We represented CL Securities in its merger with SinoPac Securities.  As announced today by the Financial Supervisory Commission, approval has been granted for the merge.  CL primarily focuses on serving foreign institutional investors. The merger record date is tentatively set for October 20, 2025.  Following the merger, the market share of SinoPac Securities is expected to increase slightly, securing its position as the 5th largest in the industry.  The transaction value is approximately NT$1.628 billion.