Listing Information

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Listing on mai

Common Share

Holding Co.

Holding Company

• A company which mainly earns from having share ownership in other companies.
• The firm itself has no significant operation, but invests in domestic or overseas firms.

Why Holding Company

• The company is ever-expanding. It may expand into related or unrelated business lines, domestically or overseas, thus the number of its subsidiaries is increasing. 
• The companies having more subsidiaries with the different structure, increasingly wish to file listing application.
• The different businesses under one group, it may be difficult to select a company to best represent the group in applying for listing.

Holding Company’s Characteristics

• Holding company must not be an investment company. 
• General Core Company: The holding must have > 50% stake in the core company.

Business

Operate its core business.

• No significant operations
• Invest in others company both domestically or overseas firms.

Revenues

Sales from products or services

Dividend

Market

SET / mai

SET / mai

Listing Criteria

• Profit Test
• Market Cap. Test

• Profit Test
• Market Cap. Test

Applicants

Operating Company

Holding Company

Qualifications (Quantity, Quality)

Operating Company

Holding Company and Core Company

Infrastructure project must be consider additional criteria.

Management

Operating Company

Holding Company

Holding Company must have >50% stake in the core company.

Silent period

The silent period extends for one year after listing. Those who meet the criteria for strategic shareholders are not allowed to sell their shares totaling 55% or more of paid-up capital after the IPO. They are permitted to sell a maximum of 25% only of the locked-up shares after six months.

Same as operating company.

Infrastructure project must be consider additional criteria.

Listing Status

Normal Criteria

Normal Criteria

Holding Company
- Non Investment company
- Must have >50% stake in the core company
- Must maintain its shareholding in the core company through the listing period.
- The core company can be changed after three years of listing.

Core Company
- Non-listed company.
- Operate its core business.