Tsar & Tsai successfully assisted Good Friend International Holdings Inc. (“GFIH”, incorporated in the Cayman Islands and listing on the Hong Kong Stock Exchange with Stock Code: 2398), a group company of Fair Friend Group, in its privatization scheme plan, pursuant to which GFIH’s TDRs delisted from Taiwan Stock Exchange simultaneously with GFIH’s shares delisted from Hong Kong Stock Exchange. This case is the first case that TDRs are successfully delisted and canceled due to the privatization plan of an offshore listing company involving relevant laws and listing regulations of Cayman Islands, Hong Kong and Taiwan. (Yvonne Liu Esq. / Gerald Chang Esq.)