ASTT Asat Hldg Ltd American Dep (MM)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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ASAT Holdings Limited Reports First Quarter

Fiscal Year 2008 Financial Results

HONG KONG and MILPITAS, Calif., – November 7, 2007 – ASAT Holdings Limited (Nasdaq: ASTT), a global provider of semiconductor package design, assembly and test services, today announced financial results for the first quarter fiscal 2008, ended July 31, 2007.

Net revenue in the first quarter increased approximately 5 percent to $37.7 million, compared with net revenue of $36.0 million in the previous quarter. First quarter net loss was $5.7 million, or a net loss of $0.14 per American Depositary Share (ADS). First quarter net loss includes a charge of approximately $132,000 in reorganization costs for follow-on expenses related to completing the move of the Company’s manufacturing operations to China. Net loss in the fourth quarter was $11.0 million, or a net loss of $0.25 per ADS.

Additional First Quarter Results

“Earlier this year we implemented a clearly defined plan to improve our financial structure. Included in this plan was securing consent from our bondholders, obtaining financing to strengthen our balance sheet, and improving our overall financial performance. We have delivered on all three areas and have created a solid foundation that we will build on,” said Tung Lok Li, acting chief executive officer of ASAT Holdings Limited. “During this challenging period we received strong support from our customers, vendors and employees. I want to personally thank everyone for their loyalty and dedication during this important stage of our transition.”

“Following the 98 percent approval for our consent solicitation we were able to secure a $20 million line of credit, which exceeded our original expectations,” said Kei Hong Chua, chief financial officer of ASAT Holdings Limited. “The terms of the line of credit – Libor plus 0.80 percent – are very favorable and reflect the confidence the lenders have in our business.”

Second Quarter Fiscal 2008 Outlook

“We are seeing positive momentum with our expanded sales efforts and expect revenue should continue to improve,” said Mr. Li. “Based on current expectations and our customer’s forecasts, revenue in the second quarter, which ended on October 31, should be approximately $40.2 million. In addition, we believe revenue in the January quarter, ending January 31, 2008, will increase in the range of 3 percent to 8 percent above the October quarter.”

ASAT Holdings Limited Reports First Quarter Fiscal Year 2008 Financial Results

Conference Call and Webcast on Wednesday, November 7, 2007 at 8:30 a.m. ET

ASAT Holdings Limited is scheduled to hold a conference call to discuss the financial results and other financial matters today at 8:30 am ET/5:30 am PT. To access the call, dial (973) 935-8766. A replay of the call will be available until November 14, 2007. To access the replay, dial (973) 341-3080. The passcode is 9338123. A live webcast of the call will also be available via the investor relations section of the Company’s website at www.asat.com.

ASAT Holdings Limited

ASAT Holdings Limited is a global provider of semiconductor package design, assembly and test services. With 18 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT’s advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. Today the Company has operations in the United States, Asia and Europe. For more information, visit www.asat.com.

Safe Harbor

This news release contains statements and information that involve risks, uncertainties and assumptions. These statements and information constitute “forward-looking statements” within the meaning of federal securities laws including Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements, including statements regarding expected revenues, liquidity and financial position in our fiscal quarter, our manufacturing capacity and cost structure, our operational efficiencies, our relocation and reorganization costs, our customer retention, growth and expectations, our obtaining additional financing, our continuation as a going concern and our capital needs, involve known and unknown risks, uncertainties, assumptions and other factors that could cause the actual performance, financial condition or results of operations of ASAT Holdings Limited to differ materially from those expressed or implied in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those contained in these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy, our progress in ramping the new China facility, acceptance and demand for the Company’s products and services, continued operational efficiencies, customer retention, growth and expectations, operational and technological risks and revisions to the preliminary unaudited financial results which may occur during preparation of financial statements and disclosures and the preparation of the Company’s quarterly report on Form 6-K and annual report on Form 20-F. The risks, uncertainties and other factors also include, among others, our ability to successfully implement our diversification strategy and our long-term growth strategy, our ability to continue to realize operational efficiencies and improvements to our cost structure, and those risks, uncertainties, assumptions and other factors stated in the section entitled “Risk Factors” in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on October 15, 2007 and the section entitled “Risk Factors” in our quarterly reports on Form 6-K filed with the United States Securities and Exchange Commission. The forward-looking statements in this release reflect the current beliefs and expectations of the Company as of this date, and the Company undertakes no obligation to update these projections and forward-looking statements to reflect actual results or events or circumstances that occur after the date of this news release.

For further information, please contact:

Jim Fanucchi

Summit IR Group Inc.

408.404.5400

ir@asat.com

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