Bonds Payable

12 Months Ended

Dec. 31, 2024

21.	BONDS PAYABLE


	December 31
	2023			2024
	NT$			NT$		US$ (Note 4)

Unsecured domestic bonds
Redeemed in January 2024 and interest due annually with annual interest rate at 1.45%	$	4,300,000		$	-	$	-
Redeemed in April 2024 and interest due annually with annual interest rate at 0.90%		6,500,000			-		-
Repayable at maturity in April 2026 and interest due annually with annual interest rate at 1.03%		3,500,000			3,500,000		106,740
Repayable at maturity in April 2025 and interest due annually with annual interest rate at 0.90%		10,000,000			10,000,000		304,971
Repayable at maturity in August 2025 and interest due annually with annual interest rate at 0.85%		5,000,000			5,000,000		152,486
Repayable at maturity in August 2027 and interest due annually with annual interest rate at 0.95%		2,000,000			2,000,000		60,994
Unsecured overseas bonds
US$100,000 thousand (linked to New Taiwan dollar), redeemed in October 2024 and interest due quarterly with annual interest rate at 2.50%		3,102,400			-		-
Unsecured overseas convertible bonds
RMB2,466,050 thousand and RMB2,678,687 thousand as of December 31, 2023 and 2024, respectively, at maturity in March 2027 and interest due annually with annual interest rate at 0.10%, 0.20%, 0.60%, 1.30%, 1.80% and 2.00% for the first, second, third, fourth, fifth and sixth year, respectively.		10,690,847			12,217,010		372,583

		45,093,247			32,717,010		997,774

Add (Less): premiums (discounts) on bonds payable		(83,761	)		259,154		7,904

		45,009,486			32,976,164		1,005,678
Less: current portion of bonds payable		24,520,052			14,997,976		457,395


	$	20,489,434		$	17,978,188	$	548,283

In March 2021, the subsidiary, USISH, offered an unsecured overseas convertible bonds (the “USISH Bonds”) in RMB3,450,000 thousand with a par value of RMB100. Within 5 trading days after maturity, USISH will redeem all the unconverted bonds at a price of 108% of the par value (including the interests of the last installation).

When the USISH Bonds were offered, the subsidiaries, USIE and ASEMTL, subscribed for the USISH Bonds at a total of RMB2,670,199 thousand. Since then, USIE and ASEMTL disposed separately the USISH Bonds totaled to RMB1,870,633 thousand and RMB28,397 thousand in the public market, respectively. As of December 31, 2024, the par value of the USISH Bonds held by USIE amounted to RMB771,169 thousand. As the aforementioned contractual obligations assumed by USISH and the contractual rights entitled to USIE and ASEMTL were extinguished in economic substance, the assets and liabilities related to the USISH Bonds subscribed for by USIE and ASEMTL were eliminated upon the consolidation.

Each holder of the USISH Bonds has the right to convert the USISH Bonds into ordinary shares of USISH at the conversion price at any time from the first trading day after nine months of the offering date to the maturity date (the “Conversion Period”). The initial conversion price was RMB20.25 per share at offering date and the conversion price will be subject to the adjustment in the event of the conversion provisions due to anti-dilution clause. As of December 31, 2024, the conversion price was RMB18.84 per share. As of December 31, 2024, the USISH Bonds with a par value total

ing

to RMB144 thousand were converted into 7 thousand ordinary shares of USISH. Within the outstanding period of the USISH Bonds, if the closing price of USISH’s ordinary shares in Shanghai Stock Exchange is lower than 80% of the current conversion price for at least 15 trading days out of any 30 consecutive trading days, the board of directors of USISH has the right to propose a downward revision on conversion price and submit it to USISH’s shareholders’ meeting for approval.

During the Conversion Period, USISH’s board of directors has the right to redeem all or part of the unconverted bonds at the price of par value plus accrued interests in either of the following circumstances: (1) if the closing price of USISH’s ordinary shares in Shanghai Stock Exchange is not less than 130% (including 130%) of the current conversion price for at least 20 trading days out of any 30 consecutive trading days, or (2) the unconverted USISH Bonds falls below RMB30,000 thousand.

In the last two interest accrual years before the maturity, the holders of USISH Bonds have the right to sell back all or part of USISH Bonds to USISH at the price of par value plus accrued interest in either of the following circumstances: (1) if the closing price of USISH’s ordinary shares in Shanghai Stock Exchange is lower than 70% of the current conversion price in any 30 consecutive trading days, or (2) if USISH is deemed to change the use of the funds pursuant to the relevant regulations of the China Securities Regulatory Commission or USISH is identified by the China Securities Regulatory Commission as changing the use of funds before the maturity. In addition, on the date of 3 years from the offering date, holders of USISH Bonds have the right to sell back all or part of USISH Bonds to USISH at 102% of the par value (including the interests accrued for the 3rd year).

At the offering date, USISH Bonds consisted of debt host contract (recognized under the line item of bonds payable), conversion right (recognized under the line item of non-controlling interests since it is an equity component of the bonds offered by the subsidiary), call option and put option (recognized under the line item of financial liabilities at FVTPL).