From GGR to TNMG: Is a US Listing Worth It Compared with Taiwan’s Innovation Board?

From GGR to TNMG: A Look at Taiwan’s Innovation Board On April 29, the stock exchange and venture capital association jointly hold a forum on decoding the Innovation Board. It is a good moment to observe two Taiwanese startups listed on NASDAQ in recent years: one focused on hardware mobility, the other a digital new-media business serving Taiwan and Japan. GGR listed in the United States on April 7, 2022, exactly three years ago; TNMG listed on December 6, 2024, less than six months ago. Share-price performance alone has been disappointing. GGR also faces management changes and other issues. We have discussed listing location extensively. Raising development capital is an important consideration. Taiwan remains a familiar, welcoming place for small and medium-sized enterprises to list and continues improving, with reasonable valuations and turnover. Listing far overseas raises the question of attracting different investors: Americans can choose from companies worldwide, so why buy a startup on a small Asian island? There are also relatively high listing costs, ongoing costs, and regulatory requirements. My personal recommendation is to consider the US market only with a sufficiently large venture, a substantial regional rather than merely national market, and at least a top-three position. That may offer some appeal and a credible investment narrative. More importantly, demonstrate growth—strong, rapid growth. Meanwhile, Taiwan’s capital markets remain worth using. Interested founders can attend Innovation Board seminars and learn from regulators and intermediaries. ---- I also glanced at Taipei Exchange market-capitalization rankings. There are currently 847 listed companies. The smallest include: 847th: 大略-KY, market capitalization 190 million. 846th: 尚茂, 286 million. 845th: 志旭, 294 million. 844th: 點晶, 301 million. 843rd: 勝昱, 326 million. Going all the way to the United States, paying substantial listing and maintenance costs, yet having a market capitalization below US$10 million seems questionable value. I previously heard a senior colleague say that maintaining a US listing, including public relations, costs at least an additional US$2–4 million a year. By comparison, Taiwan’s capital markets are approachable and rather lovable. ---- If TWSE or TPEx would like to sponsor this message, please contact the hotline below.