The Emerging Stock Market (
But compared with a turnover of NT$166.4 billion for the Taiwan Stock Exchange on the same day, the Emerging Stock Market pales in comparison.
The head of the Securities and Futures Commission (SFC) said the lack of interest was to be expected.
"This [emerging stock] market aims to satisfy investors' demand for unlisted shares, and we would not expect to see much active trading," SFC Chairman Chu Jaw-chyuan (
Among the 107 companies on the board, less than half actually traded at least one lot yesterday. The highest share price traded was C-media Electronic Inc (驊訊電子) at NT$300 a share, on a turnover of 64,000 shares. The company mainly produces special-effects audio chips.
On first trading day, many investors were not familiar with details of the market, an outcome described by Chinese-language media reports as "chaotic."
The new market was the testing ground for the over-the-counter market.
"This market will provide a legal trading channel for companies before they get listed," Chu said, adding that the mechanism also serves in turn to attract other unlisted companies to be traded in the Emerging Stock Market
As for companies not traded in the Emerging Stock Market, Chu said, their trading and financial information is not disclosed, leading to "much less room for underground securities trading in the future."
"We are not satisfied with the [first day's] turnover, but it has to be determined by the market," said Jerry Soong (
"Our original goal was to launch trading in 80 companies, but that was later extended to 107 companies," Soong said.
To be qualified to be traded in the new market, a company has to be a publicly offered company. In addition, the company has to file an application to be listed on either the TAISDAQ or the stock exchange.
The TAISDAQ does not set any minimum requirement for paid-in capital or profitability for companies to be traded on the new market.
On the other hand, companies listed on both the TAISDAQ and the stock exchange have various listings requirements.
Before being approved for trade on the new market, all companies have to be recommended by at least two securities firms, thereby forcing the securities firms to play the role of underwriters or investment banks when the company finally becomes listed.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
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