| Disposal of Subsidiaries |
The board of directors of the Company resolved in December 2021 to dispose its 100% shareholdings in GAPT Holding Limited (including its subsidiaries) and ASEKS (collectively, “GAPT Holding and ASEKS”). The disposal was completed in December 2021 and the control over GAPT Holding and ASEKS was transferred to the acquirer. In May 2023, the board of directors of ASE and ASET resolved to dispose their shareholdings of the Group’s subsidiary, LUCHU, consisting of 145,178 thousand ordinary shares and 40,981 thousand ordinary shares, respectively, to HC. The disposal was completed in December 2023 and the control over LUCHU was transferred to HC.
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Analysis of assets and liabilities on the date control was lost |
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Current Assets |
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Cash and cash equivalent |
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$ |
2,625,715 |
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$ |
261,238 |
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$ |
8,532 |
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Trade and other receivables |
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4,505,531 |
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— |
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— |
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Inventories |
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2,284,880 |
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— |
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— |
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Inventories related to real estate business |
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— |
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1,787,526 |
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58,378 |
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Other current assets |
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1,215,992 |
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1,761 |
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57 |
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Financial assets at fair value through other comprehensive income – non-current |
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— |
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70,809 |
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2,312 |
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Property, plant and equipment |
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16,693,129 |
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— |
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— |
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181,855 |
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— |
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— |
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Investment property |
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787,250 |
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— |
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— |
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Goodwill |
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310,711 |
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— |
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— |
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Deferred tax assets |
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659,972 |
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— |
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— |
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308,500 |
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— |
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— |
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Current Liabilities |
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Short-term borrowings |
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(2,443,005 |
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— |
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— |
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Trade and other payables |
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(5,949,592 |
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(222 |
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(7 |
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Current portion of long-term borrowings |
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— |
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— |
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— |
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Other current liabilities |
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(647,027 |
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— |
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— |
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— |
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— |
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Deferred tax liabilities |
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(200,899 |
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— |
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— |
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Lease liabilities – non-current |
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(8,150 |
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— |
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— |
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Other non-current liabilities |
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(156,863 |
) |
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— |
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— |
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Net assets disposed of |
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$ |
20,167,999 |
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$ |
2,121,112 |
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$ |
69,272 |
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b. |
Gain on disposal of subsidiaries |
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| Total consideration (paid in cash) |
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$ |
36,939,133 |
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$ |
2,354,938 |
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$ |
76,909 |
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| Net assets disposed of |
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(20,167,999 |
) |
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(2,121,112 |
) |
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(69,272 |
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| Non-controlling interest |
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— |
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295,895 |
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9,663 |
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| Reclassification of accumulated exchange difference from equity to profit or loss due to the loss of control |
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569,284 |
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— |
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— |
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| Gain on disposals |
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$ |
17,340,418 |
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$ |
529,721 |
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$ |
17,300 |
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c. |
Net cash inflow on disposals of subsidiaries |
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| Consideration received in cash and cash equivalents |
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$ |
36,939,133 |
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$ |
2,354,938 |
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$ |
76,909 |
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| Less: Cash and cash equivalent balances disposed of |
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(2,625,715 |
) |
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(261,238 |
) |
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(8,532 |
) |
| Other receivables (the outstanding receivables of consideration, net of relevant expenditure) |
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(10,533,600 |
) |
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— |
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— |
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$ |
23,779,818 |
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$ |
2,093,700 |
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$ |
68,377 |
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