on April 30, 2018, combining Advanced Semiconductor Engineering and Siliconware Precision Industries (SPIL), both incorporated in 1984, after ASE began buying SPIL shares through tender offers in 2015. USI, its EMS arm, has been a subsidiary since 2010, after share purchases that began in 1999. The buying has continued: HCC Group in 2023 for automotive wireless, Infineon's factories in the Philippines and South Korea in 2024 for power modules, control of EugenLight Technologies, a Chengdu maker of high data rate optoelectronic components and optical engines, in January 2026, and in March 2026 the board of ASE Malaysia resolved to acquire Analog Devices's manufacturing subsidiaries in Malaysia. [50, 51, 52, 53, 54, 55]

Its technology claim rests on what it calls leading-edge advanced packaging: packages built with redistribution layers, fine wiring laid over a chip or wafer, that join several chips side by side or stacked, such as fan-out packages, FOCoS-Bridge, 2.5D and 3D IC, and co-packaged optics. The company says these have played a pivotal role in bringing advanced ASIC and HBM (high-bandwidth memory) products to market. Since 1997 TSMC has named it a non-exclusive preferred provider of packaging and testing for the chips TSMC makes. It held 6,358 patents at the end of January 2026, 2,026 of them in the United States, and licenses technology from Infineon, TDK and DECA Technologies. [56, 57, 58, 59, 60, 61]

It names few rivals by name. In packaging and testing it competes with chip makers that do the work in-house and with packaging and testing companies based in Taiwan and across the region, and increasingly with foundries: TSMC, its own ally, offers advanced packaging such as integrated fan-out (InFO), and the filing says some foundries have expanded advanced packaging capacity and won customers. In EMS it faces larger providers with wide geographic reach and scale. [62, 63, 64, 65]

Place shapes the risks. Its factories, many of its suppliers and customers, and the wafer foundries it works beside sit in Taiwan, and the filing notes that relations between Taiwan and the People's Republic of China have often been strained; to answer customer concerns it evaluates possible plant expansions in Southeast Asia, Northeast Asia, Europe and the Americas. A water pollution case at its Kaohsiung plant, over violations alleged in 2013, ended in a settlement in July 2024 with a fine of NT$260 thousand and a NT$50,000 thousand fund for research on preventing water pollution. [66, 67, 68, 69, 70]

What drives growth, line by line

Packaging. The largest line: NT$308,342.6 million (US$9,829.2 million), 47.8% of 2025 revenue, up 17.8% from NT$261,731.4 million, which the filing credits to growing demand for its leading-edge advanced packaging. The mix moved the same way: bumping, flip chip, wafer-level packaging and SiP rose to 59.6% of packaging revenue from 54.6%, while wirebonding, the older method of joining a chip with fine wires, fell to 32.9% from 36.3%. The line's gross margin rose to 22.1% from 21.5%. [71, 25, 72, 73]

Testing. NT$71,900.2 million (US$2,292.0 million), 11.1% of revenue and the fastest-growing line, up 31.8% from NT$54,561.5 million on the same demand. The filing says complex chips, among them AI processors and switches, automotive driver-assistance chips and SiP modules, make up a growing portion of testing revenue. Wafer probing, which tests each chip on the wafer before it is packaged, rose to 44.0% of testing revenue from 40.3%. Testing carries the highest gross margin of the three lines, 31.0%. [71, 25, 74, 75, 73]

EMS. NT$257,192.7 million (US$8,198.7 million), 39.9% of revenue, down 5.2% from NT$271,293.3 million, which the filing puts down to the slow recovery of general communication and automotive products. Within EMS, consumer electronics grew to 35.7% of revenue from 31.7%, while communications fell to 31.0% from 34.7%. EMS keeps the thinnest gross margin, 9.2%. [76, 25, 77, 73]

Across the company, operating revenue rose 8.4% to NT$645,387.7 million (US$20,573.4 million), and gross margin widened to 17.7% from 16.3%, which the filing credits to more packaging and testing in the mix and fuller factories, offset in part by a stronger New Taiwan dollar and higher utility costs. [78, 79]

What comes next, in the company's own words: it spent NT$171,616.5 million on property, plant and equipment in 2025, against NT$96,207.5 million in 2024, held commitments of about NT$135,248.0 million more at year end, and says its 2026 spending will consist of, among other things, more machinery and equipment for capacity expansions. It intends to keep its focus on bumping, flip chip BGA and SiP and to expand capacity for economies of scale. [80, 81, 82, 83]

What the desk infers (inferred, not filed)

• The one customer above a tenth of revenue is most likely a U.S.-headquartered maker of consumer devices, served directly and through the assemblers that build its products, rather than a chip designer buying packaging alone. Because: The filing counts that customer together with other customers for whom OEM services were provided on its behalf, the pattern of a device brand whose products others assemble. [30] Customers headquartered in the United States brought in 56.7% of 2025 revenue. [31] Consumer electronics was the largest EMS end market, at 35.7% of EMS revenue, and USI's plant in Vietnam makes IC assembly for wearable devices. [77, 84] Its EMS offers SiP modules for communications and consumer products. [85] Confidence 55 of 100. Wrong if: A filing that names the customer as a chip designer, or shows its purchases sit mainly in packaging and testing rather than in EMS.
• ASEH is shifting from assembling electronics toward packaging and testing the most complex chips, much of it for AI and high-performance computing, and the shift is capital hungry: equipment and buildings for advanced packaging and testing now set the pace of its spending. Because: Packaging and testing revenue grew 17.8% and 31.8% while EMS shrank 5.2%. [71, 76] Gross margin was 31.0% in testing and 22.1% in packaging against 9.2% in EMS. [73] Computing rose to 24.0% of packaging and testing revenue from 18.1%, and AI processors and switches are among the chips taking a growing share of testing. [33, 74] Spending on property, plant and equipment rose to NT$171,616.5 million from NT$96,207.5 million, and depreciation climbed to 9.6% of revenue, which the filing attributes to investment in capacity for advanced technologies. [80, 86] Confidence 75 of 100. Wrong if: A year in which EMS again brings in more revenue than packaging while spending on plant and equipment falls back toward the 2024 level.
• Control of ASEH sits with the Chang family rather than with outside shareholders: the family holds the chair, the presidency, a majority of board seats through its holding company, and the procurement office. Because: Jason C.S. Chang is chairman and principal executive officer and his brother Richard H.P. Chang is vice chairman and president. [1, 2] Five of the nine directors represent ASE Enterprises Limited, which held 15.37% of the shares on its own and is held in trust for the chairman and his family. [6, 7, 12] Jason C.S. Chang beneficially owned 21.35% of the shares in all. [8] His son-in-law Andrew Tang is chief procurement officer and a director, and his daughter Dan-Yao Chang is a director. [9, 10, 11] Confidence 85 of 100. Wrong if: A shareholders' meeting at which directors not nominated by ASE Enterprises Limited win a majority of the board's seats.

Sources

1. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Jason C.S. Chang has served as chairman and principal executive officer of ASEH since its founding in April 2018. He is also chairman of ASE Inc and chairman of the corporate sustainability and information security committee of ASEH.”
2. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Richard H.P. Chang has served as vice chairman and president of ASEH since its founding in April 2018. Mr. Chang holds a bachelor’s degree in Industrial Engineering from Chung Yuan Christian University in Taiwan. He is the brother of Jason C.S. Chang, our chairman.”
3. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The following table sets forth information regarding all of our executive officers as of March 18, 2026. Name Position Years with the Company Age Jason C.S. Chang Chairman 42 81 Richard H.P. Chang Vice Chairman and President 42 79 Tien Wu Chief Operating Officer 26 68 Joseph Tung Chief Financial Officer 31 67”
4. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Tien Wu has served as a director and chief operating officer of ASEH since its founding in April 2018. He is also a member of the corporate sustainability and information security committee of ASEH. Dr. Wu is currently the chief executive officer of ASE Inc. Prior to joining ASE Inc. in March 2000, Dr. Wu had worked at IBM.”
5. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Joseph Tung has served as chief financial officer of ASEH since its founding in April 2018. He was a director of ASE Inc. from April 1997 to December 2020 and chief financial officer of ASE Inc. from December 1994 to July 2020. He was an independent director of Ta Chong Bank Ltd. from October 2007 to December 2017. Before joining ASE Inc., Mr. Tung was a vice president at Citibank, N.A.”
6. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Of the current directors, five represent ASE Enterprises Limited. The remaining directors serve in their capacity as individuals.”
7. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Representative of ASE Enterprises Limited, a company organized under the laws of Hong Kong, which held 15.37% of our total outstanding shares as of March 18, 2026. All of the outstanding shares of ASE Enterprises Limited are held through intermediary holding companies and under a revocable trust established under the laws of the Commonwealth of the Bahamas for the benefit of our Chairman, Jason C.S. Chang, and his family.”
8. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “As a result, Jason C.S. Chang beneficially owned 951,100,353 Common Shares, representing 21.35% of our total outstanding shares (based on 4,453,797,582 Common Shares as of February 28, 2026).”
9. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Andrew Tang has served as a director of ASEH since June 2024 and holds the positions of chief procurement officer for ASEH since September 2023 and vice-chairman and deputy chief executive officer for ASE Inc.”
10. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Mr. Tang is the son-in-law of Mr. Jason C.S. Chang, our chairman.”
11. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Ms. Chang is the daughter of Mr. Jason C.S. Chang, our chairman.”
12. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We have nine director seats, each serving a three-year term. Except for Dan-Yao Chang, the board of directors was elected in an annual general shareholders’ meeting on June 26, 2024 and began serving on June 27, 2024. Dan-Yao Chang was elected in an annual general shareholders’ meeting on June 25, 2025 and began serving on the same date.”
13. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our board of directors, including three independent directors, is responsible for the management of our business.”
14. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Ms. Ho served as Minister of Ministry of Economic Affairs, R.O.C. from May 2004 to January 2006.”
15. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
16. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The case arises from an indictment filed in 2017 that alleged that Dr. Tien Wu violated Article 157-1 of the R.O.C. Securities and Exchange Act for insider trading activities involving SPIL’s common shares conducted during the Initial SPIL Tender Offer, the Second SPIL Tender Offer, and negotiations of the memorandum of understanding in connection with the SPIL Acquisition. Dr. Tien Wu was accused of informing a friend about the aforementioned tender offers and negotiation ahead of the public announcements.”
17. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “On December 31, 2024 (the “December 31 judgment”), the Taiwan High Court Kaohsiung Branch Court issued a ruling in a criminal proceeding brought by the Taiwan Kaohsiung District Prosecutors Office, finding Dr. Tien Wu, our director and chief operating officer, guilty on certain charges and not guilty on others and sentencing him to 22 months of judicial custody.”
18. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Following Dr. Tien Wu’s appeal, the Supreme Court of the R.O.C. reversed the guilty portion of the December 31 judgment finding him guilty and remanded that portion of the case to the Taiwan High Court Kaohsiung Branch Court on July 10, 2025”
19. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “On February 11, 2026, the Taiwan High Court Kaohsiung Branch Court rejected the appeal filed by the Taiwan Kaohsiung District Prosecutors Office and affirmed the February 5, 2020 judgment by the Taiwan Kaohsiung District Court that found Dr. Tien Wu NOT guilty (the “February 11 Judgment”). On March 2, 2026, the Taiwan Kaohsiung District Prosecutors Office filed an appeal against the February 11 Judgment. The final outcome of the remanded proceedings remains pending and uncertain.”
20. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The following table sets forth certain information concerning our employees as of the dates indicated. As of December 31, 2023 2024 2025 Total 92,894 95,492 105,947 Function Direct labor 45,826 46,829 52,173 Indirect labor (manufacturing) 29,933 27,596 30,874 Indirect labor (selling and administration) 8,010 8,352 8,642 Indirect labor (research and development) 12,125 12,715 14,258”
21. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Location Taiwan 58,230 60,043 67,870 P.R.C. 17,855 17,755 19,020 Korea 2,399 2,780 3,053 Malaysia 3,410 3,165 2,880 Mexico 3,760 3,182 3,117 Singapore 907 846 936 Japan 446 475 481 Vietnam 746 1,226 2,305”
22. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We have never experienced a work stoppage due to labor difficulties and believe that our relationships with our employees are good.”
23. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “ASEH is a leading provider of semiconductor manufacturing services in assembly and testing. Our services include semiconductor packaging, production of interconnect materials, front-end engineering testing, wafer probing, and final testing services, as well as integrated solutions for EMS in relation to computing, peripherals, communications, industrial, automotive, and server applications.”
24. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We are involved in all stages of the semiconductor manufacturing process except circuit design and wafer fabrication.”
25. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In 2025, our revenues generated from packaging, testing, and EMS accounted for 47.8%, 11.1% and 39.9% of our operating revenues, respectively.”
26. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Packaging, also called assembly, is the processing of bare semiconductors into finished semiconductors and serves to protect the die and facilitate electrical connections and heat dissipation.”
27. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In addition, we have been generating revenues from our real estate business and the manufacturing of integrated circuits.”
28. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Computing: motherboards for server and PCs; AI cards; peripherals; docking station; network attached systems; solid state drives”
29. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We believe that the growth in the number and scale of fabless semiconductor companies that rely solely on independent manufacturers will continue to drive our growth. Similarly, the availability of technologically advanced independent manufacturing services has encouraged IDMs, traditionally reliant on in-house manufacturing, to increasingly outsource their manufacturing requirements to independent semiconductor manufacturing companies.”
30. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our five largest customers together accounted for approximately 48.0%, 48.4% and 46.5% of our operating revenues in 2023, 2024, and 2025, respectively. One customer (including other customers for whom OEM services were provided on its behalf) accounted for more than 10.0% of our operating revenues in 2023, 2024, and 2025.”
31. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We categorize our operating revenues geographically based on the country in which the customer is headquartered. The following table sets forth, for the periods indicated, the percentage breakdown by geographic regions of our operating revenues. Year Ended December 31, 2023 2024 2025 U.S. 63.6% 60.2% 56.7% Taiwan 12.1% 15.0% 18.0% Asia 13.0% 13.9% 15.2% Europe 11.2% 10.7% 10.0%”
32. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We package and test for our customers a wide range of products with end-use applications in the communications, computing, and consumer electronics/industrial/automotive sectors.”
33. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “by the principal end-use applications of the products that were packaged and tested. Year Ended December 31, 2023 2024 2025 Communications 50.8% 50.9% 45.8% Computing 18.1% 18.1% 24.0% Consumer electronics/industrial/automotive/others 31.1% 31.0% 30.2%”
34. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We receive the wafers from customers or foundries on a consignment basis. Consequently, we generally do not incur inventory costs relating to the silicon wafers used in our packaging process.”
35. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In the case of semiconductor packaging, the cost of the silicon die, typically the most costly component of the packaged semiconductor, is usually not reflected in our costs (or revenues) since it is generally supplied by our customers on a consignment basis.”
36. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We price our testing services primarily on the basis of the amount of time, measured in central processing unit seconds, taken by the automated testing equipment to execute the test programs specific to the products being tested, as well as the cost of the equipment, with additional consideration of prevailing market prices.”
37. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The majority of our prices and revenues is denominated in U.S. dollars. Any significant fluctuation in exchange rates, especially between NT dollars and U.S. dollars, will affect our costs and, in turn, our revenues.”
38. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We publish our financial statements in New Taiwan dollars, the lawful currency of the R.O.C.”
39. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “A significant portion of our revenues and capital expenditures are denominated in U.S. dollars. In contrast, our operating costs and operating expenses are primarily incurred in NT dollars, U.S. dollars, RMB, Japanese yen, Korean won, and EUR.”
40. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “ASEH’s main manufacturing facilities are located in Taiwan, the P.R.C., South Korea, Japan, Singapore, Malaysia, the Philippines, Vietnam, Mexico, America, Poland, France, the United Kingdom, Germany, Tunisia, the Czech Republic, and Hungary.”
41. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our principal executive offices and facilities are located in Taiwan and approximately 55.4%, 55.1% and 58.9% of our operating revenues in 2023, 2024, and 2025, respectively, were derived from our operations in Taiwan.”
42. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “As of January 31, 2026, we operated an aggregate of 25,001 wire bonders. For the packaging of certain types of substrate-based packages, die bonders are used in place of wire bonders. The number of bonders at a given facility is commonly used as a measure of the packaging capacity of the facility.”
43. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “As of January 31, 2026, we operated an aggregate of 7,456 testers.”
44. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We had 205 SMT lines as of January 31, 2026.”
45. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We purchase testers from major international manufacturers, primarily Teradyne, Inc., Tokyo Electron Limited, and Advantest Corporation.”
46. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.”
47. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The principal raw materials used in our packaging processes are interconnect materials such as leadframes and substrates, gold wire, and molding compound.”
48. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In 2025, our interconnect materials operations supplied approximately 8.7% of our consolidated substrate requirements by value.”
49. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “For 2025, raw materials costs accounted for 78.7% of our operating revenues from EMS.”
50. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “ASE Technology Holding Co., Ltd. was jointly established on April 30, 2018, as a company limited by shares under the R.O.C. Company Law, by the combination of Advanced Semiconductor Engineering, Inc., which was incorporated on March 23, 1984, and Siliconware Precision Industries Co., Ltd., which was incorporated on May 17, 1984.”
51. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In 2015, ASE started purchasing SPIL shares through concurrent tender offers in the R.O.C. and the U.S.”
52. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We have been purchasing shares of Universal Scientific Industrial since 1999. In 2010, upon several acquisitions through cash and stock tender offer, Universal Scientific Industrial became our subsidiary.”
53. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “For example, in 2023, we acquired HCC Group to expand our automotive wireless business, in 2024, we acquired Infineon Group’s manufacturing subsidiaries in the Philippines and South Korea to expand power chip module packaging and testing and lead frame packaging, and in March 2026, the board of directors of ASE Malaysia resolved to acquire Analog Devices’s manufacturing subsidiaries in Malaysia to enhance supply chain resilience and manufacturing diversity.”
54. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In January 2026, we obtained control over EugenLight Technologies.”
55. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “EugenLight Technologies Chengdu, P.R.C. Acquired in January 2026 Manufacture, sales as well as research and development of high-data rate optoelectronic components and optical engines.”
56. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We define leading-edge advanced packages as packaging technologies that incorporate redistribution layer (RDL) processes. By leveraging RDL processes, embedded integration, and 2.5D and 3D technologies, these packaging solutions facilitate unprecedented innovation in integrating multiple chips within a single package.”
57. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Notable technologies include ASEH’s FOWLP (Fan-Out Wafer-Level Package), high-density RDL-based Fanout Package-on-Package (FOPoP), Fanout Chip-on-Substrate (FOCoS), Fanout Chip-on-Substrate-Bridge (FOCoS-Bridge), Fanout System-in-Package (FOSiP), Through Silicon Via (TSV)-based 2.5D and 3D IC, along with Co-Packaged Optics processing capabilities.”
58. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We have established ourselves as a leader through the successful introduction of leading-edge advanced packaging solutions, which have played a pivotal role in bringing advanced ASIC and HBM products to the marketplace.”
59. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Since 1997, we have maintained a strategic alliance with TSMC, which designates us as their non-exclusive preferred provider of packaging and testing services for semiconductors manufactured by TSMC.”
60. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “As of January 31, 2026, we held a total of 6,358 patents, 1,938 Taiwan patents, 2,026 U.S. patents, 2,248 P.R.C. patents, 96 Europe patents, and 50 patents in other countries related to various semiconductor packaging technologies and invention, utility, and design on our EMS.”
61. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We have also entered into various non-exclusive technology license agreements with other companies involved in the semiconductor manufacturing process, including Infineon Technologies AG, TDK Corporation, and DECA Technologies Inc.”
62. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We face competition from a number of sources and IDMs with in-house packaging and testing capabilities and fabless semiconductor design companies with their own in-house testing capabilities. Some of these IDMs have commenced, or may commence, in-house packaging and testing operations in Asia. Substantially all of packaging and testing companies that compete with us have established operations in Taiwan and across the region.”
63. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our packaging and testing business also faces actual and potential competition from companies at other levels of the supply chain, which have the financial resources and technical capabilities to enter into and effectively compete within the industry. For example, TSMC has offered advanced packaging technologies such as integrated fan-out (the “InFO”) technology.”
64. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In addition, some foundry players have actively invested and expanded their advanced packaging capacity and gained some customer bases with their services and solutions.”
65. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our EMS business faces significant competition from other EMS providers with comprehensive integration, wide geographic coverage, and large production capabilities that enable them to achieve economies of scale.”
66. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our production facilities, as well as many of our suppliers, customers, and providers of complementary semiconductor manufacturing services, including wafer foundries, are located in Taiwan.”
67. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The R.O.C. has a unique international political status. Although significant economic and cultural relations have been established in recent years between the R.O.C. and the P.R.C., relations have often been strained.”
68. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “To address customer concerns regarding potential operational impacts in Taiwan stemming from regional political risks, we conduct evaluations and planning for possible overseas plant expansions. These potential expansion locations may encompass Southeast Asia, Northeast Asia, Europe and the Americas in order to better accommodate our customers’ needs.”
69. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our operations involving wafer-level process and requiring wastewater treatment at our Kaohsiung facility have been subject to scrutiny by the Kaohsiung City Environmental Protection Bureau as a result of alleged water pollution violations that occurred in 2013.”
70. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “On July 10, 2024, KEPB and ASE signed the administrative contract that ASE would pay an administrative fine of NT$260 thousand and fulfill ASE’s corporate social responsibilities by contributing a special fund of NT$50,000 thousand to KEPB for the technology research and development of water pollution prevention.”
71. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Packaging revenues increased by 17.8% to NT$308,342.6 million (US$9,829.2 million) in 2025 from NT$261,731.4 million in 2024. Testing revenues increased by 31.8% to NT$71,900.2 million (US$2,292.0 million) in 2025 from NT$54,561.5 million in 2024. The increase in packaging and testing revenues was primarily driven by growing demand in our leading-edge advanced packing services and testing business.”
72. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Year Ended December 31, 2023 2024 2025 Bumping, Flip Chip, WLP, and SiP 51.3% 54.6% 59.6% Wirebonding(1) 39.8% 36.3% 32.9% Discrete and others 8.9% 9.1% 7.5%”
73. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Gross profit: Packaging 52,571.0 20.5% 56,345.8 21.5% 68,294.0 2,177.0 22.1% Testing 15,303.2 30.7% 16,195.0 29.7% 22,315.6 711.4 31.0% EMS 23,203.1 8.7% 24,259.0 8.9% 23,556.7 750.9 9.2%”
74. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “In recent years, complex, high-performance logic/mixed-signal/RF semiconductors, including AI processor/switch, automotive ADAS chips and SiP/MEMS modules, have accounted for an increasing portion of our testing revenues.”
75. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The following table sets forth, for the periods indicated, the percentage of our testing revenues accounted for by each type of testing services. Year Ended December 31, 2023 2024 2025 Front-end engineering testing 3.1% 2.0% 2.0% Wafer probing 35.4% 40.3% 44.0% Final testing 61.5% 57.7% 54.0%”
76. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Revenues from our EMS business decreased by 5.2% to NT$257,192.7 million (US$8,198.7 million) in 2025 from NT$271,293.3 million in 2024, primarily due to the slow recovery of general communication and automotive products.”
77. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “The following table sets forth a breakdown of the percentage of our operating revenues generated from our EMS for the periods indicated by the principal end-use applications. Year Ended December 31, 2023 2024 2025 Communications 35.9% 34.7% 31.0% Computing 8.9% 10.1% 10.2% Consumer electronics 31.6% 31.7% 35.7%”
78. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Operating revenues increased by 8.4% to NT$645,387.7 million (US$20,573.4 million) in 2025 from NT$595,409.6 million in 2024, primarily due to higher sales in our packaging and testing business.”
79. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our gross profit as a percentage of operating revenues, or gross margin, was 17.7% in 2025 compared to 16.3% in 2024, which was primarily as a result of higher packaging and testing revenue mix and higher factory utilization of our packaging and testing equipment, offset in part by the appreciating NT dollars and higher utility costs.”
80. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Our capital expenditures for the years ended December 31, 2023, 2024, and 2025 for property, plant, and equipment were NT$48,758.7 million, and NT$96,207.5 million, and NT$171,616.5 (US$5,470.7 million), respectively.”
81. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We had commitments for capital expenditures of approximately NT$135,248.0 million (US$4,311.4 million), of which NT$20,562.4 million (US$655.5 million) had been paid as of December 31, 2025, primarily in connection with the expansion of our operations.”
82. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We anticipate our capital expenditures in 2026 will be financed through existing cash, expected cash flow from operations, and existing credit lines under our loan facilities and will consist of, among other things, additional machinery and equipment procurements for our capacity expansions.”
83. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “We intend to continue our focus on package types such as bumping, flip chip BGA and SiP, developing and offering new technologies in packaging and testing services, and expanding our capacity to achieve economies of scale, as well as improving production efficiencies for older technologies, in order to mitigate the effects of declining average selling prices on our profitability.”
84. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “UNIVERSAL SCIENTIFIC INDUSTRIAL VIETNAM COMPANY LIMITED Haiphong, Vietnam July 2021 Manufacture of IC assembly for wearable devices.”
85. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “Communications: Wi-Fi; SiP; • Consumer products: control boards for flat panel devices; SiP”
86. ASE Technology Holding Co., Ltd., Form 20-F filed 2026-04-01: “As a percentage of operating revenues, depreciation, amortization, and rental expenses increased to 9.6% in 2025 from 9.1% in 2024, primarily attributed to continuing investment in production capacity for advanced technologies.”

Who runs it

Hsiang, Kenneth (CEO, ISE Labs); Denis, Nicolas (CEO, Financiere AFG); Tsai, Chi-Wen (Chairman & President, SPIL); Wei, Chen-Yen (Chairman, USI Co., Ltd.); Lee, Kwai Mun (President, ASE SE Asia Ops.); Tung, Hung-Szu (Chief Financial Officer); Uang, Du-Tsuen (Chief Administration Officer); Chen, Tien-Szu (GM, ASE Inc. Chung-Li Branch); Chung, Chih-Hsiao (GM, ASE Japan & Wuxi Tongzhi); Kuo, Hung-Ming (Principal Accounting Officer); and 23 more. 33 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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