in 1977, our first operating entity, china leasing company limited (“china leasing”), commenced business in taiwan. china leasing initially provided primarily asset-backed financing to companies in heavy industries to help them acquire manufacturing machinery and equipment and to upgrade their manufacturing facilities. china leasing was admitted as a member of the american leasing association and accepted as an official member of the international finance and leasing association in 1981. in 1980, china leasing established citc co. ltd. (“citc”) to specialize in installment sales. in 1986, china leasing commenced its factoring business in taiwan to focus on international factoring for high-tech and listed companies in taiwan. in 1989, china leasing became a public company in taiwan. in october 1995, china leasing merged with citc and citc changed its name to chailease finance.
in early 1980s, we expanded internationally as many companies in taiwan began to invest in or to move production facilities overseas. in 1983, we established grand pacific financing corp (“gpla”) in the united states which became one of the first taiwan financing institutions to obtain government approval for offshore investments. we then established grand pacific finance corp. (“gpny”) in 1984 and subsequently established grand pacific holdings corp. (“gphc”) in 1987 and grand-pacific holdings n.v. (“gpnv”) in 1989 as the holding companies for our united states operations. pursuant to our reorganization plan i n 2010 and 2011, we currently operate in the united states through gphc with one operating office on the west coast in los angeles, california.
in 1989, we established operations in thailand through the purchase of a 49% equity stake in bangkok grand pacific lease public company limited (“bgpl”), initially focused on providing leasing and installment sales for manufacturing machinery and equipment for the taiwan business community in thailand. the remaining stake of bgpl was owned by bangkok bank and its group companies. in 1992, bgpl acquired a 99.99% stake in asia sermkij leasing public company limited (“ask”), which specializes in installment sales for automobiles. in 2004, the shareholding structure of ask was reorganized and ask became a 99.99% shareholder of bgpl. ask became a publicly-listed company in thailand in august 2005.in 2016 ask was awarded best company performance award by the stock exchange of thailand.
in october 2005, we established operations in the prc through chailease international finance corporation (“cifc”). our operations in the prc focus on providing equipment and manufacturing machinery leasing to smes located in the prc.
we then established chailease international corp. in 2007, which provides wholesale of construction materials, chemical materials and products, mechanical machinery and automobile parts, and subsequently established chailease finance international corp. in 2011.
in october 2006, we received approval from the state bank of vietnam to establish a subsidiary in ho chi minh city. we completed business registration for its operations in vietnam in december 2006 and commenced operations in vietnam in january 2007. chailease finance is the major entity for our taiwan operations and in order to list on the singapore stock exchange, chailease finance exchanged 1 00% of its shares with financial one corp. (“financial one”). after the share swap, financial one became the shareholder of chailease finance and was listed on the singapore stock exchange on july 11, 2007. finance one was the first taiwan-based financial enterprise that was successfully listed on the singapore stock exchange.
to consolidate our operations in asia, our company was incorporated under the laws of the cayman islands as a wholly owned subsidiary of financial one on december 24, 2009. in january 2010, we sold the 58.92% equity interest of gpnv to financial one for a nominal value of us$1 as part of our reorganization plan. upon the completion of the reorganization, we were established as a holding company of our operations in asia. with the gradual recovery of the commercial real estate market in the united states, we acquired the entire equity interest of gphc from gpnv for a nominal value of us$2. before the acquisition, gphc was a wholly owned subsidiary of gpnv and the holding company for our united states operations with the exception of gpny, which was excluded from the acquisition due to its worse asset quality. in april 2011, financial one was voluntarily delisted from the singapore stock exchange and subsequently conducted a share swap with its shareholders in exchange for their shares in financial one. upon the completion of the share swap, the shareholders of financial one came to hold shares in our company directly and financial one ceased to hold any share in our company.
in june 2011, we established chailease insurance brokers co., ltd. to engage in life and property insurance brokerage business. in the same month, our company’s registration for becoming a public company in taiwan came into effect.
during the period from july 11, 2011 to december 12, 2011, our shares were traded on the emerging stock market of the gtsm, the over-the-counter stock market of the roc. on december 13, 2011, our company successfully conducted an initial public offering and was listed on the twse.
in october 2015, chailease berjaya credit sdn. bhd. was incorporated in malaysia as the result of a joint venture agreement between chailease holding and berjaya capital berhad. in november, we established chailease energy co., ltd. in taiwan to engage in energy saving services, engineering, procurement, construction, operations and maintenance on solar power plants.
in september 2016, c & e engine leasing limited was established as a joint-venture between chailease international company（uk）limited and engine lease finance corporation（elfc）an ireland subsidiary of japan mitsubishi ufj lease. in november, chailease royal leasing plc. was established as a joint-venture between chailease and the royal group in cambodia. in november 2017, chailease aimed to expand its presence further by signing another agreement with the berjaya group in the philippines to create a joint venture company called the chailease berjaya finance corporation.