P AR T I solutions partners to diversify our business operations and enhance our service offerings. As of the date of this annual report, we have  collaborated with more than 600 information content providers, more than 130 customer premises equipment providers, more than  14 internet service providers, more than four internet portal operator and more than 90 information and communication technology  solution partners. In 2010, we signed MOUs with some international companies such as Trend Micro, Intel Corporation, Quanta  Computer, Sky Cloud Technology and Inventec Corporation to cooperate on ICT and cloud computing businesses. We believe that  our experience in running internet data centers and our ability to serve retail customers coupled with the technologies offered by  these partners will position us advantageously in this new area. In February 2011, we signed an MOU with HTC to form a strategic  partnership to work on customized handsets and share marketing resources. In February 2012, we subscribed for shares of China  Airlines in an equity offering and signed an MOU with the airline to form a strategic alliance; please refer to “--Acquisitions and  Investments” for further information. Acquisitions and Investments . We have focused our acquisition strategy on making acquisitions of companies that we believe  to be complementary to our long-term strategic goals. In addition, after our privatization, we have focused our investment strategy  on the development of new businesses and the enhancement of our operation efficiency. Recently we have entered into the following  notable transactions:   To further our expansion into the international telecommunications market overseas, we established two wholly owned  subsidiaries, Chunghwa Telecom Singapore Pte., Ltd. and Chunghwa Telecom Japan Co., Ltd., in July and September 2008,  respectively. The core businesses of these subsidiaries include data wholesale, IP transiting services, international private leased  circuit, or IPLC, IP VPN and voice wholesale. Both companies have successfully obtained all the necessary and relevant local  telecommunication licenses and permits to operate. Through these subsidiaries, we hope to strengthen our overseas sales channels,  generate sales from Taiwanese and other multinational corporations, increase international incoming voice traffic and IP transiting  services and increase our overseas revenues.  In September 2008, to reinforce our satellite capabilities by replacing the ST-1 telecommunications satellite, we established  ST-2 Satellite Ventures Pte., Ltd. in Singapore with our partner SingTelSat Pte., Ltd. Our ownership in ST-2 Satellite Ventures Pte.,  Ltd. is 38%.  In January 2009, we became a 49% stockholder in InfoExplorer Co., Ltd., a company whose core businesses include IT  solution provision, IT application consultation, system integration and package solution. The combination of InfoExplorer’s IT  expertise with our communication technology capabilities will boost our information and communication technology profile. The  stockholders of InfoExplorer Co., Ltd., at the special meeting of stockholders held on February 25, 2011, approved the merger with  International Integrated System Inc. and e-ToYou International, Inc. in accordance with the Business Mergers and Acquisitions Act.  Upon the merger on April 1, 2011, InfoExplorer Co., Ltd. became the surviving company and International Integrated System, Inc,  or IISI. and e-ToYou International, Inc. were dissolved. The name of the surviving company is “International Integrated System,  Inc.” and our shareholding is 33.47%. After the stockholders’ meeting of IISI held on June 24, 2011, we lost control of the board of  directors, and IISI was deconsolidated and going forward the investment is accounted for as an equity method investment. In April 2009, we acquired a 30% equity interest in So-net Entertainment Taiwan Limited, or So-net, the fourth largest ISP  in Taiwan. We acquired the equity interest in So-net to transform So-net into one of our sub-brands in order to compete against other  cable internet service providers.  In September 2009, we increased our stake in Chunghwa Investment from 49% to 89% and became the parent company of  Chunghwa Investment.  In 2010, we acquired a 6.67% equity interest in Innovation Works Limited, or IW. Our shareholding decreased to 1.93%  in 2011 due to issuance of employee options. In June 2010, we invested 13.3% in Innovation Works Development Fund, or IWDF,  which was established to support the development of Innovation Works Limited. After IWDF’s US$180 million capital increase in  2011, our shareholding in IWDF decreased to 4.4%. We believe our investment in IW and IWDF, which mainly conduct or invests in  mobile internet industry in mainland China, will help open up our business opportunities in e-commerce, mobile internet and cloud  computing services in the mainland.  24