ASUS ECONOMIC

Target: ASUSTeK Computer Inc. (ASUS) Research date: 6 October 2026 Request ID: 76ab347f-e3eb-4fc8-8f1f-082972296e52

Scope and identity

[pre-2020] ASUSTeK Computer Inc. is a Taiwanese technology company established on 2 April 1990, with its headquarters at 15 Li-Te Road, Beitou, Taipei; its corporate profile describes its principal activities as design, research and development, and sales of computer and communications products.¹ Current governance materials identify Jonney Shih as chairman, Ted Hsu as vice chairman, and S.Y. Hsu and Samson Hu as co-CEOs.^{2, 3}

At 31 March 2026 Jonney Shih held 4.05% of ASUS shares; the September 2026 offering circular shows no listed director with a holding of 10% or more.³ no public evidence identified of Israeli beneficial control of ASUSTeK or of a ≥10% Israeli shareholder in the reviewed current disclosures.

[pre-2020] ASUS separated its ODM/OEM operations in 2008 and its leadership history describes ASUS and Pegatron as separate entities after that reorganisation.⁴ That historical operational separation does not eliminate ASUS’s current investment: the 30 June 2026 consolidated report records 448,506,484 Pegatron shares, equal to 16.72%, with a carrying/fair value of NT$37.584843 billion.⁵ Pegatron’s own 2025 annual report independently reports ASUSTeK at around 16.72% and says ASUSTeK intends to reduce the interest gradually; Pegatron also describes a separately managed post-spin-off operation.⁶ The current ASUS holding is therefore reported here as a material non-controlling financial exposure, while Pegatron operations are not automatically attributed to ASUS.^{5, 6}

Supply Chain & Sourcing Relationships

Direct supplier relationships

ASUS’s disclosed business is electronics and communications technology.¹ no public evidence identified of a direct ASUS procurement relationship with Mehadrin, Hadiklaim, Galilee Export, Agrexco successors or another Israeli agricultural exporter for dates, avocados, citrus, herbs, potatoes or other produce.

A current technology-input relationship is documented with Hailo. On 1 April 2026 ASUS announced that the UGen300 USB AI Accelerator uses the Hailo-10H AI processor, and Hailo independently describes the ASUS UGen300 as powered by Hailo-10H.^{7, 8} The Israel Innovation Authority identifies Hailo Technologies Ltd. as an Israeli semiconductor company; [pre-2020] it records establishment in 2015 and lists Hailo as a 2024 R&D Fund winner.⁹ This establishes a post-2024 ASUS commercial technology nexus with an Israeli chip company; the cited records do not establish an ASUS acquisition of Hailo, an ASUS subsidy award, military procurement or settlement activity.^{7, 9}

In September 2022 Israel-based Airovation Technologies and ASUS announced an MOU to explore Airovation air-purification technology in development, manufacturing and sales of products and solutions in Taiwan and Greater China.¹⁰ Taiwan’s Small and Medium Enterprise and Startup Administration separately recorded ASUS-Airovation cooperation in carbon-capture technology during a Taiwan-Israel collaboration delegation.¹¹ No later public evidence identified in this review establishes commercial volume or continuation of the MOU in 2026; current status is unknown.

Importer of record structure

ASUSTeK’s current consolidated report lists ASUS Israel (Technology) Ltd. (ACIL) as a 100%-owned consolidated subsidiary and describes its activity as “supporting of 3C products in Israel.”⁵ Neither that filing nor the reviewed local-channel material identifies ACIL as importer of record. No public evidence identified of a dedicated ASUS importer-of-record entity for Israel.

Current ASUS server-channel material lists Israeli solution partners CRG, Eastronics, EIM, Hiper Global, NISKO Technology and Visual.¹² CD Log also maintains a current Israeli ASUS catalog; the retrieved manufacturer page displayed 191 ASUS products and an update date of 11 July 2026.¹³ These records establish third-party commercial channels but do not identify the customs importer for those goods.^{12, 13}

Seasonal sourcing patterns

No public evidence identified of recurring or seasonal ASUS procurement from Israeli agricultural suppliers.

Third-party and indirect sourcing

Third-party distribution and service channels are publicly visible through the ASUS Israel server-partner locator and CD Log catalog.^{12, 13} ASUS’s export-control policy, updated 7 November 2024, expressly applies to distributors and service partners and requires monitoring of downstream resellers for covered sanctions/export-control purposes.¹⁴ no public evidence identified of an Israeli-origin private-label product reaching ASUS through these channels, or of an ASUS distributor operating a settlement-based warehouse under an ASUS-specific arrangement.

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

Exact-name checks of the 2 July 2025 A/HRC/59/23 report and the 26 September 2025 OHCHR settlement-business update A/HRC/60/19 found no ASUS or ASUSTeK entry in their published text.^{15, 16} This is a document-level result only. A/HRC/60/19 states that its 2025 update covered only a portion of enterprises under review, does not cover all business activities related to settlements, and excludes activities related to the occupied Syrian Golan from the database mandate.¹⁶

No public evidence identified of an ASUS-owned factory, warehouse or branch in a West Bank or East Jerusalem settlement, or of an ASUS product manufactured in a settlement. No public evidence identified of an ASUS-specific facility or distribution contract in the occupied Syrian Golan. The OHCHR database cannot be used to infer a Golan absence because the report expressly states that the Golan is outside that database mandate.¹⁶

Labeling compliance

No public evidence identified of a customs, consumer-protection or country-of-origin enforcement action against ASUS concerning goods originating in the West Bank, East Jerusalem or Golan Heights. No public evidence identified of ASUS relabeling settlement-origin goods as products of Israel.

Corporate labeling policy

No public evidence identified of an ASUS policy specifically governing country-of-origin labeling for goods from occupied or contested territories. ASUS publishes a general export-control and sanctions policy applying to ASUS and partners, but the reviewed policy does not state a settlement-origin labeling rule.¹⁴

Investment, Capital & Financial Exposure

Foreign direct investment

ASUS has a current operational equity presence in Israel through ACIL. The 30 June 2026 consolidated report lists ACIL as 100% owned and engaged in support of 3C products in Israel.⁵ [pre-2020] OpenBudget identifies Israeli company 514846385 as ASUS Israel (Technology) Ltd., an active Israeli private company established on 3 December 2012, and displays Efal 25, Petah Tikva as its registered address.¹⁷ The address is treated as registry metadata; the reviewed evidence does not establish whether ASUS owns, leases or physically occupies premises there.¹⁷

The June 2026 investment schedule lists ASTP as investor in ACIL, 50,000 shares and 100% ownership, with an original investment amount of NT$414 thousand, carrying amount of NT$46.599 million and NT$6.001 million of investee profit recognized for the reporting period; the September 2026 SGX circular reproduces those figures.^{5, 3} These are investment-accounting figures. They are not disclosed Israel-market revenue, an acquisition price, a dividend or proof of profit repatriation.^{5, 3}

No public evidence identified that ASUS acquired ACIL from an Israeli owner rather than forming or capitalising it within the group. No other acquired Israeli operating company or controlling stake in an Israeli manufacturer, consumer brand, cyber/technology company, food business or infrastructure operator was identified in the current consolidated group disclosures.⁵

No public evidence identified of an ASUS-owned Israeli manufacturing plant, data centre, logistics hub or real-estate asset. ACIL’s disclosed current activity is support of 3C products in Israel.⁵

R&D and innovation centres

No public evidence identified of a current ASUS-owned R&D centre in Israel; the current filing describes ACIL as a support company.⁵ ASUS nevertheless has documented Israeli technology relationships: the 2022 Airovation MOU concerned Israeli-origin air-purification/carbon-capture technology, and the 2026 UGen300 integrates Hailo semiconductor technology.^{10, 11, 7, 8, 9}

At controlled-group level, ASUSTeK’s 2026 Q2 consolidated report includes AAEON at 37.46%, ASMedia at 42.92% and Onyx at 53.90% in the consolidated subsidiary structure; it also places Jetway under AAEON and Techpoint at 100% under ASMedia.⁵ [pre-2020] AAEON’s current profile says it joined the ASUS group in 2011.¹⁸ AAEON’s current software-solutions page lists Cogniteam as a software partner, and Cogniteam’s AAEON page describes AAEON hardware running Cogniteam’s cloud robotics platform and lists an Israel office in Petah Tikva.^{19, 20} This is a documented commercial technology relationship of a controlled ASUS group entity with an Israeli company; no public evidence identified that ASUS or AAEON owns Cogniteam.^{19, 20}

The same current ASUS report identifies ASKEY at 100%, ASUS Cloud at 96.53% and Taiwan AI Cloud at 74.18% within the consolidated group.⁵ Focused live searches for ASKEY, Onyx, ASMedia/Techpoint, ASUS Cloud and Taiwan AI Cloud with Israel-related terms did not identify a primary-source Israeli operating subsidiary, Israeli R&D centre, manufacturing facility or direct local investment for those entities. No public evidence identified beyond the AAEON-Cogniteam relationship described above.

Parent and beneficial ownership flows

ASUSTeK is the Taiwanese listed group parent, with headquarters in Taipei.¹ Its September 2026 circular shows Jonney Shih at 4.05% and no listed director at or above 10%; no public evidence identified of Israeli beneficial control of ASUSTeK in the reviewed current disclosures.³

The current Pegatron exposure must be distinguished from operational control. At 30 June 2026 ASUS held 448,506,484 Pegatron shares, 16.72%, valued at NT$37.584843 billion in a table of significant marketable securities that expressly excludes subsidiaries, associates and joint ventures; the accounting code for the holding is a non-current financial asset at fair value through other comprehensive income.⁵ Pegatron’s 2025 annual report independently reports the 16.72% interest and says ASUSTeK intends an orderly reduction; it also describes its own management team.⁶ The ASUS offering circular additionally states that Ted Hsu is a Pegatron director.³ These facts establish continuing equity and governance links but do not establish ASUS control of Pegatron.^{5, 3, 6}

A bounded review of Pegatron’s 2025 annual report and focused current searches did not establish a current Pegatron Israeli subsidiary, office, manufacturing operation or other primary-source Israeli operating nexus; the annual report itself contains no Israel text match.⁶ Accordingly, the ASUS-Pegatron investment is a confirmed current financial exposure to Pegatron, while a specific current Israeli economic nexus arising through that holding was not established in this review.

[pre-2020] ASRock’s own corporate history says it became affiliated with Pegatron in 2008.²¹ No current ASUS disclosure reviewed identifies ASRock as an ASUS-controlled subsidiary. Present ASRock conduct is therefore not attributed to ASUS; any economic exposure through ASUS’s minority Pegatron holding is indirect and does not establish operational control.^{5, 6, 21}

No public evidence identified of a material personal or family-office investment in an Israeli company by Jonney Shih, Ted Hsu, S.Y. Hsu, Samson Hu, Jonathan Tsang or Joe Hsieh. Joe Hsieh’s signature on the 2022 Airovation MOU was in an ASUS corporate capacity.¹⁰

Portfolio, fund and state-financing exposure

ASUS is a technology manufacturer rather than a financial-sector target.¹ The 2026 Q2 report discloses the material Pegatron holding described above and states that its table of significant marketable securities covers only securities exceeding NT$300 million.⁵ No Israeli-domiciled equity, Israel-focused fund or Israeli sovereign security was identified in that disclosed >NT$300 million table; this disclosure threshold means smaller positions cannot be excluded.⁵

No public evidence identified of ASUS underwriting or lead-arranging Israeli sovereign debt or war bonds, selling Israel Bonds, underwriting Israeli military/settlement risks, or directly lending/trade-financing an OHCHR-listed company or Israeli defence prime.

Operational Presence & Market Activity

Physical footprint and service channels

ACIL is a current 100%-owned Israeli support subsidiary.⁵ OpenBudget lists its registry address as Efal 25, Petah Tikva; that registry field is not treated as proof of an ASUS-owned physical office.¹⁷ ASUS also maintains a current Israel-localized business contact page with an Israeli sales number, bulk-purchase and partner routes, and an Israeli support number.²²

The current ASUS server partner locator lists CRG at Petah Tikva, Eastronics in Tel Aviv, EIM at Petah Tikva, Hiper Global at Rosh Haayin, NISKO Technology and Visual at Rosh Haayin.¹² None of the addresses displayed on that reviewed ASUS partner page is in the West Bank or East Jerusalem.¹² no public evidence identified establishing whether independent resellers or e-commerce channels deliver ASUS products to settlement customers.

Employment and tax contribution

No public evidence identified of ACIL’s current employee headcount, Israel-specific payroll, corporate-income-tax payments or Preferred Technology Enterprise status. OpenBudget establishes active Israeli private-company registration but does not quantify employees or taxes.¹⁷

OpenBudget’s ACIL page displays no amount in its field for government supports/contracts documented over the previous three years.¹⁷ That narrow portal field is not evidence that no Israeli public body has ever purchased ASUS products or services.

Data-controller and processor pathway

ASUS’s Israel-localized privacy policy, updated 21 April 2025, defines ASUS as ASUSTeK Computer Inc. and affiliated entities; it says personal data may be shared with service providers and partners including delivery, customer-support and payment providers, and may be transferred, stored or processed outside the user’s country.²³ The policy does not publicly specify ACIL’s exact controller/processor role or enumerate every Israeli reseller, repair provider or other processor.²³ no public evidence identified of an Israel-specific ASUS data centre from this pathway.

Market positioning

A wholly owned Israeli support subsidiary, Israel-localized sales/support contacts, authorized solution partners and a large third-party product catalog establish continuing commercial activity in Israel in 2026.^{5, 22, 12, 13} no public evidence identified in the reviewed current investor disclosures of ASUS separately quantifying Israel as a revenue segment, strategic growth market or regional hub.^{5, 3}

Military/customer channel check

No public evidence identified in the reviewed company, partner and procurement-focused searches of a direct ASUS contract with the Israel Defense Forces or Israel Ministry of Defense. The Hailo-powered UGen300 record establishes a civilian/commercial product integration but does not identify a military purchaser.^{7, 8} MIL-STD durability testing was not treated as evidence of military supply because it does not establish a purchaser or contract.

Corporate Structure & Foundational Ties

Founding, domicile and Israeli-nexus inputs

[pre-2020] ASUS was established in Taiwan in 1990 and remains headquartered in Taipei.¹ no public evidence identified that ASUSTeK was founded in Israel, has its headquarters or principal place of management in Israel, holds Israeli tax residency or Preferred Technology Enterprise status, or is beneficially owned or controlled by Israeli capital.^{1, 3}

The documented Israeli corporate nexus consists instead of the 100%-owned ACIL support subsidiary, current local sales/service channels and commercial relationships with Israeli technology companies described above.^{5, 22, 10, 7}

Acquired Israeli subsidiaries

No public evidence identified of ASUS acquiring an Israeli operating company. ACIL is a current 100%-owned Israeli subsidiary, but neither the current ASUS filing nor the reviewed registration record identifies an acquisition seller, acquisition date or acquisition consideration.^{5, 17} no public evidence identified of manufacturing by ACIL, ACIL revenue, ACIL headcount or an ACIL defence/settlement role.

State and institutional linkages

OpenBudget identifies ACIL as an Israeli private company and active in the registry-derived data it republishes.¹⁷ no public evidence identified of Israeli state ownership in ASUSTeK, Israeli government-appointed ASUS directors, or an ASUS designation as Israeli critical national infrastructure.^{2, 3}

Hailo’s 2024 R&D Fund status is an Israel Innovation Authority record concerning Hailo, not ASUS.⁹ The 2022 Airovation-ASUS cooperation was announced during a bilateral delegation involving public officials, while the underlying instrument described in the sources is a commercial technology MOU between the companies.^{10, 11}

Structural governance features

No public evidence identified of an Israeli-state golden share, charter veto, founder-share right or comparable governance mechanism tying ASUSTeK to the Israeli state in the reviewed current governance disclosures.^{2, 3}

Group attribution

Current group attribution follows the 2026 Q2 consolidation table. AAEON 37.46%, ASMedia 42.92% and Onyx 53.90% are treated in ASUSTeK’s consolidated subsidiary structure; Jetway is consolidated under the AAEON group and Techpoint is 100% under ASMedia.⁵ ASKEY is listed at 100%, ASUS Cloud at 96.53% and Taiwan AI Cloud at 74.18%.⁵ The AAEON-Cogniteam Israel relationship is therefore recorded as a controlled-group commercial link, not as activity of ACIL itself.^{19, 20}

Pegatron is handled differently: ASUS’s 16.72% stake is disclosed among significant marketable securities outside subsidiaries, associates and joint ventures, and Pegatron’s own report describes a separately managed operation.^{5, 6} Pegatron acts are not attributed as ASUS operations. ASRock is likewise not treated as ASUS-controlled; its historical relationship is with Pegatron.²¹

Constructive-notice chronology

A/HRC/60/19 records the International Court of Justice advisory opinion of 19 July 2024 concerning the Occupied Palestinian Territory, including East Jerusalem.¹⁶ The ICC’s State of Palestine page records that arrest warrants for Benjamin Netanyahu and Yoav Gallant were issued on 21 November 2024.²⁴

ASUS-linked civilian economic activity continued after both dates: ACIL remained 100% owned at 30 June 2026,⁵ ASUS maintained current Israel sales/support and partner channels,^{22, 12} and ASUS launched the Hailo-10H-powered UGen300 on 1 April 2026.^{7, 8} These dates establish temporal continuation only; no legal conclusion is drawn from them.

Profit Repatriation & Economic Contribution

Revenue attribution

No public evidence identified of ASUS separately disclosing Israel-market revenue. The June 2026 investment schedule reports ACIL’s carrying amount and investee profit recognized by ASUS, not Israeli customer revenue.^{5, 3}

Profit flows

The current schedule reports ACIL at 100% ownership, an original investment amount of NT$414 thousand, carrying amount of NT$46.599 million and NT$6.001 million of investee profit recognized for the reporting period.^{5, 3} no public evidence identified of a dividend, management fee, royalty or other ACIL-to-parent remittance amount, so the direction and quantum of realised profit repatriation cannot be established from the reviewed public records.

Economic ecosystem role

ASUS maintains a wholly owned Israeli support subsidiary, local sales/support contacts, authorized solution partners and third-party distribution, and it has current Israeli technology input through Hailo plus the documented AAEON-Cogniteam group relationship.^{5, 22, 12, 13, 7, 8, 19, 20} no public evidence identified of an Israeli government or industry designation describing ASUS itself as a key national employer, sector anchor, critical-infrastructure provider or dominant Israeli market operator.