The history of the team can be traced back to early 2001, when local Macoto Bank started to sponsor Taiwan Major League's (TML) Taipei Gida, taking over from the original sponsor Sampo Corporation.

Macoto Bank went on running and changed the team's mascot to animal-style cobras following CPBL's regulations in early 2004.

In 2004 and 2005 the Macoto Cobras was head-coached by Tai-Yuan Kuo, a legendary Taiwanese pitcher who played for the Seibu Lions for 13 years.

After the merger of Macoto Bank into Shin Kong Financial Holdings in January 2006, the Shin Kong Financial Holdings finally did not absorb the Cobras due to disagreement on purchase prices as well as its lacking willingness.

On October 8, 2008, T-REX CEO Shih Chien-shin was called to the local district attorney's office along with the team's general manager, spokesperson, and three other players for alleged game-fixing.