TAIPEI-EXCHANGE
30.7.2021 10:02:14 CEST | Business Wire | Press release
The Taipei Exchange, TPEx, launched Pioneer Stock Board (PSB) on July 20, 2021, which welcomed its first company on July 26. Pioneer Stock Board marks the evolution of the stock market into an innovation-friendly ecosystem. It aims to facilitate entry to capital markets for more innovative enterprises.
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At the PSB Launch Ceremony, Premier Su Tseng-chang delivered the opening speech, emphasizing the government’s support. Su said, “Taiwan’s capital market breaks new ground today, by establishing this board. PSB will support innovative enterprises, a key driver of economic transformation, by providing companies with quick access to capital needed for continued growth.” Dr. Tien-mu Huang, Chairperson of Financial Supervisory Commission, remarked, “Innovation underpins sustainable development of the capital market. PSB will play an important role, not only by promoting innovative enterprises but also by spurring momentum in innovation across the economy.” Minister of National Development Council, Mr. Kung, Ming-hsin, commented, “PSB provides innovative enterprises a new way to access capital, beyond government funding or subsidies. It enables more investors to engage at an early stage with innovative enterprises.”
Chairman of TPEx, Mr. Philip Chen, said, “Based on our 27-year experience developing TPEx’s multi-tier market, which includes the Main board, the Emerging Stock Board (ESB) and GISA, we set up PSB and view it as a pivotal milestone. PSB aims to meet the funding needs of enterprises in strategic and innovative industries. With the addition of PSB, our market structure is even more holistic, supporting sustainable development of enterprises. PSB will serve as a strong foundation for growth in the capital market and our economy.”
According to TPEx, PSB targets six core strategic and innovative industries. These include digital and information technology, cybersecurity, bio-technology, green and renewable energy, national defense, and industries supporting critical supply chains. With the support of early-stage, pre-profit businesses, PSB sets no requirements for date of incorporation, amount of paid-in capital, market capitalization or profitability. PSB adopts a simplified public issuing and documentation review to shorten the application process.
“Liquidity is one of the most important factors for private enterprises when they consider going public. Therefore, PSB adopts a continuous trading mechanism, equivalent to the Main Board. Recommending securities firms act as liquidity providers, helping to ensure liquidity and fair price discovery for the PSB shares,” added Chen.
As of July 15 2021, 787 companies were listed on TPEx Main Board and 268 companies were registered on ESB, with total market capitalization of approximately USD 230 billion. Various sectors are represented, including high-technology, semi-conductor, bio-tech, smart manufacturing, consumer, and creative industries etc.
About the Taipei Exchange
Established in 1994, TPEx is a member of the World Federation of Exchanges. It has grown with a vision of sustainability to meet the diverse needs of issuers and investors, and has long been dedicated to fostering emerging and high-tech industries by providing viable channels for raising capital.
For more information, visit: https://www.tpex.org.tw/web/index.php?l=en-us
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