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TSE plans Singapore, HK road shows

The Taiwan Stock Exchange Corp (TSE) plans to launch four-day road shows to Singapore and Hong Kong on Jan. 15 as part of its efforts to lure back foreign capital, an exchange executive said yesterday.

Led by TSE chairman Wu Rong-i (吳榮義), a delegation including representatives of 30 top Taiwanese listed firms will take part in the road shows, TSE president Su Song-chin (蘇松欽) said.

The delegation will include representatives from firms such as China Steel Corp (中鋼), China Airlines Ltd (華航), Advanced Semiconductor Engineering Inc (日月光半導體) and Nan Ya PCB Co (南電).

The TSE is seeking to sell up to 25 percent of its shares to foreign investors by early next year, along with its planned merger with the GRETAI stock exchange (櫃台買賣中心), Taiwan Futures Exchange (台灣期貨交易所) and the Taiwan Depository and Clearing Corp (台灣集中保管結算所) this year. The merger is still pending legislative approval.

Foreign investors had pumped NT$8 trillion (US$246.6 billion) into the local stock market by October last year, up from NT$1 trillion in 2000. Foreign investment amounted to 33 percent of last year's total, down from 34 percent in 2006, but an increase from 16 percent in 2000.

After signing a letter of intent last month, the bourse will ink an official agreement with visiting officials from the Abu Dhabi Securities Market later this month to launch the mutual listing of exchange traded funds (ETF) on each other's markets, Su said yesterday.

"The TSE will realize the dual-listing platform by the first half of this year in an effort to encourage foreign ETFs to list on the local bourse," Su said.

The TSE also plans to sign dual-listing agreements with Asian bourses in Japan, South Korea, Hong Kong, Singapore and Thailand, Su said, adding that NT dollar-denominated ETFs would soon be traded in the local market, followed by foreign-currency ETFs.

The Polaris Taiwan Top 50 Tracker Fund (TTT), the nation's first ETF, which was launched in June 2003 by Polaris International Securities Investment Trust Co (寶來投信), is ranked the top ETF in the Asia-Pacific region including Australia and New Zealand in terms of assets under management. The nation's second ETF, the Polaris Taiwan Mid-Cap 100 Tracker Fund, launched in August 2006, is also one of the top performers.

In October 2006, Polaris SITC became the nation's first asset management company to use a new customized index to issue ETFs through its partnership with US-based Standard & Poor's, the world's leading index provider.
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