The Taiwan Stock Exchange (TWSE) yesterday said it would relax the qualification criteria for investors seeking to invest on the Taiwan Innovation Board (TIB) to expand the fund pool, adding that the move would heed calls by companies seeking to list their shares on the board.
The new criteria would allow investments from people and institutions with a financial abilities of more than NT$5 million (US$166,990), compared with a net worth of more than NT$10 million that was previously required.
Estimating an investor’s net worth — the value of their assets minus their liabilities — can be complex and time-consuming, so the bourse is to use their financial ability as the main gauge instead, TWSE spokeswoman Rebecca Chen (陳麗卿) told the Taipei Times by telephone.
It is easier to decide whether an investor is financially trustworthy based on their bank deposits, the market value of their stock portfolio and property, Chen said.
Local securities companies are familiar with verifying people’s financial ability, she added.
“Our previous qualifications for investors in the TIB were stricter than those for investors in stock boards targeting start-ups in other markets. So even though we lowered the requirements, they are not loose,” Chen said.
The TWSE made the change to satisfy corporate needs, as many firms that seek a TIB listing told the exchange that they hope more investors could trade TIB shares, Chen said.
However, the exchange did not estimate how many investors would start trading TIB shares after the revision.
Institutional investors with more than two years of experience in stock trading would also be allowed to trade TIB shares, the TWSE said, adding that it previously had higher criteria to determine whether they are professional traders.
About 90,000 investors were eligible for TIB trading as of the end of March, up 34 percent from the end of last year, and the number is expected to continue growing this year, Chen said.
Although three companies filed applications to debut their shares on the TIB, only the application by PlayNitride Inc (錼創科技) was approved, Chen said, adding that the chip-on-carrier supplier’s share debut is pending.
The bourse expects to receive 10 applications this year, TWSE data showed.
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