Glossary Β· Taiwan
TWSE Innovation Board
Definition
A junior board of the Taiwan Stock Exchange that opened startup-share secondary trading to all investors, not just accredited or professional ones, starting in 2025.
Why it matters for a secondary
It's the closest thing in APAC to a genuinely public, regulated secondary market for startup shares β most of the rest of the region still routes secondaries through private, negotiated deals.
How it works in practice
The Innovation Board offers a listing route for companies that cannot meet the profitability thresholds of the main board, with lighter financial criteria paired with restrictions on who may invest β professional and qualified investors rather than the general retail public. It is a public market with a gate on the demand side.
A concrete illustration
A loss-making Taiwanese technology company lists on the Innovation Board. Its early shareholders gain a route to liquidity that did not previously exist, but the eligible buyer pool is narrower than on the main board, so the shares can trade thinly and the listing price is not a promise of exit at scale.
What people most often get wrong
A listing venue with investor-eligibility limits solves the legal problem of tradability without necessarily solving the practical problem of liquidity. Judge the venue by turnover in comparable names, not by the fact that a quote exists.
Frequently asked questions
Who can buy shares on the Innovation Board?
Does an Innovation Board listing end the need for secondaries?
Orientation for investors and allocators, not legal or financial advice. Rules in this market change β confirm the current position with a licensed adviser in Taiwanbefore acting on anything here.