Listing Is Not the Finish Line: Undifferentiated Companies Can Be Left in the Cold

Originally published 2022-10-30Robin's commentary

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English translation of the Chinese post originally published 2022-10-30. Translated 2026-10-25 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文

Reading guide

Robin observes that Taiwan had about 970 TWSE-listed companies, more than 800 TPEx-listed companies, and 300 Emerging Stock Board companies. Excluding other public issuers, these markets together had over 2,000 companies, with another 40–50 applying for TWSE or TPEx listings each year. His point is that Taiwan's overall capital market is not particularly large, and most trading is concentrated in large index heavyweights. New companies without distinctive qualities may be ignored just months after listing. The conclusion is the same as for startups: develop clear, differentiated advantages and ideally ride a visibly rising trajectory, rather than peaking in the listing year and deteriorating afterward. The company counts reflect October 2022.

Key points

Taiwan's TWSE, TPEx, and Emerging Stock Board together had over 2,000 companies, with 40–50 new listing applicants each year.
Trading is concentrated in large index heavyweights; undifferentiated newcomers may attract little interest months after listing.
Develop distinctive qualities that set the company apart.
Ideally, be on a clearly rising trajectory rather than peaking in the listing year.

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

About 970 companies are listed on the Taiwan Stock Exchange. The number listed on the Taipei Exchange has exceeded 800. The Emerging Stock Board has also reached 300 companies. Excluding other public issuers, the combined number on the TWSE, TPEx, and Emerging Stock Board has exceeded 2,000. About 40–50 companies apply for TWSE or TPEx listings each year, alongside another 70–80 Emerging Stock Board companies. My point is that Taiwan's total capital market is not particularly large. Most trading still concentrates in large index heavyweights. If newly listed companies have no distinctive qualities, they may be left in the cold and attract little interest just months after listing. Simply put, develop clearly distinctive qualities that set you apart, just as we tell startups. You need advantages and characteristics that make you different. Ideally, you should also be on a clearly rising trajectory, rather than reaching your peak in the listing year and getting worse afterward.

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.

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