Nasdaq listing for Taiwan companies.
The senior US venue for growth companies. A reverse takeover reaches Nasdaq either by merging into a Nasdaq-listed shell or by uplisting from the OTC Markets once the initial listing standards are met.
For a private company in Taiwan, the Nasdaq Stock Market can be reached through a reverse takeover — the merger of the operating business into a shell company — provided the applicable listing standards are met.
- A Taiwan company can reach the Nasdaq Stock Market by merging into a listed shell, or by uplisting to it from a lower tier once the standards are met.
- Nasdaq operates three tiers — the Capital Market, the Global Market, and the Global Select Market — each with quantitative thresholds for equity or market value, public float, shareholders, and a minimum US$4.00 bid price, plus corporate-governance requirements.
- US-standard audited financials from a PCAOB-registered auditor are required, and are usually the critical-path item.
- Reverse Takeover arranges and coordinates the transaction; the regulated work is done by licensed specialists.
The route in brief
| Venue | Nasdaq — the Nasdaq Stock Market |
|---|---|
| Route | Reverse takeover into a listed shell, or uplisting from a lower tier once standards are met. |
| Standards | Nasdaq operates three tiers — the Capital Market, the Global Market, and the Global Select Market — each with quantitative thresholds for equity or market value, public float, shareholders, and a minimum US$4.00 bid price, plus corporate-governance requirements. |
| Home market | Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx) · regulator FSC |
| Currency | New Taiwan dollar (TWD) |
| Our role | Advisory and arranger; not a broker-dealer, law firm or auditor. |
Nasdaq for Taiwan companies
Taiwan is one of the few markets where the balance sheet, rather than the income statement, is the natural way into Nasdaq. Component makers, materials suppliers and contract manufacturers here carry heavy fixed assets and large revenue lines with thin and cyclical margins. That profile maps onto the Global Market’s Total Assets and Total Revenue Standard — total assets of US$75 million and total revenue of US$75 million in the latest fiscal year or in two of the last three — or onto the Equity Standard, which asks for stockholders’ equity of US$30 million and a two-year operating history. Both are published in Nasdaq’s initial listing guide, and both carry a market value of unrestricted publicly held shares of US$20 million, 1.1 million unrestricted publicly held shares, 400 unrestricted round lot holders, four market makers and the US$4.00 bid price.
Choosing between them is a cycle question. An income-based standard tested on the latest fiscal year, or two of the last three, is unforgiving for a business whose earnings swing with a semiconductor cycle. An assets-and-revenue standard is far more stable across the same period. Running the group’s last three years against each standard, rather than assuming the strongest year is representative, is the honest first exercise.
It is worth separating two different Taiwanese routes to a US quote. Companies already listed on the TWSE or TPEx have historically reached US investors through depositary receipts, and Nasdaq’s trading-volume test expressly attributes the volume of the underlying security on its primary market to an ADR. A reverse takeover is the other route entirely — it is for the private company with no home listing, and no home trading volume to inherit. Conflating the two produces a plan that does not survive contact with the rulebook.
Audit and outbound approval run together. Taiwan’s listed-company reporting is IFRS-aligned, which helps, but the work must be signed by a PCAOB-registered firm, and the PCAOB states that non-US registered firms are subject to inspections and investigations in the same manner as US firms. Alongside that, funding an offshore holding company from Taiwan engages outbound-investment and foreign-exchange requirements. Precisely which notifications or approvals apply, and how long they take, is a question for Taiwanese counsel at the outset — not an assumption to build a timetable on.
Structuring a reverse takeover from Taiwan
An early structuring question for a Taiwanese group is the offshore holding company — commonly a Cayman Islands or similar vehicle — through which the US listing is carried out. Taiwan's outbound-investment and foreign-exchange rules are just as important. Cross-border capital movements and offshore investments can require notification to or approval from the relevant authorities. The Financial Supervisory Commission (FSC) oversees the securities environment. The sequencing of the share-for-share exchange, the funding of the offshore parent, and any approvals should be planned to align with the reverse-takeover timetable rather than interrupt it. These rules are detailed and subject to change. A company should treat the above as orientation and confirm the specifics with qualified Taiwanese and US counsel.
Considering Nasdaq for your Taiwan company?
Start an enquiry →Nasdaq listing for Taiwan companies — FAQ
Q1Can a Taiwan company list on Nasdaq via reverse takeover?
A Taiwan company can reach the Nasdaq Stock Market by merging into a shell already listed there, or by uplisting once it meets the applicable standards. Nasdaq operates three tiers — the Capital Market, the Global Market, and the Global Select Market — each with quantitative thresholds for equity or market value, public float, shareholders, and a minimum US$4.00 bid price, plus corporate-governance requirements.
Q2What are the Nasdaq listing standards?
Nasdaq operates three tiers — the Capital Market, the Global Market, and the Global Select Market — each with quantitative thresholds for equity or market value, public float, shareholders, and a minimum US$4.00 bid price, plus corporate-governance requirements. Meeting these standards, and maintaining them, is assessed with US securities counsel as part of the transaction.
Q3Is Reverse Takeover a broker-dealer?
No. Reverse Takeover is an advisory and arranger, not a registered broker-dealer, law firm or auditor. Regulated activities are performed by licensed US securities counsel, PCAOB-registered auditors, transfer agents and broker-dealers coordinated on the transaction.
Other US venues for Taiwan companies
- NYSE American listingTaiwan → NYSE American
- OTC Markets listingTaiwan → OTC Markets
- Taiwan — all routesCountry overview
This page is general, educational information about listing routes and is not investment, legal, tax, or accounting advice, nor an offer or solicitation. Regulatory details change and vary by circumstance; obtain advice from qualified US securities counsel and your home-market advisers. See our disclosures.