CHINA BILLS FINANCE Business Summary

China Bills Finance Corp (CBFC) operates as a specialized financial institution in Taiwan, primarily generating revenue through interest income spreads, capital gains from securities trading, and fee-based income from underwriting and guarantees. Its business model is diversified across four core segments: the Bills segment, which handles the certification, brokerage, and proprietary trading of short-term commercial paper and treasury bills; the Bonds segment, focused on government, corporate, and foreign-currency bond trading; the Equity Investment segment; and Trust Services. As a pivotal intermediary in the domestic money market, CBFC facilitates liquidity for corporate and government entities. The company competes directly with Mega Bills Finance, International Bills Finance, and Dah Chung Bills Finance. Within this competitive landscape, CBFC is recognized as one of the 'Big Three' legacy bills finance firms, maintaining a dominant market presence through its extensive institutional relationships and high-grade credit profile in the commercial paper guarantee sector. Established in 1978 to support Taiwan's monetary market development, the company is currently led by Chairman Zhengquan Zhang and President Cheng-Hsiang (Jonathan) Wei, who also serves as the Chief Information Security Officer. Wei possesses a distinguished professional pedigree, having previously held the position of Senior Executive Vice President and Chief Strategy Officer at O-Bank Co., Ltd., which has informed the company’s strategic focus on operational efficiency and risk management. The executive management is supported by a board of directors that reflects a sophisticated institutional ownership structure, with major stakes held by O-Bank Co., Ltd., PJ Asset Management, and Hozhu Investment. This institutional backing, combined with a leadership team deeply rooted in Taiwan’s banking and capital markets sectors, provides CBFC with a stable capital base and the regulatory expertise necessary to navigate the complexities of the Taiwanese financial ecosystem.