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How to Get Listed Domestic Listing Requirement

General Enterprise

        Where an issuing company applying for the listing of its stock meets the criteria listed below, the TWSE will agree to list its stock:
  1. Duration of corporate existence: It has been incorporated and registered under the Company Act for at least three years at the time of the application for listing; provided, this restriction shall not apply to public (state-owned) enterprises or to privatized public enterprises.
  2. Amount of capital stock: At the time it applies for listing, its paid-in capital is en600 million or more and the number of shares of its publicly offered and issued common stock is 30 million shares or more.
  3. Profitability: The net income before tax in its financial reports meets either of the following criteria, and it does not have any accumulated deficit in the final accounting for the most recent fiscal year:
    1. The net income before tax for the most recent two fiscal years represents six percent or greater of the share capital stated on the financial report for the annual final accounts.
    2. The net income before tax for the most recent two fiscal years represent six percent or greater of the amount of paid-in capital in its final accounts and the profitability for the most recent fiscal year is greater than that for the immediately preceding fiscal year; or
    3. The net income before tax for the most recent five years represents three percent or greater of the share capital stated on the financial report for the annual final accounts.
  4. Dispersion of share ownership: The number of registered shareholders is 1,000 or more. Excluding company insiders and any juristic persons in which such insiders hold more than 50 percent of the shares, the number of registered shareholders is at least 500, and the total number of shares they hold is 20 percent or greater of the total issued shares, or at least 10 million.
  5. An issuer listed in the food industry or whose income from catering business occupies at least 50 percent of its total operating income in the last fiscal year shall comply with the following:
    1. Establish a laboratory to engage in self-inspection.
    2. Deliver the raw materials, semi-finished products, and finished products whose inspection is outsourced, to a laboratory or inspection institution certified or accredited by the Ministry of Health and Welfare, Taiwan Accreditation Foundation or an institution engaged by the Ministry of Health and Welfare, for inspection.
    3. Request a reasonable opinion from an independent specialist on its food safety monitoring plan, inspection cycle, items for inspection etc.
        Where an issuing company applying for the listing of its stock has a market value of en5 billion or more and meets the criteria listed below, the TWSE will agree to list its stock:
  1. The company meets the conditions set forth in subparagraphs 1, 2, 4 and 5 of the preceding paragraph.
  2. Its operating income in the most recent fiscal year exceeds en5 billion and is better than the previous fiscal year.
  3. Its cash flow for business activities in the most recent fiscal year is positive.
  4. The net worth on the financial reports for the most recent quarter and the most recent fiscal year is not lower than two-thirds of the capital stock identified in the financial report.
        Where an issuing company applying for the listing of its stock has a market value of TWD$6 billion or more and meets the criteria listed below, the TWSE will agree to list its stock:
  1. The company meets the conditions set forth in subparagraphs 1, 2, 4 and 5 of the first paragraph.
  2. Its operating income in the most recent fiscal year exceeds TWD$3 billion and is better than the previous fiscal year.
  3. The net worth on the financial reports for the most recent quarter and the most recent fiscal year is not lower than two-thirds of the capital stock identified in the financial report.
        The TWSE will agree to list the stock of an issuing company applying for the listing of its stock in accordance with the second paragraph or the preceding paragraph only if the value of the number of the securities to be listed and available for trading multiplied by the offering price for the price at which the security opens on its first day in the initial public offering has met the minimum requirement on the market value applicable to its application, except where its stock is already listed and traded on the GreTai Securities Market.

Technology-based Enterprise or Cultural and Creative Enterprise

        Where the central authority in charge of the enterprise concerned has issued an unequivocal opinion certifying that the issuing company applying for the listing of its stock is a technology-based enterprise or a cultural and creative enterprise with market potential, and the said issuing company meets the criteria listed below, the TWSE will agree to list its stock:
  1. At the time it applies for listing, its paid-in capital is TWD$300 million or more and the number of shares of its publicly offered and issued common stock is 20 million shares or more.
  2. (deleted)
  3. It is recommended in writing by the securities underwriter.
  4. Its net worth in both its most recent financial report and in its financial report for the most recent fiscal year represents two-thirds or greater of the share capital stated on the financial report.
  5. The number of registered shareholders is 1,000 or more. Excluding company insiders and any juristic persons in which such insiders hold more than 50 percent of the shares, the number of registered shareholders is at least 500.

Important Enterprise Involved in National Economic Reconstruction Projects

        Where the issuing company applying for the listing of its stock is an important enterprise involved in national economic reconstruction projects which have been recognized and certified in writing by the authority in charge of the enterprise concerned and meets the following requirements, the TWSE will agree to list its stock:
  1. It is incorporated under the encouragement of the government, and 50 percent or greater of the total number of its issued shares as of the date of its application are held jointly by the Central Government or by the local autonomy organization(s) at the level of province (or municipality under direct jurisdiction of the Executive Yuan) designated by the Central Government and the juristic person(s) with 50 percent or greater of its capital fund is contributed by the Central Government or the local autonomy organization(s) designated by the Central Government.
  2. Its paid-in capital is TWD$1 billion or more at the time when it applies for The dispersion of share ownership meets the criteria set forth in subparagraph 4, Article 4 of these Rules.

Enterprise Participating in Major National Public Construction Projects Under Encouragement of the Government

        Where the issuing company applying for the listing of its stock is a private enterprise participating in major national public construction projects under encouragement of the government, where it has acquired the concession agreement for investment, construction, and operation approved by the Central Government, municipality under direct jurisdiction of the Executive Yuan, and the local autonomy organization(s) or the juristic person(s) with 50 percent or greater of its capital fund contributed by the Central Government, municipality under direct jurisdiction of the Executive Yuan, or the local autonomy organization(s) and the certification issued by the said agency(ies), and where it meets the following requirements, the TWSE will agree to list its stock:
  1. The company is newly established for procurement of the concession agreement and its business items have been approved by the central authority in charge of the enterprise concerned.
  2. Its paid in capital is TWD$5 billion or more at the time when it applies for listing.
  3. The total cost expected to be injected in the construction project at the time when the concession agreement is procured is TWD$20 billion or more.
  4. The remaining term of the concession agreement is 20 years or more at the time when it applies for listing.
  5. Its directors, shareholders holding 5 percent or more of its total issued shares, or its shareholders or operators who make equity investment in the form of technical know-how and hold 0.5 percent or more of its total issued shares or 100,000 shares or more shall have the technical capability, financial means, and other necessary abilities as required for the completion of the concession agreement, and a certification issued by the agency approving the concession agreement has been obtained.
  6. The dispersion of share ownership meets the criteria set forth in subparagraph 4, Article 4 of these Rules.
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