The "Taiwan’s First Cross-Border Trading on the U.S. OTC Market" officially launched on January 7, 2026 (EST). Amid the trend of highly interconnected global capital markets, the Taiwan Stock Exchange (TWSE) has actively promoted cross-border investment and international market connectivity, successfully facilitating the listing of Bora Pharmaceuticals (“Bora” or “the Company”, 6472.TW and BORAY.OTCQX) on the U.S. OTCQX market. Bora has become the first domestic listed company to bridge international capital markets directly via the U.S. OTC market. This milestone symbolizes that Taiwanese enterprises can now engage global investors with greater flexibility and efficiency, reflecting the steadfast commitment of both the TWSE and listed companies to expanding international visibility and advancing the strategic internationalization of the capital market.
Optimizing Cross-Border Frameworks and the Vision for an Asian Asset Management Center
The ceremony commenced with an opening address by Sherman Lin, Chairman of the Taiwan Stock Exchange (TWSE). Chairman Lin stated that Bora Pharmaceuticals' successful issuance of the first-ever Level 1 ADR is a landmark achievement, resulting from three years of collaborative efforts between regulatory authorities, the TWSE, and financial institutions to optimize cross-border trading systems. This milestone is deeply aligned with the government's vision to develop Taiwan into an "Asian Asset Management Center." It offers dual benefits: channeling international capital back to support local industrial upgrades, and assisting high-quality Taiwanese enterprises in being seen, understood, and invested in within the global market.
Strengthening Global Brand Influence and International Capital Linkages
The event continued with remarks from Bobby Sheng, Chairman of Bora Pharmaceuticals, and Carl Chien, Vice Chair of JPMorgan Asia Pacific and CEO of JPMorgan Taiwan. The launch of the Level 1 ADR marks a critical milestone in Bora’s journey toward becoming a global pharmaceutical group. This move establishes a cross-market trading channel in the U.S. while maintaining its listing status in Taiwan, demonstrating a commitment to enhancing shareholder liquidity and information transparency. By lowering entry barriers for overseas employees, long-term institutional investors, and international stakeholders, Bora can more effectively share its growth achievements and strengthen its brand influence in international capital markets. Furthermore, as the Level 1 ADR is USD-denominated and traded directly in the U.S., it serves as a "golden ticket" for premium Taiwanese companies to enter international markets. This mechanism effectively eliminates currency and cross-border operational restrictions, significantly enhancing the "investability" of Taiwan’s high-quality assets. It simplifies investment procedures and facilitates precise engagement with global institutional funds and high-net-worth investors in Europe and the U.S., deepening the connection between Taiwanese enterprises and international capital.
Continuously Advancing Deep Cooperation in Cross-Border Markets
The Taiwan Stock Exchange has always been dedicated to fostering a user-friendly, transparent, and internationally competitive capital market environment. Looking ahead, the TWSE will continue to collaborate closely with regulatory authorities and market participants. Our focus remains on perfecting cross-border trading systems, enhancing market service quality, and guiding enterprises to strengthen investor relations and ESG governance, thereby boosting market trust and valuation.
Conclusion
Through continuous institutional innovation and international integration, the TWSE aims to assist high-quality domestic enterprises in removing cross-border operational barriers and precisely connecting with global long-term institutional capital. We are committed to enabling more companies to use "Taiwan as their root and the world as their stage," sharing growth with global investors and creating new value for the capital market while bolstering international competitiveness.