Fri, Feb 18, 2005 - Page 10 News List

FSC head outlines offshore market plans

By Joyce Huang  /  STAFF REPORTER

Financial Supervisory Commission chairman Kong Jaw-sheng (龔照勝) yesterday vowed to turn Taiwan into a fund-raising hub in the Asia-Pacific region by facilitating the creation of a US dollar-denominated offshore stock market.

"This is a highly challenging task," Kong told reporters yesterday at a New Year gathering, "But it will be an important platform to attract listings of companies registered overseas, including China-based Taiwanese companies."

Kong said that Taiwan is well-positioned to develop itself into a fund center as it has abundant low-cost capital, which will help attract foreign capital inflows.

The planned offshore stock market will be open to both foreign and domestic institutional investors before local individual stock investors can take part, which won't impact the TAIEX, Kong said.

According to Kong, the commission will hammer out a detailed plan and regulatory system before June on the new market's management.

To attract listings of foreign companies and stock investors, the commission will organize international roadshows in the second half of the year, Kong said.

To increase interest in the offshore market, Rebecca Wu (吳琮璠), a commissioner, yesterday said the stock regulator may also consider reducing fees for listing, underwriting and stock-trading to attract investments.

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