Fubon Group has many businesses in Taiwan and has an important position in Taiwan’s economy. However, Fubon’s ambitions and ties are not limited to Taiwan. Fubon wants to expand its business footprint in China and has a friendship with Chinese entrepreneurs (for example, Jianhua Xian). Some speculate that mergers and acquisitions by Fubon help with CCP money laundering.

Score Analysis

Ownership, Shareholders and Political Activity+2

The shopping site momo has many shareholders, including a Japanese company, but with a high percentage of Taiwanese holders and under Taiwanese management. Many people and media suspected that the Fubon group has a good relationship with Xiao Jianhua, who is a famous founder of the Chinese company Tomorrow Holdings Group (we can see this in the section of “Ownership, Shareholders and Political Activity”). The score for this section is +2

Media Reputation, Public Controversy and Boycott Calls-1

The media reputation of Fubon is surrounding the controversial allegations that former president Ma Ying-Jeou accepted political donations from Fubon. According to Tsai Mingzhong’s (蔡明忠) testimony in court, whether the donation was made in 2004 or 2008, the donation amount of 10 million or 15 million is not a small amount. However, there are no records of the 15 million donations in the 2004 and 2008 special accounts of the KMT. Where did this political donation go? Back in 2002, when former President Ma was serving as the mayor of Taipei, the Taipei Municipal Government offered to sell all the shares in the Bank of Taipei, and Fubon Financial Holdings was the only selected company. It was suspicious whether the political donation’s money had entered Ma Ying-jeou’s own pocket, and opened a convenient door to Fubon, suspected of embezzlement and bribe. So in this section, momo gets a -1 reduction on the score.
(The law of political donation in 2004.) 


There are some other negative impressions of Fubon, like Fubon Financial mergers and acquisition with JIH SUN Financial, that is speculated to help the CCP money laundering (-3). Fubon also took over over the Kbro cable TV system and have the power to influence the channel (-1). Hence, a total of -4 is received.

Basic Information

Ownership Fubon Holding Group (富邦集團)
Leadership 林啟峰
Fubon Multimedia Technology Co., Ltd.
Revenue NT$67.20
Shareholders Majority Taiwanese Shareholders

Data Collection



Fubon Group is a very large enterprise and has an important economic position in Taiwan.

Check out here:


E-commerce Consumer Dispute Cases

  1. Shopee has 2,029 cases (the first e-commerce site has more than 2000 cases according to statistics over the years), an increase of 802 pieces from 2019 (a growth rate of 65%).
  2. Fubon Media Technology Co., Ltd. has 1,049 cases, an increase of 424 cases (a growth rate of 67.8%) over the previous year.
  3. PChome Online: 372 cases
  4. Ruten: 351 cases (a decrease of 19 cases compared to 2019, the only industry that dropped).
  6. Eastern Home Shopping & Leisure Co., Ltd.: 164 cases

Transparency of China's influence: from the merger of Fubon and JIH SUN

Under the suspicion of Chinese investors, Fubon Financial Holdings acquired 53.84% of JIH SUN Financial Holdings through a public acquisition. The M&A case has far-reaching influence. Whether it is Fubon Financial Holdings or JIH SUN Financial Holdings, both have highly suspicious Chinese government influence.

The news of Fubon Financial mergers and acquisitions JIH SUN Financial came out, and until the official announcement of nonconsensual acquisitions. The market often alluded that Fubon Financial had a good relationship with the Chinese company Tomorrow Holdings Group Limited (明天控股集團,a.k.a 明天系) founder Jianhua Xiao (蕭建華) who is from China. It is speculated that this move is likely to help the CCP money laundering and be released from production. Besides, the shareholding structure of JIH SUN is complicated and unclear. The second-largest shareholder of JIH SUN Financial is Capital Target Limited (Hong Kong), holding around 24%, it remains ambiguous about whether the Hong Kong capital has obvious involvement of China. (

2012 ELECTIONS: DPP urges Ma to clarify Fubon donations issue

Fubon Bank annexation of Taipei Bank

“The case was led by Ma Ying-Jeou (Taiwanese President 2008-2016) when he was the mayor of Taipei. However, this merger was not approved by the Taipei City Council and Ma Ying-jeou admitted that he had visited Fubon 5 times before agreeing to the merger. In addition, Fubon Financial Holdings, which has not yet annexed Bank of Taipei, even if the assets of Fubon Bank are added, its total asset size is still less than half of that of Bank of Taipei. The Taipei Bank of Times was incorporated as a subsidiary of its own group and changed its name to Taipei Fubon Bank, which sparked controversy.” (Wiki)


上報:併購北銀案 富邦金:過程公開透明無不法

經濟日報:北富銀傳弊案 金管會追查

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment