DEAR SHAREHOLDERS,
I am pleased to present our annual report for the past year, a period marked by strategic investments, organizational evolution, and shifting global dynamics. As a venture capital firm operating across the U.S., Taiwan, China, and Israel, we continue to identify and support high potential ventures that shape the future of technology.
In 2024, the net profit attributable to shareholders of our company amounted to NT$158.2 million, an increase from NT$96.8 million in 2023, attributable mainly to favorable change in fair value of the investment portfolio in 2024. The Net Asset Value per share by the end of 2024 was NT$64.63, compared to NT$63.70 in 2023. Earnings per share reached NT$1.67, compared to NT$1.02 in 2023, after the payout of 2023 cash dividends at NT$2.55 per share. The Board has recommended a dividend of NT$2.55 per share for the financial year ending 31 December 2024.
In 2024 the global Venture Capital landscape experienced a notable decline, which marked the third consecutive year of reduced fund raising, deal count and deal values. A significant portion of the capital was amassed by a select group of firms, with artificial intelligence emerged as a dominate sector to attract substantial investments.
Over the past year, we have sharpened our focus on the AI-driven semiconductor sector, recognizing its critical role in the next generation of computing and automation. Our investments in this space reflect our commitment to staying ahead of industry trends and backing innovative companies with the potential to drive transformative change.
In addition to our investment strategy, we have strengthened our internal capabilities with the addition of a younger and diverse management team. This evolution enhances our ability to assess emerging opportunities with fresh perspectives and global insight, ensuring that we remain agile in an increasingly complex market environment.
Geopolitical factors have played an increasingly role in shaping corporate strategies worldwide. Notably, we have observed a significant shift in manufacturing footprints, with growing companies actively relocating their production facilities to various regions in Southeast Asia. This trend has been accelerated by geopolitical tensions and policy shifts following the transition to a new U.S. administration. As these changes unfold, we remain vigilant in identifying how such shifts create new opportunities and challenges for our portfolio companies.
Looking ahead, we remain committed to our core principles of strategic investment, adaptability, and value creation. The year ahead presents both uncertainties and opportunities, but with our experienced team and clear vision, we are confident in our ability to navigate this evolving landscape and deliver sustainable growth for our shareholders. We would like to thank you for your continuous support for the company.
Tsui-Hui Huang
Chairman
Taipei, Taiwan
19 March 2025