Document:

EX-4.47 SUBSCRIPTION AGREEMENT

Table of Contents

Exhibit 4.47 
EXECUTION COPY

	 	 	 	 	 
	 
	 	DATED THIS 7 DAY OF DECEMBER 2006
 

	 	 

 

SUBSCRIPTION AGREEMENT

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 
	CLAUSE HEADING	 	PAGE NO
	 
	1.
	 	INTERPRETATION	 	 	3
	 
	2.
	 	THE SUBSCRIPTION	 	 	5
	 
	3.
	 	COMPLETION	 	 	5
	 
	4.
	 	CONDITIONS	 	 	6
	 
	5.
	 	WARRANTIES AND UNDERTAKINGS BY THE COMPANY	 	 	7
	 
	6.
	 	WARRANTIES AND UNDERTAKINGS BY THE SUBSCRIBER TO THE  COMPANY	 	 	12
	 
	7.
	 	TERMINATION	 	 	12
	 
	8.
	 	INDEMNITIES	 	 	13
	 
	9.
	 	COSTS AND EXPENSES	 	 	13
	 
	9A.
	 	CONFIDENTIALITY AND NON-DISCLOSURE	 	 	13
	 
	10.
	 	GENERAL PROVISIONS	 	 	14
	 
	11.
	 	NOTICES	 	 	14
	 
	12.
	 	TIME OF ESSENCE	 	 	15
	 
	13.
	 	SEVERABILITY	 	 	15
	 
	14.
	 	GOVERNING LAW AND JURISDICTION	 	 	15
	 
	15.
	 	COUNTERPARTS	 	 	16
	 
	ANNEX A	 	 	18
	 
	ANNEX B	 	 	19

 

Table of Contents

SUBSCRIPTION AGREEMENT

THIS AGREEMENT is made on the 7 day of December 2006

BETWEEN:

	(1)	 	GigaMedia Asia Pacific Limited (IBC Number 1068168), a company incorporated in the British
Virgin Islands and having its registered office at Overseas Management Company Trust (B.V.I.)
Ltd., OMC Chambers, P.O. Box 3152, Road Town, Tortola, British Virgin Islands (the
“Subscriber”);
	 
	(2)	 	Infocomm Asia Holdings Pte. Ltd. (Company Registration Number 200414772H), a company
incorporated in Singapore and having its registered office at 28 Maxwell Road Red Dot Traffic
#04-01 Singapore 069120 (the “Company”);

All the parties above shall be referred to individually as a “Party” and collectively as
the “Parties”.

WHEREAS

	(A)	 	The Company is a private company limited by shares incorporated in Singapore under the
Companies Act and will at the Completion Date have an issued share capital as follows:

	 	 	 	 	 
	 	 	 	 	Number of Ordinary
	 	 	Type of Shares	 	Shares on a
	Name of Shareholder	 	held	 	Converted Basis
	Management Capital
International Limited
	 	Ordinary Shares	 	150,000
	Infocomm Investments Pte Ltd
	 	Class A Shares	 	300,000
	Commerzbank Infocomm
Segregated Portfolio
	 	Class A Shares	 	300,000
	Global Star International
Development Limited
	 	Class A Shares	 	200,000
	Gigamedia Limited
	 	Class B Shares	 	500,000
	 
	 	 	 	 
	Total number of Shares
	 	 	 	1,450,000

	(B)	 	It is anticipated that Etherfast Pte Ltd will subscribe for 100,000 new Ordinary Shares
(as defined below) to be issued by the Company, following which the shareholding structure of
the Company will be as follows:

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	 	 	 	 	Number of Ordinary
	 	 	Type of Shares	 	Shares on a
	Name of Shareholder	 	held	 	Converted Basis
	Management Capital
International Limited
	 	Ordinary Shares	 	150,000
	Etherfast Pte Ltd
	 	Ordinary Shares	 	100,000
	Infocomm Investments Pte Ltd
	 	Class A Shares	 	300,000
	Commerzbank Infocomm
Segregated Portfolio
	 	Class A Shares	 	300,000
	Global Star International
Development Limited
	 	Class A Shares	 	200,000
	Gigamedia Limited
	 	Class B Shares	 	500,000
	 
	 	 	 	 
	Total number of Shares
	 	 	 	1,550,000

	(C)	 	Management Capital International Ltd is a company incorporated in the British Virgin
Islands and having its registered office at Portcullis Trustnet Chambers, P.O. Box 3444, Road
Town, Tortola, British Virgin Islands (“MCIL”);
	 
	(D)	 	Etherfast Pte Ltd (Company Registration Number 200604316G), is a company incorporated in
Singapore and having its registered office at 28 Maxwell Road Red Dot Traffic #04-01 Singapore
069120 (“Etherfast”);
	 
	(E)	 	Infocomm Investments Pte Ltd (Company Registration Number 199608120R) is a company
incorporated in Singapore and having its registered office at 6 Temasek Boulevard #29-00
Suntec Tower 4 Singapore 038986 (“IIPL”);
	 
	(F)	 	Commerzbank Infocomm Segregated Portfolios, a specific segregated portfolio within Commerz
Asia Best SPC (Company Registration Number CB-142661), is a segregated portfolio company
incorporated in the Cayman Islands and having its registered office at Coconut Villa 2
Jennifer Drive P.O. Box 10211 APO Grand Cayman BW1 (“CISP”);
	 
	(G)	 	Global Star International Development Limited (Company Registration Number 1032166), a wholly
owned subsidiary of The9 Limited, is a company incorporated in Hong Kong Special
Administrative Region and having its registered office at 34/F, The Lee Gardens, 33 Hysan
Avenue, Causeway Bay, Hong Kong (“Global Star”);
	 
	(H)	 	The Company is a business operating and distributing online games by way of securing the
exclusive distribution rights for online internet games or mobile games for distribution in
the South Asia region and to make strategic investments in operating hubs; and
	 
	(I)	 	The Subscriber proposes to subscribe for 500,000 Class B Shares at the Issue Price as
hereinafter defined from the Company on the terms and subject to the conditions set out in
this Agreement.

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IT IS AGREED as follows:-

	1.	 	INTERPRETATION

	1.1	 	In this Agreement, unless the context otherwise requires:-
	 
	 	 	“Articles” means the articles of association of the Company, as amended to
incorporate the amendments set out in Annex A and as may be further amended from time to
time;
	 
	 	 	“Board of Directors” means board of Directors of the Company which shall be elected
according to the Shareholders’ Agreement;
	 
	 	 	“Business Day” means any day in Taipei, New York and Singapore (other than Saturdays
and Sundays) on which licensed banks are open for business in Taipei, New York and
Singapore;
	 
	 	 	“Class A Shares” means such number of redeemable, convertible,
participating, preference shares in the capital of the Company, each bearing the terms and
conditions as set out in the Articles;
	 
	 	 	“Class B Shares” means such number of redeemable, convertible, participating,
preference shares in the capital of the Company, each bearing the terms and conditions as
set out in Annex A;
	 
	 	 	“Companies Act” means the Companies Act, Chapter 50 of the Statutes of the
Republic of Singapore;
	 
	 	 	“Completion” means the completion of the subscription of the Subscription Shares
pursuant to clause 3;
	 
	 	 	“Completion Date” means the date falling three (3) Business Days after all the
conditions set out in clause 4.1 are satisfied or otherwise waived in writing by the
relevant parties hereto, which shall be no later than 15 December 2006, or such later date
as the parties hereto may agree;
	 
	 	 	“Converted Basis” means such number of Ordinary Shares held as a result of the
conversion of Preference Shares into Ordinary Shares of the Company at the Class A
Conversion Rate or the Class B Conversion Rate (as the case may be), pursuant to the terms
and conditions set out in the relevant Subscription Agreements;
	 
	 	 	“Directors” means the directors of the Company for the time being;
	 
	 	 	“Investment Budget” means the investment budget to be approved by the Investment
Committee that will be in line with the Use of Funds;
	 
	 	 	“Investment Committee” means the committee that shall be appointed by the Board of
Directors according to the Shareholders’ Agreement;
	 
	 	 	“Issue Price” means US$20.00 for each Subscription Share;

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	 	 	“Intellectual Property Rights” means any and all legal rights or interests
evidenced by or embodied in (1) any idea, design, concept, method, process, techniques,
apparatus, software, invention, discovery, or improvement, including any patents, patent
applications, trade secrets and know-how; (2) any work of authorship, including any
copyrights or industrial designs; (3) any trademarks, trade names, service marks, trade
designations and associated goodwill; and (4) any other proprietary technology or material
in which similar rights exist by virtue of or pursuant to any law in force in any part of
the world at any time or from time to time;
	 
	 	 	“Management” means the management team of the Company as set out in Schedule 1 of
the Shareholders’ Agreement;
	 
	 	 	“Material Adverse Change” means any change, event or effect that may be materially
adverse to the general affairs, business, operations, assets, condition (financial or
otherwise), or results of operations of the Company taken as a whole;
	 
	 	 	“Ordinary Shares” means the ordinary shares in the capital of the Company;
	 
	 	 	“Shareholders” means existing shareholders of the Company including MCIL, CISP, IIPL
and Global Star;
	 
	 	 	“Shareholders’ Agreement” means the agreement substantially in the form set out in
Annex B to be entered into between, inter alia, the Subscriber, MCIL, CISP, IIPL, Global
Star, Etherfast and the Company to regulate the affairs of the Company and the relationship
of the shareholders of the Company;
	 
	 	 	“Shareholder Proportions” means, in relation to a Shareholder, the proportion which
the number of Ordinary Shares (on a Converted Basis) set against the name of each
Shareholder in the tables as set out in Recitals A and B (the “Tables”), as the case
may be, bears to the total number of Ordinary Shares in the Company (on a Converted Basis)
as set out in the Tables, subject to changes in share capital of the Company as permitted by
the terms and conditions of this Agreement, the Subscription Agreement and the Articles;
	 
	 	 	“South Asia Region” includes Singapore, Malaysia, Indonesia, Philippines, Thailand,
Vietnam and other territories as agreed by the Parties from time to time.
	 
	 	 	“Shares” means the Class A Shares, the Class B Shares and the Ordinary Shares;
	 
	 	 	“Subscription Shares” means such number of Class B Shares to be allotted by the
Company to the Subscriber which forms the subject of the subscription under the terms and
conditions set out in this Agreement and “Subscription Share” means each of the
Subscription Shares;
	 
	 	 	“Record Date” means in relation to any dividend, right, allotment or other
distributions, the date as at the close of business, on which members of the Company must be
registered in order to participate in such dividend, right, allotment or other
distributions;

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	 	 	“Registrar” has the meaning ascribed to it by Section 4 of the Companies Act;
and
	 
	 	 	“US Dollars” or “US$” means the lawful currency of the United States of
America.
	 
	1.2	 	The headings in this Agreement are inserted for convenience only and shall be ignored in
construing this Agreement. Unless the context otherwise requires, words (including words
defined herein) denoting the singular number only shall include the plural and vice versa. The
words “written” and “in writing” include any means of visible reproduction.
References to the “Appendix”, “clauses” and “Recitals” are to be
construed as references to the appendix, to clauses and recitals of this Agreement. Any
reference to a sub-clause or a paragraph is to a sub-clause or paragraph of the clause in
which such reference appears. Any reference to a time of the day is to be construed as
Singapore time unless otherwise stated.

	2.	 	THE SUBSCRIPTION

	2.1	 	On the terms and subject to the conditions of this Agreement, the Company agrees to allot and
issue an aggregate of 500,000 Subscription Shares, and the Subscriber agrees to subscribe and
pay for such number of Subscription Shares, at the Issue Price for each Subscription Share,
making an aggregate Issue Price of US Dollars Ten Million (US$10,000,000) (the “Issue
Consideration”).
	 
	2.2	 	Subject to full payment by the Subscriber in accordance with clause 3.1(a), the Subscription
Shares shall be issued free from all claims, charges, liens and other encumbrances whatsoever
and shall carry such rights as set out in Annex A to this Agreement, except that they will not
rank for any dividend, right, allotment or other distributions, the Record Date for which
falls before the issue of such Subscription Shares.
	 
	2.3	 	The Parties agree that the Issue Consideration received from the issue of Subscription Shares
shall be used for the following purposes (“Use of Funds”):

	 	(a)	 	securing of online game content in for the South Asia region;
	 
	 	(b)	 	investments in online game hub operators in countries in South Asia including
Singapore, Malaysia, Indonesia and Philippines;
	 
	 	(c)	 	operating expenses of the Company as approved by the Board of Directors; and
	 
	 	(d)	 	any other investments approved by the Investment Committee.

	3.	 	COMPLETION

	3.1	 	Subject to the terms and conditions of this Agreement, Completion shall take place on
Completion Date in Singapore at the office of the Company (or at such other place as may be
agreed between the parties) where all of the events described below shall occur:

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	 	(a)	 	The Subscriber shall make a payment of the Issue Consideration to the Company
by bank transfer to the following bank account:

	 	 	 	 	 
	 

	 	Beneficiary Bank:
	 	Citibank Singapore Limited
	 

	 	Swift Code:
	 	CITISGSG
	 

	 	Address:
	 	23 Church Street #02-01 Capital Square,

Singapore 049481
	 

	 	Bank code:
	 	7214
	 

	 	Branch code:
	 	011
	 

	 	Bank account number:
	 	0-437486-034

	 	(b)	 	the Company shall, against payment by the Subscriber of the amount referred to in
clause 3.1(a):

	 	(i)	 	allot and issue 500,000 Subscription Shares to the Subscriber;
	 
	 	(ii)	 	issue new share certificates in respect of the Subscription
Shares referred to in clause 3.1(b)(i) in favour of the Subscriber; and
	 
	 	(iii)	 	enter the name of the Subscriber as holder of the Subscription
Shares in the register of members of the Company pursuant to clause 3.1(b)(i).

	4.	 	CONDITIONS

	4.1	 	Completion of the subscription of the Subscription Shares under this Agreement is conditional
upon:

	 	(a)	 	the approval of the Shareholders in a general meeting of the Company having
been obtained for (i) the amendment of the Articles to incorporate the amendments in
Annex A to this Agreement and (ii) the allotment and issue of the Subscription Shares
to the Subscriber;
	 
	 	(b)	 	the approval of the Board of Directors of the Company having been obtained for
the allotment and issue of the Subscription Shares to the Subscriber;
	 
	 	(c)	 	the approval of the Board of Directors of the Company having been obtained to
enter the name of the Subscriber as holder of the Subscription Shares in the register
of members of the Company pursuant to clause 3.1(b)(i);
	 
	 	(d)	 	the Company shall have obtained (i) any and all approvals, consents and waivers
necessary for consummation of the transactions contemplated by this Agreement,
including, without limitation, all permits, authorizations, approvals, consents or
permits of any governmental authority or regulatory body, (ii) waivers by the existing
shareholders of the Company of any anti-dilution rights, rights of first refusal, right
of first offer, pre-emptive rights and all similar rights that may exist in connection
with the issuance of the Class B Shares;

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	 	(e)	 	as at the Completion Date, approval of any licensors with which the Company has
entered into a licence agreement with for the consummation of the transaction
contemplated hereunder, if such approval is required as provided in the licence
agreement;
	 
	 	(f)	 	the issue and subscription of the Subscription Shares not being prohibited by
any statute, order, rule or regulation by any legislative, executive or regulatory body
or authority of Singapore which is applicable to the Company;
	 
	 	(g)	 	there having been, as at the Completion Date, no occurrence of any event nor
the existence of any fact rendering untrue or incorrect in any respect any of the
warranties contained in clauses 5 and/or 6 of this Agreement if they were repeated on
and as of the Completion Date;
	 
	 	(h)	 	the due execution and delivery of the Shareholders’ Agreement by all parties
thereto;
	 
	 	(i)	 	completion by the Subscriber of its legal, financial, technical and business
due diligence investigation of the Company to its satisfaction;
	 
	 	(j)	 	there shall have been no Material Adverse Change as at the Completion Date
since the date of this Agreement; and
	 
	 	(k)	 	the due execution and delivery of undertakings by the Founders (as defined in
the Shareholders Agreement) and members of the Management (as defined in the
Shareholders Agreement) in favour of the Subscriber, on such terms as set out in clause
19 of the Shareholders Agreement.

	4.2	 	The Subscriber may, and upon such terms as it thinks fit, waive compliance with any of the
conditions set forth in clause 4.1 and any condition so waived shall be deemed to have been
satisfied.
	 
	4.3	 	If any of the conditions set forth in clause 4.1 is not satisfied by Completion Date, the
obligations of the Subscriber to subscribe for the Subscription Shares and the obligation of
the Company to issue the Subscription Shares shall ipso facto cease and determine thereafter,
neither the Subscriber nor the Company shall have any claim against the other for costs,
expenses, damages, losses, compensation or otherwise in respect of the Subscription, save as
expressly provided in this Agreement.

	5.	 	WARRANTIES AND UNDERTAKINGS BY THE COMPANY

	5.1	 	The Company represents, warrants and undertakes to the Subscriber that:

	 	(a)	 	it shall comply with or procure that its Directors comply with all relevant
statutory and regulatory requirements pertaining to the allotment and issue of the
Subscription Shares;
	 
	 	(b)	 	it will not, prior to Completion without the prior written consent of the

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	 	 	 	Subscriber undertake any capital reduction, bonus issue, stock split or do anything
to its share capital or reserve or allot any shares or enter into any agreement or
undertaking to do the same (otherwise than in accordance with this Agreement);
	 
	 	(c)	 	it shall do all other things and sign or execute such documents as may be
required by law in order to complete the issue of the Subscription Shares;
	 
	 	(d)	 	the issue of the Subscription Shares, the execution and delivery, and the
compliance by the Company with the terms of this Agreement:

	 	(i)	 	do not and will not conflict with, or result in a breach of any
of the terms or provisions of, or constitute a default under, the Memorandum
and Articles of Association of the Company or any existing law or regulation
applying to or affecting the Company; and
	 
	 	(ii)	 	do not and will not infringe the terms of, or constitute a
default under or caused to be exceeded any limit imposed by any trust deed,
agreement or other instrument or obligation to which the Company or any of its
undertakings, assets, property or revenues are bound;

	 	(e)	 	the performance of the obligations to be assumed by the Company hereunder and
the issue of the Subscription Shares and the execution and issue by the Company of
share certificates for the Subscription Shares have been or will be duly authorised by
all necessary corporate actions of the Company on or before the Completion Date;
	 
	 	(f)	 	this Agreement constitutes valid, binding and enforceable obligations of the
Company in accordance with its terms and the execution by the Company of this Agreement
has been duly authorised by all necessary corporate actions of the Company;
	 
	 	(g)	 	its entry into, and/or performance of its obligations under, this Agreement do
not and will not violate any law, regulation or agreement binding on or applicable to
it;
	 
	 	(h)	 	as at Completion Date:

	 	(i)	 	it is not or will not be in violation of any applicable
statute, rule, regulation, order or restriction or any instrumentality or
agency thereof in respect of the conduct of its business as currently conducted
and as proposed to be conducted or the ownership or in respect of the use of or
leasehold interest in its properties;
	 
	 	(ii)	 	all consents, permits, approvals, orders, authorizations or
registrations, qualifications, designations, declarations or filings by or with
any governmental authority and any third party which are required to be
obtained or made by it in connection with the consummation of the transactions
contemplated hereunder has been obtained or made prior to and be effective as
of Completion; and

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	 	(iii)	 	it has and will maintain all franchises, permits, licenses and
any similar authority necessary for the conduct of its business as currently
conducted and as proposed to be conducted and is not in default under any of
such franchises, permits, licenses or other similar authority;

	 	(i)	 	as at Completion Date, no outstanding material indebtedness of the Company has
become payable by reason of default by the Company and no material event of default has
occurred or is, so far as the Company is aware, impending which with the lapse of time
or the fulfillment of any condition or the giving of notice may result in any such
indebtedness becoming so payable;
	 
	 	(j)	 	as at Completion Date, the records, statutory books and books of account of the
Company are duly entered upon and maintained in accordance with all legal requirements
applicable thereto and in all material respects contain true and complete records of
all matters required to be dealt with therein and all such books and all records and
documents (including documents of title) which are its property are in its possession
or under its control and all returns, particulars, resolutions and other documents
required to be filed with or delivered to the Registrar by the Company have been
correctly and properly prepared and so filed or delivered;
	 
	 	(k)	 	as at Completion Date, no step has been taken by the Company or the
Shareholders nor have any legal proceedings been started or threatened for the
dissolution of the Company or for the appointment of a receiver, judicial manager,
trustee or similar officer of the Company; 
	 
	 	(l)	 	as at Completion Date, the Company is not engaged in any prosecution,
litigation or arbitration which will have a Material Adverse Change and there are, to
the best knowledge of the Company, no circumstances which would give rise to any such
prosecution, litigation or arbitration;
	 
	 	(m)	 	as at Completion Date, it is duly organized, validly existing and in good
standing under, and by virtue of, the laws of the place of its incorporation or
establishment and has all requisite power and authority to own, lease and use its
properties and assets and to carry on its business as now conducted and as proposed to
be conducted, and to perform each of its obligations hereunder and under any agreement
contemplated hereunder to which it is a party;
	 
	 	(n)	 	all the Shares in the Company, including the Ordinary Shares and Class A
Preference Shares in the capital of the Company are or will on issue be duly
authorised, validly issued, fully paid-up, free from encumbrances and transferable in
accordance with the Articles of Association of the Company and the Shareholders’
Agreement;
	 
	 	(o)	 	the names of the Shareholders and the number of Shares held by each such
Shareholder as set out in the table disclosed in Part A of the Recitals of this
Agreement is true, complete and accurate as at the Completion Date;

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	 	(p)	 	as at the Completion Date, save for the Class A Shares, there are no
outstanding options, warrants or other rights convertible into Shares or any agreements
or arrangements to issue options, warrants or other rights convertible into Shares;
	 
	 	(q)	 	the Class B Shares, when issued, sold and delivered in accordance with the
terms of this Agreement and following receipt of the Issue Consideration owing to the
Company, will be duly and validly authorised and issued, fully paid-up, free from
encumbrances and freely transferable;
	 
	 	(r)	 	the Class B Shares will on issue carry the rights, benefits and privileges and
be subject to the restrictions as set out in the Articles of Association of the
Company;
	 
	 	(s)	 	all the Shares are and will on issue be liable to be repurchased or be
redeemable in accordance with the Articles and the terms of the resolutions approving
the issuance thereof (subject to all applicable laws and regulations);
	 
	 	(t)	 	it does not own or control, directly or indirectly, any interest in any other
corporation, partnership, trust, joint venture, association or other entity which
competes with the Subscriber or its affiliates;
	 
	 	(u)	 	as at Completion Date, it has good and marketable title to its properties and
assets held free and clear of any mortgage, pledge, lien, encumbrance, security
interest or charge of any kind. With respect to the property and assets it leases, as
at Completion Date, the Company is in compliance with such leases and, to the best of
its knowledge, it holds valid leasehold interests in such assets free of any liens,
encumbrances, security interests or claims of any party other than the lessors of such
property and assets;
	 
	 	(v)	 	as at Completion Date, it has sufficient title and ownership of or licenses to
the Intellectual Property Rights necessary for its business as now conducted or
proposed to be conducted without any conflict with or infringement of the rights of
others. It has taken all commercially reasonable security measures to protect the
secrecy, confidentiality, and value of all such Intellectual Property Rights required
to conduct its business. It has not received any written communications alleging that
the Company has violated or, by conducting its business (including as proposed to be
conducted by it), would violate any of the Intellectual Property Rights of any other
person or entity. As at Completion Date, the conduct of business of the Company as
currently conducted or proposed to be conducted has not violated or will not
violate any Intellectual Property Rights of any third party;
	 
	 	(w)	 	it taken as a whole, does not have any material liability or obligation,
absolute or contingent;
	 
	 	(x)	 	as at Completion Date, it has complied in all material aspects with all
applicable employment and labour laws;
	 
	 	(y)	 	as at Completion Date, all material agreements, contracts, leases, licenses,
instruments, commitments, indebtedness, liabilities and other obligations to

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	 	 	 	which the Company is a party or by which it is bound and which (i) are material to
the conduct and operations of its business and properties, (ii) involve any of the
officers, consultants, directors, employees or shareholders of the Company; or (iii)
obligate the Company to share, license or develop any product or technology (except
licenses granted in the ordinary course of business), other than agreements entered
into by or on behalf of the Company in the ordinary course of business, have been
provided to the Subscriber;
	 
	 	(z)	 	as at Completion Date there is no Material Adverse Change in the assets,
liabilities, financial condition or operating results of the Company, , from that
reflected in the most recent financial statements given to the Subscriber, if
applicable, except changes in the ordinary course of business that have not been, in
the aggregate, materially adverse to the Company;
	 
	 	(aa)	 	as at Completion Date, there is no material change in the contingent
obligations of the Company whether by the giving of any guarantee, endorsement,
indemnity, warranty or otherwise from the date of the most recent financial results
given to the Subscriber;
	 
	 	(bb)	 	the Use of Funds shall be in accordance with clause 2.3;
	 
	 	(cc)	 	the Company has never given any corporate guarantee in favor of any third
party; and
	 
	 	(dd)	 	the audited financial statements of the Company for the year ended 31 December
2005 and the unaudited financial statements of the Company for the period ended 31
August 2006 (a) have been prepared in accordance with all applicable laws and the
Singapore Financial Reporting Standards, (b) where audited, are unqualified by the
external auditors of the Company, and (c) present and true and fair view, in all
material respects, of the financial condition, results of operations, shareholders
equity and cash flow of the Company and the Group as of, and for the periods ended 31
December 2005 and 31 August 2006.

	5.2	 	Each of the representations, warranties and undertakings above shall be separate and
independent and shall not be limited by anything in this Agreement. The representations,
warranties and undertakings given under or pursuant to this clause 5 shall not in any respect
be extinguished or affected by Completion except by a specific and duly authorised waiver or
release in writing by all relevant persons.
	 
	5.3	 	If prior to Completion, it shall be found that any of the representations, warranties or
undertakings on the part of the Company under this Agreement have not in any material aspects
been carried out or complied with or are otherwise untrue, inaccurate, incorrect or
incomplete, the Subscriber shall, in addition to and without prejudice to any other rights or
remedies available to the Subscriber, be entitled by notice in writing to the Company to
rescind this Agreement.
	 
	5.4	 	Rescission of this Agreement under clause 5.3 shall not extinguish any right to damages which
the Subscriber may be entitled in respect of any breach of this Agreement.

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	6.	 	WARRANTIES AND UNDERTAKINGS BY THE SUBSCRIBER TO THE COMPANY

	6.1	 	The Subscriber hereby represents, warrants and undertakes to the Company that:

	 	(a)	 	it has taken all necessary action to enable it to enter into this Agreement;
	 
	 	(b)	 	its obligations under this Agreement are valid, binding and enforceable in
accordance with its terms and the execution by the Subscriber of this Agreement has
been duly authorised by all necessary corporate actions of the Subscriber;
	 
	 	(c)	 	its entry into, and/or performance of its obligations under, this Agreement do
not and will not violate any law or regulation binding on or applicable to it;
	 
	 	(d)	 	it has or will have all the necessary licenses and consents to carry out its
obligations under this Agreement; and
	 
	 	(e)	 	it is duly organized, validly existing and in good standing under, and by
virtue of, the laws of the place of its incorporation or establishment and has all
requisite power and authority to own, lease and use its properties and assets and to
carry on its business as now conducted, and to perform each of its obligations
hereunder and under any agreement contemplated hereunder to which it is a party.

	6.2	 	Each of the representations, warranties and undertakings above shall be separate and
independent and shall not be limited by anything in this Agreement. The representations,
warranties and undertakings given under or pursuant to this clause 6.1 above shall not in any
respect be extinguished or affected by Completion except by a specific and duly authorised
waiver or release in writing by the Company.

	7.	 	TERMINATION

	7.1	 	If there shall have come to the notice of a party (the “non-defaulting party”) of any
breach of the warranties and undertakings contained in clauses 5 and/or 6 by the other party
as the case may be (the “defaulting party”) which is not remedied (to the satisfaction
of the non-defaulting party) within seven (7) days of the receipt of a written notice by the
defaulting party from the non-defaulting party notifying of such breach, the non-defaulting
party may thereafter at any time prior to Completion Date by notice in writing to the
defaulting party terminate this Agreement and thereupon no party shall have any claim against
the other save as provided for under this Agreement.
	 
	7.2	 	Upon such notice referred to in clause 7.1 being given, this Agreement shall terminate
forthwith and the parties hereto shall be released and discharged of their obligations, but
shall be without prejudice to any liability which at the time of termination has already
accrued to the other party or any liability arising or maturing after such termination as a
result of any breach, omission committed or omitted prior to such

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	 	 	 	termination.Subject to the aforesaid, this Agreement shall be of no further effect and
neither party hereto shall be under any liability to other in respect of this Agreement.

	8.	 	INDEMNITIES
	 
	 	 	Each Party (“indemnifying party”) hereby irrevocably undertakes to keep the other
Party (“indemnified party”) fully and effectively indemnified against all losses,
costs, damages, claims, demands, actions, proceedings, liabilities and expenses whatsoever
(including but not limited to all legal costs or attorney’s fees on a solicitor and client
basis) that the indemnified party may incur or suffer in connection with or arising from any
material breach by the indemnifying party of its warranties under this Agreement. Any
liability to the indemnified party hereunder may in whole or in part be released, compounded
or compromised or time or indulgence given by the indemnified party in its absolute
discretion without in any way prejudicing or affecting its rights against the indemnifying
party. Any release or waiver or compromises shall be in writing and shall not be deemed to
be a release, waiver or compromise of similar conditions in future. The representations and
warranties set forth in clause 5 shall survive completion of the transactions contemplated
by this Agreement.

	9.	 	COSTS AND EXPENSES
	 
	 	 	The Company agrees to bear and pay all costs and expenses in connection with the allotment
and issue of the Subscription Shares including, without limitation, the preparation,
printing and execution of this Agreement and all other documents relating to the issue of
the Subscription Shares but subject to a cap of US$80,000.

	9A.	 	CONFIDENTIALITY AND NON-DISCLOSURE

	9A.1	 	The terms and conditions of this Agreement and the Shareholders’ Agreement, and all exhibits
and schedules attached thereto (collectively, the “Subscription Terms”) (including
their existence) shall be considered confidential information and unless the prior written
consent of the other Party is obtained, shall not be disclosed by any Party hereto to any
third party except in accordance with the provisions set forth below; provided, however, that
such confidential information shall not include any information that is in the public domain
other than caused by the breach of the confidentiality obligations hereunder.
	 
	9A.2	 	Any press release issued by any Party shall not disclose any of the Subscription Terms and
the final form of such press release shall be approved in advance in writing by the other
Party, Global Star and IIPL. No other announcement regarding any of the Subscription Terms in
a press release, conference, advertisement, announcement, professional or trade publication,
mass marketing materials or otherwise to the general public may be made without the prior
written consent of the Parties, Global Star and IIPL.
	 
	9A.3	 	After Completion, any Party shall be entitled to disclose its investment in the Company

13

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	 	 	and the terms thereof to third parties or to the public. In such event, the party disclosing
the information shall furnish the other parties such information with prompt written notice
of the fact. Without limiting the generality of the foregoing, the Subscriber and the
Company directors designated by the Subscriber shall be entitled to disclose the
Subscription Terms and other information related to the Company for the purposes of fund
reporting or inter-fund reporting or to their fund manager, other funds managed by their
fund manager or to their respective auditors, professional advisers, directors, officers,
employees, shareholders or investors.

	10.	 	GENERAL PROVISIONS

	10.1	 	This Agreement (together with any documents referred to herein) contains the entire agreement
and understanding of the parties and supersedes all prior agreements, understandings or
arrangements (both oral and written) relating to the subject matter of this Agreement.
	 
	10.2	 	This Agreement shall not be capable of assignment without the prior consent in writing of all
the parties hereto but, subject hereto, shall be binding on and shall enure to the benefit of
each party’s successors and permitted assigns.
	 
	10.3	 	This Agreement and the Shareholders’ Agreement, and the schedules and exhibits hereto and
thereto, which are hereby expressly incorporated herein by reference constitute the entire
understanding and agreement between the parties with regard to the subject matter hereof and
thereof.

	11.	 	NOTICES

	11.1	 	Any notice or other communication to be given under this Agreement shall be in writing, shall
be deemed to have been duly served on, given to or made in relation to a party if it is left
at the authorised address of that party, posted by pre-paid airmail/first-class/registered
post addressed to that party at such address, or sent by facsimile transmission to a machine
situated at such address and shall if:

	 	(a)	 	personally delivered, be deemed to have been received at the time of delivery;
	 
	 	(b)	 	sent by post, be deemed to have been received on the seventh (7th)
Business Day after posting; and
	 
	 	(c)	 	sent by facsimile transmission, be deemed to have been received upon receipt by
the sender of a facsimile transmission report (or other appropriate evidence) that the
facsimile has been transmitted to the addressee,

	 	 	PROVIDED that where, in the case of delivery by hand or post or facsimile transmission,
delivery or transmission occurs after 6.00 pm on a Business Day or on a day which is not a
Business Day, receipt shall be deemed to occur at 9.00 am on the next following Business
Day.
	 
	11.2	 	For the purposes of this clause the authorised address of each party shall be the address

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	 	 	set out below (including the details of the facsimile number and person for whose attention
a notice or communication is to be addressed) or such other address (and details) as that
party may notify to the other in writing from time to time in accordance with the
requirements of this clause:
	 
	 	 	The Company
	 
	 	 	INFOCOMM ASIA HOLDINGS PTE. LTD.

	 	 	 	 	 
	 

	 	Address:
	 	28 Maxwell Road Red Dot Traffic #04-01 Singapore 069120
	 

	 	Facsimile No:
	 	(65) 6294 9345
	 

	 	Attention:
	 	Ong Toon Wah

	 	 	The Subscriber
	 
	 	 	GIGAMEDIA ASIA PACIFIC LIMITED

	 	 	 	 	 
	 

	 	Address:
	 	14 Floor, 122 TunHwa North Road, Taipei, Taiwan ROC
	 

	 	Facsimile No:
	 	+8862-8770-7576
	 

	 	Attention:
	 	Chief Executive Officer, Arthur Wang and General Counsel, Jennifer Tseng

	12.	 	TIME OF ESSENCE
	 
	 	 	Any time or period mentioned in any provision of this Agreement may be extended by mutual
agreement between the parties but as regards any time, date or period originally fixed or
any time, date or period so extended as aforesaid time shall be of the essence.

	13.	 	SEVERABILITY
	 
	 	 	If at any time any one or more of the provisions hereof is or becomes illegal, invalid or
unenforceable in any respect under the applicable laws of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions hereof, nor the legality,
validity or enforceability of such provision under the applicable laws of any other
jurisdiction, shall in any way be affected or impaired thereby.

	14.	 	GOVERNING LAW AND JURISDICTION

	14.1	 	This Agreement shall be governed by, and construed in accordance with, the laws of Singapore.
	 
	14.2	 	The parties hereto agree to be subject to the non-exclusive jurisdiction of the Courts of
Singapore.

15

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	15.	 	COUNTERPARTS
	 
	 	 	This Agreement may be signed in any number of counterparts each of which shall together
constitute one and the same agreement. Any party may enter into this Agreement by signing
any such counterpart. Each counterpart may be signed and executed by the parties and
transmitted by facsimile transmission and shall be as valid and effectual as if executed as
an original.

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IN WITNESS whereof this Agreement has been entered into the day and year first above written.

	 	 	 	 	 	 	 
	Signed by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	 
	GIGAMEDIA ASIA PACIFIC
	 	 	)	 	 	 
	LIMITED

	 	 	 	 	 	 
	in the presence of:

	 	 	)	 	 	
	 
	 	 	 	 	 	 
	Address

	 	 	:	 	 	14 Floor, 122 TunHwa North Road, Taipei,
	 

	 	 	 	 	 	Taiwan ROC
	Facsimile No.

	 	 	:	 	 	+8862-8770-7576
	Contact Person

	 	 	:	 	 	Chief Executive Officer, Arthur Wang and
	 

	 	 	 	 	 	General Counsel, Jennifer Tseng
	 
	 	 	 	 	 	 
	Signed by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	 
	INFOCOMM ASIA HOLDINGS PTE.    
	 	 	)	 	 	 
	LTD.

	 	 	 	 	 	 
	in the presence of:

	 	 	)	 	 	
	 
	 	 	 	 	 	 
	Address

	 	 	:	 	 	28 Maxwell Road Red Dot Traffic #04-01
	 

	 	 	 	 	 	Singapore 069120
	Facsimile No.

	 	 	:	 	 	(65) 6294 9345
	Contact Person

	 	 	:	 	 	Ong Toon Wah

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ANNEX A

Terms and conditions of the Class B Shares

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ANNEX B

Shareholders’ Agreement

19EX-4.48 TERMINATION AGREEMENT

 

Exhibit 4.48

Agreement

This Agreement is made and entered on 12 December 2006, by and among:

	1.	 	Wretch Co. Ltd. (“Party A”), a corporation duly organized and existing under the laws of the
Republic of China, having its principal office at 2nd Floor, No. 310, Section 4,
Zhongxiao East Road, Taipei City;

	2.	 	Shareholders listed in Exhibit 1 (“Party A’s Shareholders”).

	3.	 	Hoshin GigaMedia Center Inc. (“Party B”), a corporation duly organized and existing under the
laws of the Republic of China, having its principal office at 14th Floor, No. 122,
TunHwa North Road, Taipei City;

	4.	 	Koos Broadband Telecom Co., Ltd. (“Party C”), a corporation duly organized and existing under
the laws of the Republic of China, a wholly owned subsidiary of Party B, having its principal
office at 14th Floor, No. 122, TunHwa North Road, Taipei City.

Whereas, Party A and Party C executed a Strategic Alliance Cooperation Agreement on March 4, 2005
(Exhibit 2, the “Cooperation Agreement”), which was expired on March 3, 2006 and neither party
renewed the Cooperation Agreement.

Whereas, Party A, Party B and Party A’s Shareholders executed a Subscription Rights Agreement on
March 10, 2006 (Exhibit 3, the “Subscription Rights Agreement”), under which Party B agrees to
provide Party A with free internet service for 3 years. Party A and Party A’s Shareholders agree
that Party B has the right of first refusal to acquire 20% of the issued shares in Party A when
Party A conducts the first capital increment.

Whereas, Party A and/or Party A’s Shareholders are engaging negotiations with a specific investor
(the “Specific Investor”) for the acquisition of Party A’s shares (the “Share Acquisition”), which
may influence Party B’s rights under the Subscription Rights Agreement. All Parties agree by
executing this Agreement to confirm the rights and obligations in the Cooperation Agreement

 

 

and Subscription Rights Agreement.

Accordingly, all Parties agree as follows:

	1.	 	Expiration of Cooperation Agreement

	 	(1)	 	Party A and Party C confirm that the Cooperation Agreement expired on March 3, 2006
(the “Expiration Date”). All the rights and obligations under the Cooperation Agreement
were completely fulfilled before the Expiration Date.
	 
	 	(2)	 	From the execution date of the Cooperation Agreement to December 31, 2006, Party A
agrees to pay Party C the amount of NT$1,500,000 (tax inclusive) by cash, check or wire
transfer, within 5 days after the execution date of this Agreement, for the use of
internet bandwidth and equipment above the quota stipulated in the Cooperation Agreement.
	 
	 	(3)	 	Party A and Party C agree that from the date Party A fulfills the obligations
stated in the foregoing paragraph (2), neither party shall make any request or claim to
the other party for the expiration of the Cooperation Agreement or the related matters in
the Cooperation Agreement. If Party A continues to use Party C’s internet bandwidth and
equipment after January 1, 2007, both parties shall discuss and agree on the service
terms and fees separately.

	2.	 	Termination of Subscription Rights Agreement

	 	(1)	 	Party A, Party B and Party A’s Shareholders agree that, on the condition that Party
A fulfills its obligations in paying the Indemnification to Party B in accordance with
Section 3(1), the closing date of the Share Acquisition shall be the termination date of
the Subscription Rights Agreement (the “Termination Date”). However, the termination of
Subscription Rights Agreement shall be effective prior to the closing of the Share
Acquisition. When Party A pays the Indemnification to Party B, Party B shall provide
Party A and Party A’s Shareholders with a confirmation letter as the format set forth in
Exhibit 4 to confirm the receipt of the Indemnification and the termination of the
Subscription Rights Agreement.

 

 

	 	(2)	 	Party A, Party B and Party A’s Shareholders agree that after the Termination Date,
all the rights and obligations in the Subscription Rights Agreement, including but not
limited to Party B’s subscription right and Party B’s other rights and interest against
Party A and Party A’s Shareholders, shall cease to be effective. None of the Parties may
make any request or claim to the other parties for the termination of the Subscription
Rights Agreement or the related matters in the Subscription Rights Agreement.

	3.	 	Indemnification and Service Fee for the Above Quota Use of Internet Service

	 	(1)	 	Party A agrees to pay by itself or make the Specific Investor pay by check or wire
transfer to Party B the following Indemnification as the condition of Party B’s consent
to terminate the Subscription Rights Agreement.

	 	(i)	 	Basic Indemnification: NT$20,000,000 (tax inclusive);
	 
	 	(ii)	 	Extra Indemnification: as stated in Section 3(2). (Basic
Indemnification and Extra Indemnification are collectively referred to as
Indemnification)

	 	(2)	 	The Calculation of Extra Indemnification
	 
	 	 	 	After execution of this Agreement, if Party A and/or Party A’s Shareholders execute any
agreement with the Specific Investor in connection with the Share Acquisition, Party A
and Party A’s Shareholders shall send a statement to Party B confirming that the price
range of the Specific Investor’s acquisition of all the shares of Party A as soon as the
closing procedures is completed on the closing date of the Share Acquisition for the
calculation of Extra Indemnification. Party B agrees to keep the disclosed information
confidential and execute a non-disclosure agreement (Exhibit 5), and then deliver to
Party A.
	 
	 	 	 	If the purchase price of all the shares of Party A exceeds US$24,000,000 (if only a
portion of the shares of Party A is purchased, the purchase price shall be the total
numbers of outstanding shares of

 

 

	 	 	 	Party A multiplied by the purchase price for each share), Party B is entitled to the
following Extra Indemnification in addition to the Basic Indemnification:

	 	(i)	 	If the purchase price exceeds US$24,000,000 but is less than or equal to
US$36,000,000, the Extra Indemnification shall be (the purchase price-
US$24,000,000)*18%; or
	 
	 	(ii)	 	If the purchase price exceeds US$36,000,000 but is less than or equal to
US$48,000,000, the Extra Indemnification shall be US$2,160,000 plus (the purchase
price- US$36,000,000)*16%;
	 
	 	(iii)	 	If the purchase price exceeds US$48,000,000, the Extra Indemnification
shall be US$4,080,000 plus (the purchase price- US$48,000,000)*14%

If the purchase price in the agreement for the Share Acquisition is in New Taiwan Dollars, for
the purpose of the abovementioned Extra Indemnification, Party A, Party A’s Shareholders, and
Party B agree that the exchange rate shall be the average of closing spot buying and selling
rates published by the Bank of Taiwan as of the closing date of the Share Acquisition.

If the Specific Investor carries out the Share Acquisition by subscription of new shares or
share swap, the purchase price shall be the subscription price of each new share or the fair
market value of each of the swapped share multiplied by the total numbers of outstanding shares of Party A. If the Specific Investor carries out the Share Acquisition by purchase of shares, the purchase price shall be the price for filing of securities transaction tax. Party
A and Party A’s Shareholders jointly guarantee that they will not make any arrangement to
lower the purchase price paid by the Specific Investor.

Party A understands that Party B’s consent to the calculation of Extra Indemnification is
based on its reliance on the financial reports provided by Party A up to September 30, 2006
(Exhibit 6). Party A and Party A’s Shareholders guarantee that the contents of the financial
reports reflect

 

 

the real financial status of Party A, and there is no hidden, untrue, or misleading facts.

	 	(3)	 	From the execution date of the Subscription Rights Agreement to December 31, 2006,
Party A agrees to pay Party B the amount of NT$1,500,000 (tax inclusive) by cash, check
or wire transfer, within 5 days after the execution date of this Agreement, for the use
of internet bandwidth and equipment above the quota stipulated in the Subscription Rights
Agreement. If Party A continues to use Party B’s internet bandwidth and equipment after
January 1, 2007, both parties shall discuss and agree on the service terms and fees
separately.

	4.	 	The Liabilities of Party A and Party A’s Shareholders
	 
	 	 	Party B and Party C agree that if there is any dispute or lawsuit with Party B or Party C due
to the reason which attribute to Party A and/or Party A’s Shareholders, Party A agrees to
defend for Party A’s Shareholders and bear all the legal liabilities and costs. However, before
all the obligations in this Agreement is fulfilled by Party A for itself or for Party A’s
Shareholders, the obligations and liabilities of Party A’s Shareholders shall not be released,
and Party B or Party C reserves the rights to claim or sue Party A and/or Party A’s
Shareholders.
	 
	5.	 	Confidentiality
	 
	 	 	All Parties agree that except Party A and Party A’s Shareholders may disclose this Agreement
and the contents to the Specific Investor, other Parties shall strictly keep in confidential
all contents and discussion process of this Agreement. None of the Parties may disclose to any
third party, without the other Parties’ prior written approval, the contents and the provisions
of this Agreement, except the following situations:

	 	(1)	 	The disclosure to a Party’s individually appointed attorneys, accountants or senior
managers within the most conservative and necessary scope for the purpose of fulfillment
of the provisions of this Agreement.
	 
	 	(2)	 	The limited disclosure on specific object and scope required by law or

 

 

	 	 	 	the orders of competent government authorities.

	6.	 	Announcement and Press releases
	 
	 	 	All Parties promise and agree that none of the Parties may make any announcement, press release
or public declaration to reveal the existence of this Agreement or publicly disclose the
provisions of this Agreement without the other Parties’ prior written approval on the contents,
timings and the press media for public disclosure. Nevertheless, if any Party is required by
law to make any disclosure, admittance or public announcement about the aforesaid things, such
disclosing Party shall not be regarded as default on this Agreement. However, such disclosing
party shall inform the other Parties about the contents of disclosure in reasonable and
possible extent.
	 
	7.	 	Effect of this Agreement

	 	(1)	 	This Agreement will be effective upon execution by the representatives of Party A,
Party B, and Party C, and Party A’s Shareholders. All Parties agree that if closing of
the Share Acquisition cannot be completed before 30 June 2007, this Agreement shall cease
to be effective.
	 
	 	(2)	 	None of the Parties may assign, in whole or in part, the rights or obligations
under this Agreement to any third party, unless prior written approval is obtained from
all the other Parties.
	 
	 	(3)	 	If any provision of this Agreement shall be held invalid or unenforceable by the
court which has jurisdiction over this Agreement, the validity, interpretation, and
enforceability of the other provisions of this Agreement shall not be affected thereby.
	 
	 	(4)	 	This Agreement contains the complete agreement among the Parties and supersedes any
prior agreements and representations in connection with this Agreement by or among the
Parties, written or oral.
	 
	 	(5)	 	No amendment, modification or supplement of any provision of this Agreement shall
be valid or effective unless made in writing and

 

 

	 	 	 	signed by all Parties.
	 
	 	(6)	 	Any Party who fails to pursue or delay in pursuing any rights or remedies shall not
influence or exclude such Party to further pursue such rights. All the rights or remedies
shall continue to be effective until the Party involved clearly abandons such rights or
remedies in writing.

	8.	 	Governing Law and Jurisdiction
	 
	 	 	This Agreement shall be governed by and construed in accordance with the laws of the Republic
of China. If any dispute or litigation arises from this Agreement, the Parties agree that the
Taiwan Taipei District Court shall be the court in the first instance.

	9.	 	Counterparts
	 
	 	 	This Agreement is executed in ten (10) counterparts, with each party to hold one as evidence.
Each of it shall be deemed an original,

Exhibits

Exhibit 1: List of Party A’s Shareholders

Exhibit 2: Copy of the Strategic Alliance Cooperation Agreement between Party A and Party C

Exhibit 3: Copy of the Subscription Rights Agreement among Party A, Party A’s Shareholders, and
Party B

Exhibit 4: Confirmation Letter

Exhibit 5: Non-Disclosure Agreement

Exhibit 6: Financial Reports of Party A as of September 30, 2006

Party A: Wretch Co. Ltd.

By: (seal)

Lin Hung Quan

Title: Chairman

Party B: Hoshin GigaMedia Center Inc.

By: (seal)

Arthur M. Wang

Title: Chairman

Party C: Koos Broadband Telecom Co., Ltd.

 

 

By: (seal)

Arthur M. Wang

Title: Chairman

Party A’s Shareholders:

(seal)

Jian Zhi Yu

ID: G121439679

(seal)

Qiu Jian Xi

ID: R123185761

(seal)

Wu Wei Kai

ID: G121262893

(seal)

Pan Wei Chen

ID: E12337212

(seal)

Lin Hung Quan

ID: F125198294

(seal)

Chen Xuan Jun

ID: L122999873

(seal)

Hue Tung Digital Services Co. Ltd.

Representative: Liu Te Long

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