China-based Taiwanese businesses are expected to have their shares traded on the nation’s over-the-counter (OTC) market in the first half of next year, a GRETAI Securities Market (GTSM) executive said yesterday.
Many Taiwanese manufacturers operating in China have expressed willingness to have their firms listed on Taiwan’s OTC market in the wake of the Cabinet’s approval of a plan to raise the ceiling on China-bound investment of publicly listed firms from the current 40 percent of a firm’s net worth to 60 percent, GTSM vice general manager Chu Chu-yuan (朱竹元) said.
Under the measures, which will be put into practice next month, the investment cap for multinational enterprises with headquarters in Taiwan will be abolished.
At present, locally listed companies with a net worth of less than NT$5 billion (US$164.2 million) are allowed to invest up to 40 percent of their net worth in China.
Cumulative China-bound investments for those with a net worth of NT$5 billion to NT$10 billion are capped at 30 percent of net worth, and at 20 percent for firms with a net worth of more than NT$10 billion.
In light of higher costs for listing on the Hong Kong securities market and poor performance in share prices there, Taiwan’s securities market will become the first choice for China-based Taiwanese manufacturers needing capital, Chu said.
GTSM will work harder to lure China-based Taiwanese firms to participate in the domestic OTC market, Chu said, adding that GTSM’s efforts are expected to bear fruit in the first half of next year.
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