02/10 美股下跌量縮 AO 指標下滑

美股開低震盪，道瓊下跌 0.69% 成交量收縮，AO 指標轉綠下滑，原本升勢微弱的鱷魚線也有走緩跡象。

NASDAQ 跌幅 0.80% 成交量收縮，K 線收小紅星看起來還好，但 AO 指標已明確轉綠下滑，恐無法避免回測鱷魚線。

02/10 上海量縮小漲 AO 指標微揚

上海震盪幅度仍不大，量縮 K 線微微上升收漲 0.10%，鱷魚開口雖呈擴張姿態但 AO 指標上揚角度有限。

02/10 台股下跌量縮 AO 指標轉綠下滑

台股震盪小跌 0.61%，成交量縮回 1483 億，高檔收黑 K 且 AO 指標明確轉綠下滑，回檔整理時應留意量價變化。

外資買進縮手，今日轉為小賣超 30 億。

02/09 美股量增小漲 AO 指標微揚

道瓊近四日成交量逐步回溫，但指數只在高檔狹幅震盪，昨晚漲幅僅 0.05%；AO 指標走平，動能偏弱。

NASDAQ 上漲 0.39% 續創新高，成交量配合擴增，AO 指標在高檔緩慢上揚。

02/09 上海量增小漲 AO 指標續揚

上海同樣是補量守穩的局勢，終場收漲 0.09%，AO 指標及鱷魚線皆有向上發展的跡象。

02/09 台股量增小漲 AO 指標緩步上揚

台股今日補量守穩，收漲 0.52% 成交量 1701 量價同創新高，格局相當不錯，但 AO 指標顯示動能不足，仍有可能陷入整理。

外資買超縮減至 45 億，庫存水位持續攀升。

02/08 美股量增小漲 道瓊 AO 指標轉綠走平

美股維持狹幅震盪，道瓊小漲 0.04% 成交量略增，AO 指標轉綠走平。

NASDAQ 上漲 0.41% 成交量略增，AO 指標上揚角度仍然相當低緩。

02/08 上海上漲量增 AO 指標續揚

上海午後迅猛拉高，終場收漲 2.43% 再創近期新高，成交量也有顯著擴增，護盤方向明確，AO 指標暫時維持小幅上揚。

02/08 台股上升量增 AO 指標微揚

多方攻勢再起，台股開高走高上漲 2.11%，成交量雖也擴增至 1613 億，但暫時形成量價背離，需要儘速補量，AO 指標也尚未跟進僅微幅上揚。

外資買超 113 億，庫存水平持續攀升。

蘇豔雪與和碩：蘇艷雪光環打問號

華碩與和碩14日晚間緊急召開線上法說針對外資客戶大動作釋疑，15日再召開記者會消弭外界反彈聲浪，是否能獲得外資圈的認同尚待觀察。其中，和碩投資長蘇艷雪出身外資圈，這次卻未能在第一時間消弭這股風暴，令外界感到疑惑。

蘇艷雪曾經在外資圈叱吒一時，堪稱天后級人物，尤其是在當時的主機板產業享有極高的知名度與影響力。

受到施崇棠的賞識，蘇艷雪毅然決然離開瑞銀轉戰華碩，擔任投資長一職，希望擺脫外資圈的高壓力，同時扮演好大型企業對法人的窗口、以及找到好的轉投資標的。這番急流勇退的舉措，當時成為市場的熱門話題。

轉換跑道後的蘇艷雪，雖然由幕前退居幕後，由於擁有被譽為「台灣最佳分析師」的光環，使得她在任職華碩一年多後，吸引外資對華碩的持股比率從近24%提高至31.24%，可謂蘇艷雪跳槽華碩後立下的第一筆戰功。

外界認為，由於蘇艷雪深厚的外資背景，不論是對於外資法人抑或是外資客戶的生態、習性及想法，均應有相當深刻的了解，為何沒有事前預料到外資股東的反彈，進一步採取防範措施？

蘇豔雪 (聯名) 致華碩股東的公開信 (中英文)

親愛的股東:

上週五，我們宣佈了華碩與和碩的股權分割計畫。這幾天，我們收到許多股東對於此一分割計畫的意見，我們希望能藉由此機會，與股東們就此一議題做更進一步的溝通
。
首先，我們絕不因此一分割計畫而犧牲股東權益；相反的，我們思考了許多方案並採用了我們認為最好的辦法來保障股東的權益。部分股東或許會質疑為何會在目前的時點宣布此計劃，那是因為，華碩及和碩都來到了企業發展的重要轉折點。華碩因為持有和碩，導致其他EMS及電子代工服務業者，不願意提供華碩與其他客戶相同的資源及服務，可能影響華碩在筆電產業中的營運彈性及長期競爭力；另一方面，和碩也因被華碩持有百分之百股權，許多品牌廠商不肯釋放更多的訂單給和碩，致和碩營運規模一直停滯不前，華碩與和碩彼此的束縛，確實阻礙了彼此的營運發展，時間不在我們這邊，我們需要做出迅速而正確的改變。若我們選擇不實行分割計畫，華碩及和碩的營運發展受限，反而可能使股東們的權益蒙受損失。越快完成華碩與和碩的分割，股東遭受損失的可能性越小。我們認為此減資分割計畫，將以快速且有效的方式排除各種疑慮，進而改善長期的股東價值。

再者，如果您進一步的深究，會發現華碩股東本就透過華碩擁有和碩，此表示，華碩的現有評價，或因持有財務及發展前景不明的和碩，而被長期低估。我們認為，和碩確有其隱含營運價值；然因於股東們不易取得和碩的財務資訊，且和碩的營運發展受限於現有股東結構，此種種限制，導致和碩及華碩的價值同時被長期低估或過度折價。一旦分割，和碩在上市後，財務狀況透明化，其隱藏價值將得以彰顯。事實上，在上述動作完成後，股東在對華碩的投資策略上也獲得更多選項，可選擇僅持有華碩或和碩，或兩者同時持有。因此，兩家公司的管理階層咸認股權分割是必要且適當的，他們也必須責無旁貸的去落實相關之計畫，以增進股東權益。

我們理解此一分割案，遭致了許多的抱怨並帶來許多不便。過去幾個月，我們潛心研究了各種方式的可性，也跟相關的主管單位多所協商與討論，最後認為此一計畫最有效率，且能有效解決兩家公司所面臨的困境。我們無意勸您不拋售華碩股票，但懇求您做進一步理性思考。誠摯的希望，透過更有效的溝通方式，能對您在做投資決定時有些幫助，或可因此減緩華碩股票的恐慌性賣壓，也可真正維護股東的權益，即您的權益。
我們非常希望能更早與各位股東溝通，但受限於法規之限制，我們直到上週五才被允許對投資大眾宣佈本計劃。對於造成部分股東的不便，我們也深感抱歉。雖然我們無法保證我們能解決所有股東的問題，我們仍將設法了解您的困難並試著提供我們的幫助，如果您有任何關於此股權分割計畫所衍生的的問題，或需任何協助，可寫信到investor@asus.com給我們的投資人關係部門，我們將盡力協助達成您的需要。同時，我們也請您了解我們一直在努力促使和碩盡快上市，根據現在我們所取得的資訊，華碩減資後的重新上市日，與和碩的上市日，可能有機會訂於同一時間，如此將有助於掃除部分股東的疑慮，雖然我們無法保證達成此目標，但一定會對此盡最大努力，如果最後仍無法達成同步上市，我們會盡力縮短和碩未上市的時間，並提供預估時程表，供您參酌以作決策。

最後，衷心希望您支持此一股權分割案。

華碩電腦 財務長 張偉明
和碩聯合科技 投資長 蘇豔雪
和碩聯合科技 財務長 林秋炭

中華民國九十八年十二月十五日

英文版：

Asustek Computer (ASKD) - Letter to Shareholders
RNS Number : 1949E
Asustek Computer Inc.
16 December 2009

Dear Shareholders,

We announced our Spin-off Plan (the "Spin-off") last Friday. During the past few days, we received many comments from the shareholders with regard to the questions of the Spin-off. We would like to take this opportunity to further communicate with you on the Spin-off.
First of all, we are by no means to do the Spin-off at cost of shareholders' interests. On contrary, we have considered many alternatives and done our best to take care of the best interests of the shareholders. Some of you may challenge why we elect to announce to do the Spin-off at the present point of time. This is because that both ASUS and Pegatron come to a critical point now. ASUS could not maintain its competitiveness in the NB industry as many other EMS service providers won't treat ASUS as important strategic customer given the fact that ASUS has Pegatron. On the other hand, Pegatron is trapped in the current business scope as many OEM/ODM customers won't place more orders with Pegatron in consideration of ASUS 100% ownership in Pegatron. This tie between ASUS and Pegatron really hinders ASUS' and Pegatron's business developments. Time is not with us. We need to make a quick and smart move. If we chose not to do the Spin-off, the shareholders probably would suffer the most as both ASUS and Pegatron would be dried up sooner or later. The sooner we break the tie the lesser the shareholder will suffer. The contemplated Spin-off is considered the fastest and most effective solution to reduce and even remove this concern.
Moreover, if you further look into the current status, you should understand that the shareholders have actually owned Pegatron shares involuntarily, which means ASUS share prices could have been discounted by its ownership of Pegatron whose financials are not publically accessible by the shareholders. From our perspective, we believe there is hidden value from Pegatron; however, because the shareholders can not access Pegatron's financials, the value of Pegatron and in turn the value of ASUS have been underestimated or over-discounted for a long time. After the Spin-off, Pegatron's financials will be readily available for the public after the IPO and hence the hidden value would be unlocked. Upon completion of the Spin-off and Pegatron IPO, in fact the shareholders will have more options for their investment decisions in ASUS, i.e. they can keep ASUS or Pegatron only or they can keep both of them. Therefore, the executive officers at ASUS and Pegatron consider the Spin-off necessary and proper and it is their fiduciary duty to carry out such Spin-off plan to maximize the shareholder's best interests.
We understand that there are lots of complaints and inconvenience caused by the contemplated Spin-off. During the past few months, we have studied many alternatives and had many negotiations/discussions with the local regulators. We concluded that the current plan is the most efficient and effective way to resolve the difficulty faced by ASUS and Pegatron. We are not asking you not to sell your shares of ASUS but would like to request you to think it over. We hope through a more effective communication like this letter will be helpful for you to do a rational investment decision and prevent the selling pressure of ASUS shares, which is indeed to your interests.
We wish we could make the communication earlier but the local regulations prohibit us doing so until last Friday. We also apologize for the inconvenience brought to some of the shareholders. While we can not give you assurance that we can solve all the problems from everyone of you, we will try to understand your difficulty and see if we can be of any assistance. Please write your emails to our IR contact (investor@asus.com) if you have any question on the Spin-off and/or requests for help. We will try our best to facilitate your needs. Also we would like to let you know that we are still making efforts to streamline Pegatron IPO process. Based on the current estimation, there is a chance that ASUS's relisting and Pegatron IPO could concurrently happen, that shall help to remove some shareholders' concerns, although until now we can not give you such assurance that we could achieve that. If a concurrent listing can't be achieved, we will try to minimize the unlisted period of Pegatron shares and provide an expected time table for your reference.
Lastly, we do wish we could have your supports on the Spin-off.
Respectfully yours,
David Chang, CFO of ASUSTeK
Sharon Su, CIO of Pegatron
Charles Lin, CFO of Pegatron

Date: December 15, 2009

02/07 美股小漲 AO 指標道瓊走平 NASDAQ 續揚

美股仍在相對高檔小幅震盪，道瓊小漲 0.26%，成交量微增，AO 指標僅勉強維持紅色，鱷魚開口穩定向上。

NASDAQ 小漲 0.07% 成交量微增，連續三日固守 2900 點收小紅 K，AO 指標持續上揚。

02/07 上海下跌量縮 AO 指標微揚

上海開低大幅走低下探鱷魚綠線，終場前小拉回但仍收跌 1.68%，成交量略縮。AO 指標保持微微上揚的姿態，但鱷魚線已明顯走平，中期格局恐怕將面臨重大考驗。

02/07 台股量平小漲 AO 指標走緩

台股震盪幅度不大，收盤小漲 0.25%，成交量 1237 億與昨日相差不多，AO 指標明顯走緩，AC 指標領先轉綠下滑，有機會拉回測試鱷魚線支撐。

外資買超略微擴大至 65 億，庫存水位繼續攀高。

02/06 美股量縮小跌 AO 指標上揚

美股小幅開低拉回，道瓊與 NASDAQ 終場跌幅同為 0.13%，成交量也同樣收縮而偏低。

道瓊 AO 指標顯著翻紅，NASDAQ 則是繼續上揚。

02/06 上海量縮收平 AO 指標微揚

上海震盪收平，小漲 0.03% 成交量微縮，AO 指標微弱但緩步上揚，鱷魚開口則持續向上發展。

02/06 台股下跌量縮 AO 指標續揚

台股震盪下跌 0.69%，成交量縮回 1226 億。雖是下跌量縮，且 AO 指標繼續上揚，但高檔小中黑仍值得警惕。

外資進出量恢復正常，今日小買超 34 億。