The Founder of Far Eastern Group Mr. Y. Z. Hsu passed away on December 23, 2000. As an industrial pioneer, Mr. Hsu had established many businesses and most of them became leaders in their respective industries and are still growing. He had made significant contribution to the nation's economic developments. With NTD 650 billion plus of consolidated revenues and NTD 1,800 billion of total assets at end 2011, Far Eastern Group has ranked among the Top10 conglomerates in Taiwan.

“Sincerity, Diligence, Thrift and Prudence” has been Mr. Y. Z. Hsu's founding motto. He was humble enough to attribute the Group’s success to the society and had focused on social responsibility to establish Far Eastern Memorial Hospital, Far Eastern Polyclinic of Far Eastern Medical Foundation, Yuan Ze University, Oriental Institute of Technology and Yu Chang Vocational School which have benefited innumerable patients and students. Mr. Hsu was indeed an admirable entrepreneur and gentleman.

In memory of Mr. Y. Z. Hsu's lifelong contributions to the industry, higher education and medical care, Far Eastern Y. Z. Hsu Science and Technology Memorial Foundation. was jointly sponsored and founded on March 23, 2001 by Far Eastern Textile Ltd., Asia Cement Corp., Far Eastern Department Stores Ltd., Oriental Union Chemical Corp., U-Ming Marine Transport Corp., Everest Textile Co. Ltd, Far Eastern International Bank, Far EasTone Telecommunications Co. Ltd., New Century InfoComm Tech Co., Oriental Securities Corp., Far Eastern General Contractor Co. Ltd, Yuan Ding Investment Corp., Der Ching Investment Corp., Hsu family members and friends. This is also Taiwan's first non-profit institution to be granted establishment by the National Science Council.

After its establishment, the Foundation has invited NTU formal President Dr. Sun Chen, TSMC Chairman Mr. Morris Chang, Lee & Li Senior Advisor Li Kwan Tao, formal President of Yuan Ze University Dr. Chan Shih-Hung, Far Eastern Group Chairman and CEO Mr. Douglas Tong Hsu, Vice President of Oriental Institute of Technology Ms. Connie Hsu and Chief Executive of Far Eastern Group Foundations Mr. Shaw Y. Wang to sit on the Board with Mr. Douglas Hsu serving as Chairman and Mr. Shaw Y. Wang as Executive Director.

Thanks to continuous support, the Foundation has so far received donations amounting to some NT$760 million. Furthermore, in fond memory of Mr. Y. Z. Hsu’s achievements another NT$820 million was raised for constructing “Y. Z. Hsu Memorial Hall” which is scheduled to inaugurate by 2010.

The Foundation has been committed to its founding principle of enhancing "Technology and Innovation" and has been actively sponsoring high-tech research and development during the past years. With the interest gain from its sizable fund, it regularly sponsors "Y. Z. Hsu Scientific Chair Professor", "Y. Z. Hsu Scientific Paper Award" and "Y. Z. Hsu Technology Invention Award". Considering the needs of Yuan Ze University, Oriental Institute of Technology, Far Eastern Memorial Hospital which had entered into cooperative alliance with National Taiwan University Hospital, "Y. Z. Hsu Yuan Ze Chair Professor" and "Y. Z. Hsu Outstanding Professor Award" are also being held, as well as sponsoring science-related seminars and forum. Up till now we have already awarded 173 distinguished scholars with a total prize of NTD 74 million.

The Foundation and National Taiwan Normal University have jointly held the “Y. Z. Hsu Competition – Taiwan Young Students Physicists’ Tournament” since 2009.  Using the format of the International Young Physicists’ Tournament (IYPT), public and private senior high students nationwide compete for prizes up to 1 Million NTD.  They are tested on their oral presentation, English, team work, reasoning, and dialectics abilities.  Five of the most outstanding participants are chosen to represent Taiwan and participate in the annual IYPT.

Thanks to continuous support, the Fund size reached NTD 1.42 billion, with total asset of NTD 2.7 billion. Furthermore, in fond memory of Mr. Y. Z. Hsu’s achievements another NTD 820 million was raised for constructing “Y. Z. Hsu Memorial Hall” which is scheduled to inaugurate by 2014.