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PRC Shareholding in the Companies Applying for Primary Listing

08/29/2014

Odin Hsu

The purpose of opening the foreign companies to apply for primary listing on the Taiwan Stock Exchange or the Gre-Tai Securities Market by the Financial Supervisory Commission (FSC) is to attract the oversea excellent companies and encourage the foreign companies owned by the Taiwanese to list in Taiwan. With respect to foreign companies whose shareholders include individuals or Mainland China entities ("PRC Shareholders"), due to the cross-Strait policies and for protection of Taiwanese investors, foreign companies whose PRC Shareholders hold not more than 30% of the outstanding shares and whose PRC Shareholders have no control interest are permitted to apply for primary listing; restrictions were also eased to allow foreign companies whose PRC Shareholders hold between 30% to 50% of the outstanding shares while Taiwanese shareholders have control interest to apply for special-case permission for primary listing.

However, the above-mentioned shareholding percentage and control interest shall be determined in accordance with the Act Governing Relations between the People of the Taiwan Area and the Mainland Area and relevant laws and regulations, relevant accounting standards published in official gazettes and the ruling issued by the Ministry of Economic Affairs on August 18, 2010 relating to the explanation of control by PRC Shareholders and based on economic substance. In this regard, the FSC is in the opinion that even if an individual whose original nationality is PRC has acquired another country's nationality through naturalization, the shares held by such individual shall be deemed as shares held by PRC Shareholders if the life and economic activities of such individual are mainly in PRC or objective facts indicate such individual shall be deemed as a PRC individual, and shall be included in the calculation of the above-mentioned shareholding percentage.

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