TPEx Business Report 2025

Part 1 - Major Achievements

A. Promoted new companies to the TPEx multi-tiered market

There were 44 new applicants for listing on the TPEx Main Board, 87 for registration on the Emerging Stock Board (ESB), and a total of 116 companies that applied for GISA registration or counseling services.
As for the new entrants in 2025, 25 applicants for listing on the TPEx Main Board, 43 for registration on the Emerging Stock Board (ESB), and 42 for registration on GISA or counseling services, all belonged to significant industries designated by the government, totaling 110 companies.
TPEx visited 124 companies and held 25 seminars for both domestic and foreign companies to promote listing or registration on TPEx markets. Moreover, 110 GISA-related promotion activities were held or involved by TPEx.
TPEx continued to encourage TPEx listing applicants to promote and emphasize sustainable development.

B. Continuously promoted the sustainable development of companies and built an ESG ecosystem in the capital market

Enhanced the content of sustainability information disclosure, including guiding pre-IPO companies to collect sustainability information in advance to meet the requirements for preparing sustainability reports after listing, conducting spot checks on sustainability reports, and sampling and reviewing working papers from assurance providers of sustainability reports.
Organized multiple sessions or conferences on sustainability-related topics, including the Corporate Governance Evaluation, Sustainable Disclosure Practice Training and Advocacy Meeting for TWSE/TPEx Listed Companies, IFRS S2 Workshops, practical Workshops on Greenhouse Gas Inventory, and IFRS Sustainability Disclosure Standards. Additionally, TPEx collaborated with the Taiwan Stock Exchange to study “the feasibility of mandating the establishment of Sustainability Committees” to provide recommendations for the competent authority.
Promoted the mandatory candidate nomination system for director elections of Emerging Stock Board (ESB) companies, and enhanced awareness of the new system through pre-IPO seminars for domestic and foreign enterprises as well as training programs for securities firms hosted by the Securities and Futures Institute.
Collaborated with the Taiwan Stock Exchange to build an ESG digital platform. The second phase, which adds the “Sustainability Report Preparation and Production Function”, has been completed, with ongoing research into expanding sustainability indicators (such as Greenhouse Gas emissions, occupational safety and health, and human capital development), optimizing query interfaces, and adding an English-language interface.
Continually promoted the Green Stock Designations by introducing the framework through seminars, official circulars with brochures to all TPEx-listed companies, and promotional videos. Additionally, a dedicated “Green Stock Designation” section has been added to the “Eco-fin” Platform on the official website, providing system overviews, FAQs, and case studies to enable market participants to access relevant information quickly and conveniently.
In response to the trend of ESG sustainable development, TPEx continued to collect the dynamic trends of sustainable development of foreign exchanges and improve its own sustainable practices. Additionally, TPEx strengthened the quality of its sustainability report and annual GHG inventory, which received an accountant’s assurance report.

C. In line with ESG strategies and sustainable development, promoted Sustainable Bond Market

In 2025, a total of 63 sustainable bonds were issued and listed on the TPEx, including 43 green bonds, 17 sustainability bonds, and 3 social bonds, with a total issuance value of NT$209.06 billion.
To promote the concept of green and sustainable investment and financing, in 2025, a total of 12 media feature stories and press releases were issued. Additionally, visits were made to 42 potential issuers, investors, and underwriters. Furthermore, 19 promotional events were held.
To expand the scope of products in the sustainable bond market and assist the International Cooperation and Development Fund (ICDF) in establishing new financing channels, TPEx drafted the “Proposal for the TPEx Listing of Sustainable Bonds Issued by the ICDF” and submitted it to the competent authority.

D. Researched and promoted the diversification of new trading mechanisms, and investment products or services in the TPEx market.

Planned and established the TPEx trading and listing framework for exchange-traded structured products issued by securities firms.
Collaborated with the TWSE, legal counsel, and accountants to form the “Task Force for Channeling Capital into Public Infrastructure”, and planned the TPEx listing and trading system for REITs organized as a fund.
A dedicated ETF Task Force was established to promote the issuance of active ETFs and passive multi-asset ETFs. In 2025, TPEx visited 34 investment trust companies to provide professional consultations on index methodology, product design, and market regulations. To enhance market awareness, a dedicated web portal and summary pack were created, alongside 12 forums and seminars and 17 press releases or special features. These efforts resulted in the successful listing of 1 passive multi-asset ETF and 2 active bond ETFs on the TPEx in 2025.
Completed the feasibility study on “allowing the TPEx listing and trading of active multi-asset ETFs, target date ETFs, and target maturity ETFs”, and submitted the report to the competent authority for reference.
In alignment with the competent authority’s policy to implement mandatory central clearing for TWD Interest Rate Swaps (IRS), TPEx completed a proposal for optimizing the interest rate swap trading system and amended relevant rules and regulations.
Continually developed thematic indices, including sustainability-themed and other specialized indices, while promoting their applications based on market needs. In 2025, TPEx jointly published 6 co-branded indices with ICE Data Indices, and collaborated with Bloomberg to launch 1 bond index, 1 equity index, and 1 multi-asset index.
Continually strengthened clearing and settlement infrastructure. In accordance with the timeline set by the “T+1 Settlement Cycle Task Force”, TPEx completed the “Effectiveness Review and Improvement Proposal for Securities Delivery Automation” along with other related tasks.
To boost international investment in the domestic securities market, TPEx permitted Overseas Foreign Institutional Investors (FINIs) to appoint two or more custodians. Additionally, in a first-time collaboration with KGI Securities, an investment promotion event was held prior to “COMPUTEX TAIPEI”, attracting domestic and foreign institutional investors and creating matchmaking opportunities between TPEx-listed companies and international capital.

E. Enforced securities market information security supervision and enhanced cyber resilience.

Assisted securities firms to incorporate actual business operation verification into their off-site backup drills.
Conducted drills to ensure the continuous operation of information systems.
Gradually implemented Zero Trust Network architecture in high-risk environments based on the “Reference Guidelines for Financial Institutions Implementing Zero Trust Architecture”.
Strengthened information security inspections of securities firms.
Collaborated with the TWSE to revise electronic business security standards in line with the Financial Cyber Security Action Plan, conducting assessments to upgrade securities firms' cyber security defenses.

F. Leveraged big data tools and supervisory technology to improve market management efficiency

Continually developed the Big Data Platform and maintained the Data Governance System.
TPEx made good use of digital technologies such as Robotic Process Automation (RPA) and visual data analysis tools to improve management efficiency.

G. Formulated VASP regulatory frameworks and conducted related screening and review tasks in alignment with the competent authority

Assisted with preliminary Anti-Money Laundering registration reviews for VASPs and expanded the database for filings and operational metrics.
Commissioned research projects to study virtual asset and VASP regulations, which include the subsidiary regulations under the “Fraud Crime Harm Prevention Act”, 7 implementation rules under the draft “Virtual Asset Service Act”, and the research project on “The Implementation of the Travel Rule for Virtual Assets and VASPs in Taiwan”.
Collected and tracked virtual asset regulatory updates from major jurisdictions and key international organizations on a monthly basis.

Part 2 - Other Important Measures

TPEx enhanced the quality of IPO cases and assisted high-quality domestic and foreign enterprises to engage in the TPEx market.
TPEx advanced the Go Incubation Board for Startup and Acceleration Firms (GISA) and related businesses.
TPEx promoted corporate governance and enhanced market supervision mechanism to safeguard the interests of investors.
TPEx enhanced the trading and settlement mechanism for TPEx-listed stocks and emerging stocks, and promoted diversification of financial products.
TPEx strengthened market surveillance function and strictly cracked down on illegal trading behavior.
TPEx promoted bond market development.
TPEx developed the OTC derivatives market.
TPEx strengthened the auditing and supervision over securities firms and leveraged transaction merchants.
TPEx maintained and enhanced the efficiency, security, and stability of TPEx’s trading systems.
TPEx promoted international communication and cooperation, and enhanced marketing promotion and financial literacy education.
TPEx responded to significant or abrupt events, strengthened risk management, and ensured the effective continuity of operations.