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    2023.12.12　Taiwan-Japan M&A Center
     
    The following tables summarize the similarities and differences of the requirements to list a company on the Taiwan and Japan stock exchanges, and are intended to serve as a reference for mergers and acquisitions in Taiwan and Japan.
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Listing Requirements of Taiwan Stock Exchanges
 
Initial Listing Requirements TWSE        TPEx Mainboard  TPEx Emerging Stock
Capital  ≥ TWD 600 million ≥ TWD 50 million No restriction
Consecutive Years in Business ≥ 3 years ≥ 2 years No restriction
Investors No restriction No restriction No restriction
Market Capitalization ≥ TWD 5 billion No restriction No restriction
Net Assets ≥ 2/3 of capital ≥ TWD 600 million & ≥ 2/3 of capital No restriction
Net Income Before Tax 1. ≥ 6% of capital in both of the last 2 fiscal years.
or
2. ≥ 6% of capital on average in the last 2 fiscal years, and the earning power exhibits year-on-year growth in the last 2 fiscal years.
or
3. ≥ 3% of capital on average in the last 5 fiscal years.		 ≥ TWD 4 million and satisfying one of the following:

1. ≥ 4% of capital and there is no accumulated deficit.

2. ≥ 3% of capital in both of the last 2 fiscal years; or ≥ 3% of capital on average with year-on-year growth in the last 2 fiscal years.		 No restriction
Operating Income ≥ TWD 5 billion and is greater than the previous fiscal year ≥ TWD 2 billion and is greater than the previous fiscal year No restriction
Percentage of Publicly Held Shares ≥ 20% ≥ 20% No restriction
Publicly Held Shares ≥ 10 million  ≥ 10 million No restriction
Shareholders ≥ 1,000 ≥ 300 No restriction
Sources：Taiwan Stock Exchange (TWSE), Taipei Exchange (TPEx)
 

 
 Listing Requirements of Tokyo Stock Exchange
 
Initial Listing Requirements PRIME STANDARD GROWTH TOKYO PRO Market
Capital  No restriction No restriction No restriction No restriction
Shareholders  ≥ 800  ≥ 400  ≥ 150 No restriction
Publicly Held Shares  ≥ 2 million ≥ 200,000 ≥ 100,000 No restriction
Percentage of Publicly Held Shares  ≥ 35%  ≥ 25%  ≥ 25% No restriction
Net Assets ≥ ¥5 billion Consolidated net assets must be positive No restriction No restriction
Market Capitalization ≥ ¥25 billion ≥ ¥1 billion ≥ ¥500 million No restriction
Profits and Net Sales 1. ≥ ¥2.5 billion in total profits in the last 2 fiscal years.
or
2. ≥ ¥10 billion in net sales in the last fiscal year and the market capitalization is expected to reach ¥100 billion.		 ≥ ¥100 million in profits in the last fiscal year No restriction No restriction
Consecutive Years in Business ≥ 3 years  ≥ 3 years  ≥ 1 year No restriction
Investors No restriction No restriction No restriction Professional investors
Source：Japan Exchange Group (JPX)
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