History
ABIT was founded in 1989. In the year 1991, they had become the fastest growing motherboard manufacturer, exceeding US$10,000,000 in sales. In 2000, ABIT underwent an IPO on the TAIEX stock exchange. To keep pace with their "good" sales figures, they opened up a state-of-the-art factory in Suzhou, China, and moved to new headquarters in Neihu, Taipei. The number of motherboards sold was claimed to have doubled between 2000 and 2001.
On December 15, 2004, the Taiwan Stock Exchange downgraded ABIT's stock due to questionable accounting practices. Investigations revealed that the majority of their import/export business was conducted through seven companies, all located at the same address and each of which had a capital of only HK$2. This made it easy to inflate the reported number of motherboards sold. The Hong Kong media also reported that the management was being investigated for embezzling funds from the company.
In June 2005, ABIT partnered with Wan Hai Industries. This container shipping company, also a principal investor in China Airlines, brought the company much needed capital, since the company had financial problems at this time, partly due to a class action lawsuit involving faulty capacitors on their products., but also because of marketing highly technical products to the general public while offering longer-than-average warranties and generous return policies.
On January 25, 2006, ABIT announced that USI intended to purchase ABIT Computer's motherboard business and brand and announced a special shareholders meeting to discuss the sale of ABIT's Neihu building, changing ABIT's company name, the disposition of the company's assets, and the release of the directors from non-competition restrictions. ABIT sold its own office building in Taipei to Deutsche Bank in order to raise money to cut its debt.
Following USI's acquisition of the motherboard business, the remaining divisions of ABIT switched to distributing components and networking products, while using its Suzhou, China plant only to offer some motherboard contract manufacturing services.
The acquired motherboard business and the 'ABIT' brand name were used by USI under the new brand name Universal abit. In the US, it was known as Universal abit USA Corporation. The old company, ABIT Computer Corporation (USA), is now dissolved and is no longer in existence.
Universal Abit has announced that it will close on December 31, 2008, and officially cease to exist on January 1, 2009. By 2009, Abit will no longer sell motherboards and may focus on CE field. Warranties will still be handled by Abit for another 3 years or so.
Read more about this topic: Universal Abit
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