HORIZON Sec. Business Summary

Horizon Securities Co., Ltd. (6015.TWO) operates as a mid-tier integrated financial services provider in Taiwan, primarily generating revenue through transaction-based brokerage commissions, interest income from margin financing, and fee-based services from its underwriting and registrar agency divisions. The company’s business model is structured into four core segments: Securities Brokerage, which facilitates equity and futures trading for retail and institutional clients; Proprietary Trading, focused on managing the firm's capital through fixed-income and derivative instruments; Underwriting, providing capital raising and advisory services for domestic SMEs; and Registrar Agency services, where it acts as a transfer agent for over 130 listed companies. In the competitive landscape, Horizon Sec. competes directly with other mid-to-large domestic peers such as President Securities (2855.TW), Capital Securities (6005.TW), and Concord Securities (6016.TWO). It maintains a specialized market niche by leveraging its extensive registrar portfolio to cross-sell wealth management products and by aggressively expanding its digital retail footprint to capture younger demographics. Leadership is anchored by Chairperson Ke-Chyn Jiang, who oversees the firm's strategic direction and digital transformation initiatives. The executive management is led by President and Director Chen-Ming (Jamie) Lin, a seasoned veteran who has served in high-level roles at the firm since 2005 and possesses extensive experience in capital markets and investment consulting. The leadership team is supported by a stable board with an average tenure exceeding five years, including key figures like Executive Vice President Frank Liao, who heads the Brokerage Division. Notable institutional backing includes major shareholdings from Chengda Investment Consulting Co., Ltd. and Mercuries & Associates Holding, Ltd., alongside participation from global institutional investors such as Dimensional Fund Advisors. This concentrated ownership structure ensures tight alignment between the firm’s brokerage operations and its broader strategic investment objectives within the Taiwan financial ecosystem.