--- title: "Other Liang-family businesses and dealings around Supermicro" language: en canonical: https://dossiertwist.com/dossiers/super-micro-computer-inc/liang-family-network/ as_of: 2026-10-17 keywords: ["Super Micro Computer","Supermicro","SMCI","Charles Liang","Sara Liu","Wally Liaw","Ablecom Technology","Compuware Technology","Steve Liang","Bill Liang","related-party transactions","Ernst & Young resignation","Special Committee","SEC cease-and-desist order","restatement","Nasdaq delisting","export controls","United States v. Liaw","securities class action","Leadtek Research"] --- # Other Liang-family businesses and dealings around Supermicro **Question.** What other Liang-family businesses and personal dealings touch Supermicro? **Answer.** Ablecom and Compuware, the companies run by Charles Liang's brothers Steve and Bill Liang, acquired about 30% of graphics-card maker Leadtek Research in October 2023, and the two brothers sit on its board; Leadtek resells Supermicro servers. Another brother, James Liang, is chairman and chief executive of Aeon Lighting, to which Supermicro sold about $0.1 million of products indirectly in fiscal 2024. Supermicro and Ablecom jointly own a Taiwan company that manages their shared factory areas, although the records do not settle whether Super Micro Asia Science and Technology Park and Super Micro Management Consulting are one company or two, and from October 2018 until October 2025 Charles Liang owed Steve Liang's spouse, Chien-Tsun Chang, a personal loan of about $12.9 million plus interest. Relatives of Charles Liang and Sara Liu also work for Supermicro. ## Leadtek Research - Analysis: In October 2023 Ablecom and Compuware, Supermicro's related-party suppliers, acquired an approximate 30% interest in Leadtek Research Inc., a Taiwan company specializing in professional graphics cards and workstation solutions; Supermicro's filings put the interest at approximately 29% as of December 31, 2025. The top-ten shareholder table in Leadtek's annual report for 2024 lists Ablecom with 16,667,000 shares (19.85%) and Compuware with 8,333,000 shares (9.93%) and records the relationship between the two holders' responsible persons as brothers. Supermicro states that before the October 2023 investment none of its related persons had a direct or indirect material interest in its transactions with Leadtek, so no earlier related-person disclosure of those transactions was required. [src-001] [src-002] [src-113] - Analysis: Since the investment Steve Liang and Bill Liang have served as two of the seven members of Leadtek's board; Supermicro's annual report for fiscal 2026 states that as of June 30, 2026 Steve Liang, his spouse Chien-Tsun Chang and Bill Liang were three of the seven. Taiwan's registry lists 麗臺科技股份有限公司 (Leadtek Research Inc.), unified business number 22325002, incorporated on October 24, 1986 with paid-in capital of NT$939,460,310 in 93,946,031 shares, with 梁見發 (Steve Liang) as registered representative. For the board term June 3, 2026 to June 2, 2029 the registry lists Steve Liang as chairman representing Ablecom, which holds 18,156,081 shares, Bill Liang (梁見達) as a director representing Compuware, which holds 9,077,496 shares, Chien-Tsun Chang (張建存) as an individual director holding no shares, and four independent directors. Leadtek's website gives its securities code as 2465. [src-002] [src-012] [src-056] [src-053] - Analysis: Leadtek's general manager is a relative of its chairman. At the board meeting of December 2, 2024 on appointing a general manager, Steve Liang recused himself from discussion and voting because he is a second-degree relative of the candidate, 梁傳杰; the five directors without a conflict approved 梁傳杰's appointment and pay, and the appointment took effect on December 3, 2024, the date from which the registry lists 梁傳杰 as manager. Leadtek's website names 梁传杰 as its general manager. [src-113] [src-056] [src-053] - Analysis: Leadtek also trades with Supermicro. Supermicro reports that Leadtek was, and continues to be, an authorized reseller of Supermicro products; it sold Leadtek servers worth $1.4 million, $0.7 million and $1.2 million and bought Leadtek graphics cards worth $2.1 million, $0.5 million and $0.0 million in the fiscal years ended June 30, 2024, 2025 and 2026. On April 13, 2026 Leadtek's board resolved to issue up to 10,000,000 common shares by private placement within a year of shareholder approval, for working capital, bank-loan repayment and investment; the notice published on Taiwan's Market Observation Post System names Ablecom, described as a major shareholder and director of Leadtek, as a possible insider subscriber. [src-002] [src-012] [src-064] ## Aeon Lighting and the press accounts of the brothers' businesses - Analysis: Another brother, James Liang (梁見國), leads Aeon Lighting Technology Inc. (浩然科技股份有限公司). Supermicro's annual report for fiscal 2024 discloses that during that year it sold approximately $0.1 million of products indirectly, through a systems integrator, to Aeon Lighting, a Taiwan company owned more than 10% by James Liang, a brother of chief executive Charles Liang, who is also Aeon Lighting's director and chief executive; Supermicro states that the products were sold at market prices and on arm's length terms. Taiwan's registry lists the company, unified business number 28631648, as incorporated on March 28, 2007 with paid-in capital of NT$96,350,000 in 9,635,000 shares and James Liang as representative, and for the board term June 16, 2022 to June 15, 2025 registers him as chairman holding 8,256,000 shares, with one supervisor holding 179,000 shares. [src-012] [src-057] - Analysis: Taiwanese press accounts give Aeon Lighting a larger part. A business weekly reported on February 27, 2024 that 梁見國, Charles Liang's fourth brother, runs Aeon Lighting independently, and that its high-end LED lighting business, at first little connected with Supermicro, turned into a supplier making chassis samples for Ablecom as the LED market weakened and so became part of Supermicro's supply chain. A business magazine reported on June 13, 2024 that a third brother of Charles Liang, who runs Aeon Lighting, handles chassis design within Supermicro's Taiwan supply chain, without naming him or describing the business terms. Supermicro's filings do not describe Aeon Lighting as a supplier to Ablecom or to Supermicro: they report only the indirect sales of about $0.1 million in fiscal 2024 and no purchases, and the annual report for fiscal 2025 states that Supermicro had no sales to and no purchases from Aeon Lighting that year. [src-058] [src-052] [src-121] - Analysis: The same business weekly wrote in February 2024 that 梁見後 (Charles Liang) is the second of five siblings, with an elder sister and three younger brothers, 梁見發 (Steve Liang), 梁見達 (Bill Liang) and 梁見國 (James Liang), who all entered the electronics industry and became Supermicro suppliers. It wrote that Steve Liang founded 大訊科技 (Ablecom) to supply chassis and that Bill Liang's 肯微科技 (Compuware) had originally been an Ablecom department, later split off to supply power supplies. The account rests partly on interviews with the family; Supermicro's filings identify Steve Liang, Bill Liang and James Liang as brothers of the chief executive but do not describe how Ablecom and Compuware were formed. [src-058] - Analysis: The short seller Hindenburg Research alleged in its August 2024 report that Supermicro had undisclosed related parties: two Taiwan server-component companies owned by the chief executive's youngest brother, which it said operated from the Super Micro science and technology park; Hong Kong and Taiwan entities of another brother that appeared to resell Supermicro products; and Leadtek, in which two related parties run by the chief executive's brothers had reportedly invested in October 2023. The report relied on media reports and unnamed former employees and did not document the transactions it said went undisclosed. Supermicro's Special Committee concluded in December 2024 that the related parties named in the report had been disclosed as required, were not required to be disclosed or, in one case, had become a related party during fiscal 2024. Supermicro's annual report for fiscal 2024, filed in February 2025, then disclosed Ablecom's and Compuware's October 2023 investment of about 30% in Leadtek and Supermicro's transactions with Leadtek, together with the indirect sales of about $0.1 million to Aeon Lighting, a company owned more than 10% by James Liang; its annual report for fiscal 2025 states that it had no transactions with Aeon Lighting that year. [src-081] [src-012] [src-042] [src-121] ## The joint management company in Taiwan - Analysis: Supermicro and Ablecom jointly established a company in Taiwan, which Supermicro's annual reports call Super Micro Asia Science and Technology Park, Inc. (the “Management Company”), to manage the common areas they share for their separately constructed manufacturing facilities. In fiscal 2012 each party contributed $0.2 million for a 50% ownership interest, and certain affiliates of Ablecom serve as the Management Company's directors. In its annual report for fiscal 2024 Supermicro concluded that the Management Company is a variable interest entity of which Supermicro is the primary beneficiary, because it has the power to direct the activities most significant to it; the Management Company's accounts were consolidated for fiscal 2022 to 2024, with a noncontrolling interest recorded for Ablecom's share. [src-002] [src-012] - Analysis: Taiwan's company registry lists 美超微管理顧問股份有限公司 (Super Micro Management Consulting Inc.), unified business number 53842945, incorporated on May 4, 2012 with capital of NT$10,000,000 in 1,000,000 shares, the Taoyuan City Government as registering authority and registered businesses of parking-lot operation, management consulting, building cleaning and waste clearance; its representative is 梁見發 (Steve Liang). For the board term May 16, 2024 to May 15, 2027 the registry shows it owned in equal 500,000-share halves by Ablecom and Super Micro Computer, Inc. Taiwan: Steve Liang is chairman and one other director represents Ablecom, three directors represent Supermicro Taiwan, and Chien-Tsun Chang (張建存) is supervisor without shares. Steve Liang is also the only registered manager, from April 26, 2012. The registry's change history contains nine entries from May 4, 2012 to May 16, 2025, each under the same name with capital of NT$10,000,000 and the same street address; only the administrative name of the district changed after the first entry. [src-018] - Analysis: The records do not settle whether these are one company or two. Supermicro's subsidiary list as of January 31, 2025 names Super Micro Asia Science and Technology Park, Inc. as a Taiwan subsidiary; the list as of June 30, 2026, filed with the annual report for fiscal 2026, names Super Micro Management Consulting Inc. instead, although that annual report's own text still names Super Micro Asia Science and Technology Park, Inc. as the consolidated variable interest entity and as the management company established with Ablecom. Schedule 6.18 to Supermicro's credit agreement of December 29, 2025 lists them as separate holdings: Super Micro Computer, Inc. Taiwan owns 50% of the equity interests in each. The registry entry for Super Micro Management Consulting Inc. shows that name in every recorded change since 2012 and no earlier English or Chinese name, and the records reviewed contain no registry entry under the Asia Science and Technology Park name, so the joint management company described in the annual reports may be either company. [src-013] [src-105] [src-059] [src-002] ## Ablecom's stake in 州巧科技 - Analysis: On August 21, 2026 州巧科技股份有限公司 announced that it had completed its first private placement of 2026: 36,000,000 common shares at NT$28.92 per share, NT$1,041,120,000 in total, fully paid that day; the notice does not name the subscriber. A Taiwanese financial daily reported on August 26, 2026 that Ablecom had announced its participation in a cash private placement by 州巧科技 (Taiwan securities code 3543) and its acquisition of 州巧's largest shareholding, with the two companies planning cooperation on AI server racks and liquid cooling, and quoted Ablecom chairman Steve Liang (梁見發) as saying the stake would give Ablecom access to 州巧's existing rack capacity. The newspaper did not state the size of the shareholding. [src-085] [src-083] ## Charles Liang's personal loan from Chien-Tsun Chang - Analysis: In October 2018 Supermicro's chief executive Charles Liang personally borrowed approximately $12.9 million from Chien-Tsun Chang, the spouse of Steve Liang. The loan funded the repayment of margin loans from two financial institutions secured by his Supermicro shares, which the lenders called in October 2018 after Nasdaq suspended trading in Supermicro's stock in August 2018 and the share price fell. It was unsecured, had no maturity date and bore interest at 0.8% per month for the first six months, 0.85% per month through February 28, 2020 and 0.25% from March 1, 2020. Supermicro's related-person disclosures put the amount due, including accrued interest, at approximately $14.5 million on November 30, 2019, $15.7 million on June 30, 2022, $16.4 million on June 30, 2024 and $16.8 million on June 30, 2025. On October 9, 2025 the principal and the interest accrued through October 8, 2025, $16.9 million in total, were repaid in full, and nothing was due on June 30, 2026. [src-014] [src-012] [src-044] [src-002] - Analysis: A Taiwanese business weekly gave a different account in February 2024, writing that in 2018 a younger brother's wife (弟媳) lent US$12.9 million (about NT$390 million) to Supermicro to help the company repay bank loans. Supermicro's filings differ on the borrower and the purpose: they describe a personal loan from Chien-Tsun Chang to Charles Liang to repay his personal margin loans secured by Supermicro shares, not a loan to the company, and report that it was repaid in full on October 9, 2025. [src-058] ## Relatives employed by Supermicro, and Green Earth - Analysis: Supermicro's related-person disclosures list relatives of Sara Liu and Charles Liang among its employees. Sara Liu's brother Hung-Fan (Albert) Liu worked in the San Jose operations organization in fiscal 2017, with total compensation of approximately $262,000, and was employed there as of June 30 and December 31, 2025, with total compensation of $1,631,315 in fiscal 2025 and $968,520 for the six months ended December 31, 2025, mainly equity gains from option exercises and RSU releases plus salary and bonus. Sara Liu's sister-in-law Shao Fen (Carly) Kao worked in the San Jose finance and accounting organization in fiscal 2017, with approximately $122,000, and in the information systems organization in San Jose as of June 30 and December 31, 2025, with $499,437 in fiscal 2025 and $291,921 for the six months ended December 31, 2025, including RSU equity gains. [src-016] [src-001] - Analysis: Another sister-in-law of Sara Liu, Mien-Hsia (Michelle) Hung, was employed in Supermicro's marketing organization in Taiwan as of June 30, 2023, with total compensation of $139,953 in fiscal 2023, and in the same role as of June 30 and December 31, 2025, with $214,482 in fiscal 2025 and $108,066 for the six months ended December 31, 2025. Bill Liang, the son of Sara Liu and Charles Liang, was employed in the systems engineering organization in San Jose as of June 30 and December 31, 2025, with $186,771 in fiscal 2025 and $151,743 for the six months ended December 31, 2025; he is a different person from Charles Liang's brother of the same name, Compuware's chief executive. [src-001] [src-045] [src-002] - Analysis: Supermicro also discloses dealings with Green Earth Liang's Inc., an entity it describes as affiliated with Charles Liang. In fiscal 2024 Supermicro made $0.5 million in sales to Green Earth and bought $0.1 million in products from it, and states that the sales were at market prices and on arm's length terms; in fiscal 2025 it had immaterial chargebacks from Green Earth. [src-012] [src-001] ## Sources - [src-001] Super Micro Computer, Inc. definitive proxy statement (Schedule 14A) for the 2026 annual meeting, U.S. Securities and Exchange Commission (EDGAR), 2026-03-03 - [src-002] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2026, U.S. Securities and Exchange Commission (EDGAR), 2026-08-31 - [src-113] Company statement source · src-113 - [src-012] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2024, U.S. Securities and Exchange Commission (EDGAR), 2025-02-25 - [src-056] Taiwan company registry record: Leadtek Research Inc. (麗臺科技股份有限公司) (unified business no. 22325002), Taiwan Ministry of Economic Affairs, Department of Commerce (findbiz company registry) - [src-053] Company statement source · src-053 - [src-064] Company statement source · src-064 - [src-057] Taiwan company registry record: Aeon Lighting Technology Inc. (浩然科技股份有限公司) (unified business no. 28631648), Taiwan Ministry of Economic Affairs, Department of Commerce (findbiz company registry) - [src-058] Media source · src-058 - [src-052] Media source · src-052 - [src-121] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2025, U.S. Securities and Exchange Commission (EDGAR), 2025-08-28 - [src-081] Research source · src-081 - [src-042] Super Micro Computer, Inc. Form 8-K and press release on the completion of the Special Committee review (December 2, 2024), U.S. Securities and Exchange Commission (EDGAR), 2024-12-02 - [src-018] Taiwan company registry record: Super Micro Management Consulting Inc. (美超微管理顧問股份有限公司) (unified business no. 53842945), Taiwan Ministry of Economic Affairs, Department of Commerce (findbiz company registry) - [src-013] Exhibit 21.1 to the Form 10-K for fiscal 2026: subsidiaries of Super Micro Computer, Inc. as of June 30, 2026, U.S. Securities and Exchange Commission (EDGAR), 2026-08-31 - [src-105] Credit Agreement dated December 29, 2025 among Super Micro Computer, Inc., lenders and JPMorgan Chase Bank, N.A. (Exhibit 10.1 to Form 8-K), U.S. Securities and Exchange Commission (EDGAR), 2025-12-29 - [src-059] Exhibit 21.1 to the Form 10-K for fiscal 2024: subsidiaries of Super Micro Computer, Inc. as of January 31, 2025, U.S. Securities and Exchange Commission (EDGAR), 2025-02-25 - [src-085] Company statement source · src-085 - [src-083] Media source · src-083 - [src-014] Super Micro Computer, Inc. definitive proxy statement (Schedule 14A) filed in April 2023, U.S. Securities and Exchange Commission (EDGAR), 2023-04-13 - [src-044] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2019, U.S. Securities and Exchange Commission (EDGAR), 2019-12-19 - [src-016] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2017 (filed May 17, 2019), U.S. Securities and Exchange Commission (EDGAR), 2019-05-17 - [src-045] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2023, U.S. Securities and Exchange Commission (EDGAR), 2023-08-25