探討紅籌股企業來臺發行臺灣存託憑證上市之研究

Abstract

In June 2008, the Financial Supervisory Commission (FSC) included the Hong Kong Stock Exchange listed companies to the approved scope of foreign enterprises for a secondary listing in Taiwan to issue Taiwan Depositary Receipt (TDR). Those companies listed in HK stock exchange are allowed to dual list their shares in Taiwan or issue TDR. Additionally, in July 31, 2008 FSC ease the restrictions on raise of capital to invest in mainland China. All these made a total of 13 new files TDR and raised a total funding amounted to NT$34.1 billion in 2009. Taiwan stock market has 'higher P/E ratio, faster turnover rate, lower listing cost' properties. Taiwan also has many competences in attracting foreign companies to list TDR. Post-listing price performance of TDR is better than most of the stock listed on the original shares. Taiwan stock market features on the technology sector, small and medium (S&M) sized enterprises which are attractive to foreign companies, too. The most important is that the regulations and laws for red chips listing on TDR are determined and competitive regarding the listing requirement, information disclosure, TDR pricing, allowance on raised fund to remit overseas. Both the TWSE and FSC are expected that red chip companies to become the main issue of follow-up TDR market, hoping to increase the competitiveness of Taiwan's capital market. However, since 1984, the first Chinese holding company listed on the Hong Kong stock market, and Chinese enterprises in Hong Kong stock market have reached a considerable degree of influence. “Will these red chips companies finance outside Hong Kong?” is the key issue. In 2007, Mainland China proposed an 'offshore Chinese-funded holding companies initial public offering in China the Trial Approach (Draft Rule)', to seek the views of the securities companies regarding red chips companies returning home A-share. Recently the Mainland China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange began actively planning large sized red chips companies to return to China stock market, it’s expected that large sized would be the first ones. Taiwan also actively relaxed overseas companies listed requirement. “Does Taiwan have the ability to attract red chips companies to issue TDR?” is the other key issue. This study will first base on literature reviews to find out motivations for red chips companies to choose listing in Taiwan, and then research from both the market side and the regulation side between Taiwan and Mainland China to investigate the feasibility of red chips companies issuing TDR. In addition, few studies red chips companies issuing TDR in Taiwan. This study focuses on under the necessity of large red chip company return to China Stock market, how Taiwan government can attract other red chips companies to list in Taiwan and what are the strategies if considering the current characteristics of TDR market