Capital Markets & Governance

91APP's IPO: A Capital-Market Example for Taiwan's SaaS Transformation

Share this article
LINEFacebook

Robin's commentary

Storage information

Bookmarks and reading positions are stored in this browser. Manage and back them up in My Reading.

Collected in Robin Shen’s Field Notes · Content type and attribution are shown above

English translation of the Chinese post originally published 2021-06-22. Translated 2026-10-25 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文

Reading guide

Commenting on 91APP's IPO, Robin notes its post-listing market capitalization of about US$1 billion. Although that differs from the definition of an unlisted unicorn, he emphasizes another significance: by choosing to list in Taiwan, 91APP set an example for the transformation of Taiwanese SaaS businesses and for the capital markets. Software companies have long lacked success stories in Taiwan's capital markets. Every company willing to stay and establish itself opens a path for those that follow. He uses the example to encourage startups to grow through difficult challenges. The market capitalization and assessment reflect June 2021; its value as an example is not a guarantee of current valuation or returns.

Key points

  • 91APP's Taiwan listing sets a capital-market example for Taiwan's SaaS transformation.
  • Software companies have long lacked success stories in Taiwan's capital markets.
  • Every company that stays and establishes itself opens a path for those that follow.
  • The commentary encourages startups to grow through difficult challenges, as viewed in 2021.
Columns and beams in an open building are connected by central rods and balanced weights, suggesting structure and checks in governance.
Capital markets & governanceThematic illustration · AI generated

Full text — English translation

This differs somewhat from the definition of a unicorn. A unicorn generally refers to an unlisted startup less than 10 years old with a valuation exceeding US$1 billion. But 91APP's achievement is truly remarkable. Founded in July 2013, it worked for eight years to complete an IPO while remaining in Taiwan. Through cloud-based software as a service (SaaS), it helps Taiwan's retail industry transform digitally and face future challenges. Today, it also reached a market capitalization of US$1 billion, becoming a model for Taiwanese startups that remain rooted in Taiwan, build deeply here, and then look to the world. It has set a new example for Taiwan's startups and given a substantial boost to early-stage investment, venture capital, and the capital markets alike. I hope it can keep moving forward and take on more seemingly impossible challenges. not because they are easy but because they are hard. Precisely because the challenges are many and the difficulties great, there is value in overcoming them. Through that process, we have a chance to become better versions of ourselves.

These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.

Share this article
LINEFacebook

READ · APPLY · KEEP GOING

Put this article to work

This article also appears in the following reading paths. Return to this step or start your own worksheet.

DISCUSSION

Reader comments

What did this article make you think about? Different perspectives and constructive criticism are welcome.

Comments are public immediately. Do not include personal contact details or external links. Automated checks block suspicious solicitation, prohibited transactions and spam; they can make mistakes.

0 / 2000

Comments load when you reach this section.

    Administrator sign-in

    My reading notes

    These notes stay in this browser and are not published. Writing a note also saves the article. Back up or move your notes in My Reading.

    Manage my bookmarks and notes →

    STAY CURIOUS

    Save a good question for your next visit.

    Save this article, or follow the Facebook page and RSS feed for additions. Historical articles retain their original publication dates.

    Browse All articlesSearch articles and full text →