Listed Companies > Listing Requirements and Procedures > TPEx/ESB Listing (Registration) Requirements And Procedures
TPEx/ESB Listing (Registration) Requirements And Procedures
Regulations：
‧Taipei Exchange Rules Governing the Review of Securities for Trading on TPEx‧Taipei Exchange Rules Governing the Review of Emerging Stocks for Trading on TPEx
‧Application Documents for Listing on the TPEx
‧ESB registration application documents
Information：
‧Guidelines for Listing (Registration) on the TPEx/ESB| 1. TPEx/ESB Listing (Registration) main conditions： | |||
|---|---|---|---|
| Item | General Stock | Emerging Stocks | |
| Emerging Stock Board (ESB) | Pioneer Stock Board (PSB) | ||
| Applicable industries | No restriction. | No restriction. | Six Core Strategic Industries or other innovative industries (Note 3) |
| Company Scale | For domestic companies, a paid-in capital of NT$50 million or more. For foreign companies, net worth audited or reviewed by a CPA for the most recent period is equivalent to at least NT$100 million. |
No restriction. | |
| Duration of Corporate Existence | Have been registered for no less than 2 full fiscal years. (Note 1) | No restriction. | |
| Financial Requirements | Shall meet one of the criteria：(Note 1)
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No restriction. | |
| Dispersion of Shareholdings | Excluding company insiders and any juristic persons in which such insiders hold more than 50% of the shares, the number of registered shareholders shall be at least 300, and the total number of shares they hold shall be 20% or greater of the total issued shares, or at least 10 million. (This requirement could be met after the pre-listing capital infusion.) | No restriction. | |
| Lockup of the Shares | The directors and the shareholders holding 10% or more of the issued shares of the registrant shall deposit all their shareholdings in central custody. One half of those shares deposited in central custody may be withdrawn after the lapse of six-month period starting the listing date thereof; the remaining shares may be withdrawn after the lapse of a one-year period starting the listing date thereof. (Note 2) | No restriction. | |
| Functional Committee | The registrant shall have a compensation committee and an audit committee in place. | The registrant shall have a compensation committee in place. | |
| Independent Directors | The registrant shall appoint independent directors, not less than three in number and not less than one-fifth of the total number of directors. | The registrant shall appoint independent directors, not less than two in number and not less than one-fifth of the total number directors. | The registrant shall appoint independent directors, not less than two in number and not less than one-fifth of the seats in Board of Directors. However, domestic non-public companies that file for simplified public issuing and apply for registration on PSB at the same time shall pledge to appoint independent directors at the first shareholders meeting after registering on PSB and to fill more than half of the seats at the remuneration committee with independent directors. |
| Recommending Securities Firms | The registrant shall have received written recommendations by 2 or more Recommending Securities Firms (RSFs), one of which is designated as the lead RSF, and the other(s) as co-RSF(s). | Same as on the left. | |
| Shareholder Services Provider | The registrant shall engage a professional shareholder services agent in the ROC to handle shareholder services matters. | Same as on the left. | |
| Required Advisory / Trading period | The issuer’s stock shall have been traded on the ESB for more than 6 months. For foreign companies, the issuer’s lead RSF shall have filed the advisory progress for more than 6 months or the issuer’s stock shall have traded on the ESB for more than 6 months. | Must have signed an advisory contract with securities firms and submitted the ESB Checklist for the company for the most recent 1 month. | Must have signed an advisory contract with securities firms and submitted the PSB Checklist for the company for the most recent 1 month. |
| Stocks in Dematerialized Form | The stocks and bonds offered and issued (including private placements) shall be in dematerialized. | Same as on the left. | |
Note 1: The Technology-Based Enterprises, or Cultural and Creative Enterprises may be exempted from these requirements. If it is a Technology-Based Enterprises, its net worth shall not be less than two-thirds of the share capital shown in the latest CPA-audited and attested or reviewed financial report. Please refer to Technology Based Enterprises or Cultural and Creative Enterprises Section.
Note 2: Otherwise provided for Technology- Based Enterprises, Cultural and Creative Enterprises, enterprises adopting financial requirements of “Net worth, operating revenue and cash flows from operating activities", and some specific industries (ex. software companies and securities investment trust companies). (Please see Article 3, Paragraph 1, Item 4 of the Taipei Exchange Rules Governing the Review of Securities for Trading on the TPEx)
Note 3: The Six Core Strategic Industries for PSB includes (1) information and digital industry, (2) cybersecurity industry which can integrate with 5G, digital transformation, and national security, (3) biotech and medical technology industries, (4) national defense and strategic industries that integrate military and civilian capabilities (aviation and space industries, etc.), (5) green and renewable energy industries, and (6) strategic stockpile industries. The lead advisory recommending securities firms shall be responsible for assessing and judging if a registrant meets the registration criterion, i.e., whether it is in one of the Six Core Strategic Industries or other innovative industries.
| 2. Emerging Stocks Registration Procedures: |
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| (1) Emerging Stock Board (ESB) Registration Procedures |
 Registration Procedures.png) |
| (2) Pioneer Stock Board (PSB) Registration Procedures |
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For non-public companies: To summit PSB registration application and simplified public issuing filings at the same time. Public company: |
| 3.TPEX Mainboard Listing Procedures: |
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| 4. Related laws and information: |
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Domestic Enterprises
(Please refer to Law Source Retrieving System of Stock Exchange and Futures Trading for related regulations) Foreign Enterprises
(Please refer to Law Source Retrieving System of Stock Exchange and Futures Trading for related regulations) Featured Industry |