ASAT Announces Completion of Acquisition; ASAT Enters the New Millennium with Strong Financial Backing.

FREMONT, Calif.--(BUSINESS WIRE)--Dec. 8, 1999--

ASAT, worldwide leaders of turnkey solutions in IC package design, Assembly and Test, announced that on October 29, 1999, a financial investor group led by Chase Asia Equity Partners, with the support of QPL, completed the acquisition.

Under the new ownership structure, ASAT is 50% owned by QPL and 50% owned by the financial investor group led by Chase Asia Equity Partners and consisting of Olympus Capital and Orchid Asia. As a result, ASAT has both the backing of financial investors that collectively have over US$1 billion of capital under management and the continued support of QPL which has been the driving force behind ASAT's success to date.

ASAT is well-positioned to achieve strong growth. The shareholders are united in their conviction to build ASAT, over the next few years, into one of the most successful assemblers of IC packages in the world. They will continue to strengthen ASAT's capabilities as a leading independent assembler of advanced packages. ASAT's emphasis as they march into the next millennium will be: customer focus, technology edge, improved efficiency, and better communication.

At the time of the announcement, the organization of ASAT is strong. Mr. T.L. Li, who has made significant contribution to ASAT's success, will continue to provide leadership and guidance at the strategic level as ASAT's Chairman. Mr. Jerry Lee, the CEO, will assume operating responsibilities at a day-to-day level. They will work closely together with the rest of the management team to lead ASAT into the 21st Century.

"It's been a tremendous year," said Dick Brancato, President of ASAT USA. "The whole team has worked hard to turn ASAT around and get back to its roots of providing leading edge technology with a superior customer service quotient. There have been continuous and large investments in equipment and support infrastructure for our factories as well as our USA customer support staff. The investment ensures that we will meet our leadership target."

ASAT Ltd. Hong Kong is a worldwide leader of turnkey solutions in IC package design, Assembly and Test featuring TBGA, fpBGA, LPCC, OptiPad and a wide variety of other plastic packages. Most packages are available with EDQUAD enhanced heat dissipation. Several factory locations facilitate worldwide delivery and 24 HOUR fast-turn options. ASAT factories maintain high quality standards with SAC Level 1(HK), QS-9000 and ISO 9000 certifications and are supported by an international network of engineering and sales offices. ASAT Inc., is the exclusive distributor of ASAT Ltd.'s services in the United States. ASAT Inc., is located at 46335 Landing Parkway, Fremont, CA 94538, phone [phone] Fax [phone]. Website: www.asat.com.