The government wants to make the Innovation Board a Nasdaq, Asia, hoping to enter the international new beachfront; but compared with the laws of various countries, the Taiwan Innovation Board still needs more policy relief to truly have international competition.

In order to promote the policy of "Asia Asset Management Center", Executive Yuan President Joe Leungtai announced five major directions in July, among which "smooth the law and the construction of Asia Nasdaq" became the focus, and required the "Innovation Board" to undertake this key task, not only to keep domestic new creations in Taiwan, but also to attract overseas companies to Taiwan to buy cards.

Taiwan has developed a powerful semiconductor and information-related manufacturing power, and has complete supply chains. It has become a global AI center and has the ability to develop the "Asia Nasdaq". When interviewed by the Financial News, Professor of Economics at the University of Political Science, Mingfu, said when he was interviewed by the Financial News that if foreign-funded enterprises can compete for the innovation board, the Asia Asset Management Center can become a place for these companies to operate funds, complementing each other. Many experts also believe that if it can attract important technology companies from all over the country to list in Taiwan, it can also further connect with the development of Taiwan's security and technology industry.

However, since the Innovation Board wants to play the International Cup, the listing conditions should be compared with the main board and connect to the International. However, the numerous restrictions on current regulations have made many businessmen shout that if the government cannot handle the relevant laws of the Innovation Board as quickly as possible, it may become a talk on paper, and miss Taiwan becoming the golden time for "Asia's Nasdaq". The two-week magazine "Financial Information" integrates opinions from experts from all parties and unanimously points out the need to relax relevant laws and regulations.

No. 1, levy the restriction on over half of Taiwanese directors in foreign enterprises. According to the current system, foreign companies listed in Taiwan must have more than half of the Taiwanese board seats, and at least two independent directors will be held; in response, there are no similar requirements in major international markets, such as the United States, Hong Kong and Singapore.

Director status restrictions are even more serious than international

Tracking reasons, after the Kangyou-KY case in August 2020, the Financial Control Council was responsible for strengthening supervision of foreign companies; although its intentions were good, the stricter international regulations were no different from building high walls and rejecting overseas companies.

KPMG Anhou Construction Innovation and New Creative Services Team hosting the meeting Huang Haining said when interviewing "Financial Information" that, taking Singapore as an example, only foreign listed companies must have at least two independent directors, and at least one of them is always in the local area, with regular qualifications covering citizens or permanent residence, etc.; Hong Kong requires foreign listed companies to set up at least two authorized representatives and a replacement contactor, or appoint authorized representatives, responsible for contacting the Hong Kong Stock Exchange. "It is better to imitate the system of Singapore or Hong Kong, and do not rely on citizenship, but on the place of residence as a requirement to balance corporate governance and supervision flexibility."

Second, if the opening of the Innovation Board stocks must be priced, the risk notice will be exempted. At the beginning of the creation of the Innovation Board, considering the business model of the new company, many restrictions were designed to protect the investor's rights. But now the innovation body is a task of attracting new creations at home and abroad. Qiu Decheng, chairman of the Investment Association, admitted to the "Financial Information" interview, admitted, "The scope is still too complex, so you might as well make it more broad. The key is to allow the market to connect with the international community so that foreign capital can be obtained."

Qiu Decheng believes that "we should have confidence in the capital market and believe that the management mechanism and investors can judge the risk of follow-up and bearer."

Certified Exchange Chairman Lin Xiuyan further explained that at the beginning of the Innovation Board, abolishing the qualified investor system at the beginning of the year, an innovative review system was also added, and the listing review meeting decisions were improved. Although no company application was required to make profits, companies with serious business conditions also required to strengthen information disclosure and hold legal meetings at least once every six months, hoping to achieve a balance between supervision while attracting registered companies and investors.

Liability for investment in legal persons, it is difficult to attract funds

No. 3, the investment innovation board specifications of the Investment Credit Fund should be compared with the general board and opened as a license. According to regulations, the total amount of investment in any innovation board company by a single file fund shall not exceed 1% of the fund's net assets, which is one-tenth of the listed and the upper counter company; and the fund's investment allocation in the innovation board shall not exceed 3% of the fund's net assets, which is lower than 5% of the 5% of the sport counter.

Take the Anlian Taiwan Technology Fund, which is currently the largest Taiwanese stock fund, with a maximum of 54.4 billion yuan, as an example. If a company obtains manager Qing Ling, he can only earn up to 540 million yuan of investment on the Innovation Board, but if it is listed or listed, the upper limit will be 5.4 billion yuan.

In addition, shortening the centralized storage time of the Innovation Board, securities guarantee and accountant internal control review regulations all require international access. In fact, the most important problem of innovation boards is how to completely compare the motherboard and reduce the friction of the transfer between the boards, so as to gather the power of new economic enterprises in the country.

The change key is probably still in the supervisory situation. The business said that many issues were actually shared at the beginning of the year, but the concerns of the supervisors have turned to observe the market performance first and then decide the future direction. "Taiwan needs to be Nasdaq, Asia, and the next 2 or 3 years will be the key, otherwise the opportunity window will become smaller and smaller," he said bluntly, "It should be time to use the sprint speed of 'no tomorrow' to come."

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