TAIPEI, TAIWAN—December 10, 2024—AppWorks Accelerator, Greater Southeast Asia’s largest startup bootcamp, today held its flagship Demo Day event in Taipei for AppWorks Accelerator #29 (AW#29), while also bringing together startups from Wistron Batch #7 and TINC Batch #9 to participate. The joint Demo Day highlights the continued regionalization of AppWorks, acting as a capstone to the firm’s partnership with Indonesian telecommunications group Telkomsel’s TINC accelerator program and longstanding partnership with Wistron, demonstrating AppWorks capability to foster the development of cross-border startup ecosystems and facilitate corporate-startup partnerships in innovation.

The event featured 34 startup teams from Indonesia, Philippines, Vietnam, Singapore, Taiwan, Japan, and beyond, creating innovative products and solutions from a wide range of sectors, including: web3 & blockchain, AI & IoT, education, and healthcare. Of particular note, 46% of startups utilize AI & IoT solutions, followed by 25% of teams building for web3. Meanwhile, 22% of the participating startups have achieved US$1 million in annual revenue, demonstrating strong product-market-fit (PMF) and business fundamentals.

AW#29 recruited 49 startup teams hailing from 12 countries. A total 103 founders participated in the batch, of which 40% were serial entrepreneurs. 70% of teams came from Southeast Asia. With the addition of AW#29, there are now a total of 607 active startups and 1,846 founders in the AppWorks Ecosystem. These companies collectively generate US$16 billion in revenue, employ over 24,000 individuals, and have raised US$6.4 billion in funding with an aggregate valuation reaching US$30.3 billion.

Web3 Takes Center Stage As Bitcoin Hits New Peak

With Bitcoin exceeding US$100k in December at a new all-time high, AW#29 featured several innovative web3 projects having built themselves during the previous bear market.

“As we enter the new calendar year, investors continue to pour into web3, driven by major shifts in attitudes and allocation strategies—namely greater institutional adoption of web3 investment tools outside of ETFs and the tokenization of real assets as an emerging strategy for traditional financial giants,” said Jamie Lin, Chairman & Partner, AppWorks. “In the future, we will see more financial giants investing physical assets into the tokenized market to increase liquidity as web3 and traditional financial fields cross-pollinate, bringing more innovation to the financial sector.”

In response to the needs of traditional financial institutions, many web3 projects are developing customized crypto investment tools to reduce volatility and improve the consistency of trading returns, including several startups that are part of AW#29, including:

• Led by a co-founder of Hummingbot, the QuantAlpha AI team has caught the attention of Singapore’s renowned asset management firm, Raffles Family Office. In Q4 2024, they deployed $500K to test QuantAlpha’s AI-driven trading strategy platform, with plans to market AI strategies to Raffles’ institutional clients in the future;
• Singapore-based Equitize targets small to mid-sized financial institutions, offering tokenization infrastructure for assets managed in the $25 million to $500 million range. Revenue over the past three months has accumulated to $150,000, with a month-over-month growth rate of 120%. Each institution is projected to contribute approximately $84,000 in annual revenue;

AI & IoT Drives Industrial Upgrading in Southeast Asia

AI & IoT are demonstrating potential in supply chain management, automation, and smart manufacturing, leading to greater industrial efficiency and progress towards sustainable development goals. Among AW#29, several companies showcase the applicability of AI & IoT to create positive economic value and environmental impact.

• Ecofirst is a water-cooling system that uses AI technology to save up to 35% of energy for ice-water host systems in the semiconductor or electronics industries and commercial buildings, attracting major clients such as Micron and Taipower to help them reduce energy consumption and save money;
• uHoo develops air conditioning equipment for commercial buildings and homes, providing air purification and an environmental data platform to help create more environmentally-friendly office spaces and buildings. uHoo’s air conditioning equipment has been adopted by commercial buildings, hospitals, elderly care facilities, and government departments across Singapore, Australia, Switzerland, the United Kingdom, and the United States;

AI Transforming Education for the Modern Era and Better Student Outcomes

With rapid changes in society and the future of employment being transformed by the digital economy, traditional education systems have struggled to keep up in preparing students for an ever-changing world. For the education sector to keep up and better serve students for the future, schools are adopting technology to increase student participation, reduce operating costs, and improve student outcomes. A number of startups featured demonstrated strong potential in transforming education.

• Malaysia-based Aone is a SaaS company focusing on education business management and cash flow payment systems. The company has expanded to nine countries across Southeast Asia and serves over 2,000 educational institutions, helping to solve the operational pain points of schools to help collect tuition and manage student enrollment;
• SpeakBUDDY from Japan utilizes an AI language learning application to help users improve their English speaking skills by conversing with AI characters, helping students learn English they can use in daily life, business, and travel scenarios. The company has over four million registered users, and has corporate clients such as Bridgestone, Mizuho, and Mitsui Fudosan;

Bringing TINC to Taiwan and Facilitating Innovation with Wistron

AW#29 Demo Day was joined by startups hailing from two of AppWorks’ co-operated accelerator programs, including Telkomsel’s TINC Batch #9 from Indonesia, and Wistron Accelerator Batch #7.

Two startups from TINC Batch #9 made the trek to Taipei to participate in the Demo Day, demonstrating strong interest in exploring opportunities in Taiwan, and strengthening connectivity between Southeast Asia and Taiwan, namely:

• Finfra is committed to providing seamlessly integrated financial services to enterprises, aiming to build financial infrastructure and promote the development of enterprise digitalization and modernization;
• Primaku is a digital parenting platform focused on helping parents, simplifying medical records, and managing vaccinations, allowing parents to more easily manage their babies’ growth and health;

Wistron Accelerator #7, jointly operated by Taiwan’s Wistron Group and AppWorks, featured three startup teams building AI-driven solutions, including:

• South Korea-based IPIN LABS provides AI-driven indoor positioning solutions, utilizing AI to improve the accuracy of positioning and detection of people and objects in indoor spaces;
• RemoteNC, developers of AI for engineering drawing analysis, uses AI recognition models to quickly identify product parts and diagrams, and provides quotations for similar products, allowing companies to quickly complete purchases;
• AEplus Smart Factory is creating cloud solutions and AI software for Taiwan’s manufacturing industry to simplify work processes and improve production efficiency;

AW#29 Founders and Their Associated Companies Featured Included:

Web3

• (MY) Carlo Las Marias, QuantAlpha AI: AI-powered crypto trading strategy platform
• (TH) Amadeo Brands, YieldNest: Liquid restaking with simple, risk-adjusted strategies
• (ID) Daniel Suwahjo, Xellar: Developer tools for onboarding web3 users
• (SG) Darien Poh, Equitize: Liquidity aggregator for tokenized securities
• (EU) Nicolas Deppenweiler, Tessera: Web3 ticketing with optimized resale insights & conversions for event organizers
• (TW) Ting-hsu Wan, Blave: Providing cross-exchange crypto-trading alpha by aggregating data from top-rated traders
• (PH) Jiro Reyes, Bitskwela: Assisting Web3 projects with user education and market promotion in Asia
• (SG) Ben Kang, Moby: On-chain crypto options exchange with 24/7 liquidity and top-tier pricing
• (VN) Frank Dang, Harmonix Finance: On-chain hedge fund platform

Healthtech

• (VN) Nhat Luong, DiaB: Phygital Integrated prevention & management platform for combating  chronic diseases;

ESG

• (TW) Simon Chueh, Ecofirst Technology: Save your air conditioner for 35% by AI-driven control system;
• (SG) Dustin Onghanseng, uHoo: Property data platform for greener and healthier offices and buildings;

Edutech

• (JP) Tsuyoshi Tateishi, SpeakBUDDY: The best-selling AI app for learning English in Japan;
• (MY) Darren Gouk, AOne: B2B SaaS and payment system for educational businesses;
• (JP) Tatsuto Nohara, fondi: Metaverse for virtual study-abroad experiences;

B2B SaaS Tools

• (VN) Han The Truong, Peacom: Automating commerce on every messaging platform;
• (US) Yan Grinshtein, Nsight: Unified data intelligence & decision automation for product and design teams;
• (MY) TK Chuah, Boostorder: Multi-sales channel order & pay automation for brands & distributors;
• (VN) Pawel Gorski, Tribee: AI platform helping frontline teams to sell more with data-driven insights;

Entertainment, Hospitality, and Travel

• (SG) Larry Lee, Sotravel: Where adventure meets community;
• (ID) Sammy Ramadhan, Goers: Platform for ticketing and discovering live entertainment;
•  (TW) David Weng, Vocus: Platform connecting creators with their fans;
• (TW) Tina Lee, FansNetwork: Engaging fans with AI clones of KOLs;

Industrial

• (SG) Joel Lee, KinetixPro: AI-industry 4.0 platform for workplace safety;
• (TW) Wen-Yu Chie, POD Innovation: Data-driven driver-assistance and intelligent fleet management for safer railroads;

Consumer

• (TW) Ken Ho, Tracle: Trash pickup service;
• (TW) Bill Hsu, Simmpo: World’s No.1 anti-blue light screen protection technology;
• (TW) CJ Su, Raingo: Taiwan’s leading AIoT shared umbrella provider for smarter urban living;
• (ID) Ryan Wei, SIP Group: Functional nutritious snacks for grassroots Indonesian kids;

Wistron Accelerator Batch #7 Founders and Their Associated Companies Featured Included:

• (KR) Seonhyeok Kang, IPIN LABS: Low-cost 2D Digital Twin with AI Indoor Positioning;
• (TW) Alex Mei, RemoteNC: AI for Engineering Drawing Analysis;
• (TW) Alex Chang, AEplus Smart Factory: Digital transformation services for traditional manufacturing industry;

TINC Batch #9 Founders and Their Associated Companies Featured Included:

• (ID) Markus, Finfra: Building the financial infrastructure of Southeast Asia by enabling seamless integration of financial services for companies;

• (ID) Didit, Primaku: Simplifying record-keeping and milestone tracking for new parents with a dedicated newborn baby health platform;

 

About AppWorks
Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, we believe the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS). 

As such, whether it’s mentorship, investment, or talent, AppWorks has established a one-stop-shop for ambitious founders willing to bet against the consensus and drive a change they want to see in the world. We help startups build disruptive businesses from even an inkling of an idea into world-class enterprises through our three primary lines of service: Accelerator, Funds, and School.

Startups in AppWorks Accelerator to receive support from Google for Startups Cloud Program so they can build and innovate at speed and at scale

AppWorks is proud to announce a partnership with Google Cloud to advance its mission of fostering the next generation of entrepreneurs in Taiwan and Southeast Asia. This partnership gives startups in AppWorks Accelerator support from the Google for Startups Cloud Program, including access to a breadth of Google resources designed for early-stage startup founders to unlock the full potential of Google Cloud, including its latest innovations in AI.

Benefits for startup founders in AppWorks include:

• Dedicated package of Google Cloud credits to enable founders to cost-effectively experiment, build, and scale their businesses 
• Learning resources including hands-on labs, exclusive workshops, access to Google Cloud experts, and live in-depth classes to help startups build with the latest generative AI (gen AI) solutions, including Gemini
• Access to a dedicated Startup Success Manager, giving founders a single point of contact for all things Google
• Discounts on Google products including Google Workspace (Gmail, Drive, Meet), Google Maps Platform, and more

“AppWorks is thrilled to partner with the Google Cloud. The dedicated resources and tools from Google for Startups Cloud Program will be valuable assets to help startups in our community succeed. We are particularly excited about Google Cloud’s innovations and developments in AI, and believe this partnership will provide an accelerated path for startups to leverage their AI solutions and power their growth.” –Jamie Lin, Chairman and Founder of AppWorks.

“At Google Cloud, we are committed to supporting startups from the beginning of their journey. Partnering with AppWorks to provide dedicated resources for startups in their portfolio is part of our effort to continue that commitment and power the next generation of AI and web3 startups. We are excited to equip AppWorks’ startups community with our open and optimized stack for AI, broad choice of infrastructure solutions, and many important resources tailored for startups.” – James Lee, General Manager, Startups and AI, Google Cloud.

AppWorks has contributed to the success of the frontier startups in Taiwan and Southeast Asia such as 91APP, 17LIVE, ShopBack, Cubo.ai and Instill AI. The partnership with Google Cloud will further support early stage startups as they grow and scale.

“At Instill AI, we’re glad to see this collaboration between Google Cloud and AppWorks come to fruition, marking a new chapter for AI innovation in Taiwan. Our experience working closely with both Google Cloud and AppWorks has shown us firsthand the power of their resources, networks, and expertise in accelerating startup growth. This partnership brings exciting new opportunities, providing invaluable support for Taiwan’s AI ecosystem and allowing startups like ours to reach new heights.

With Google Cloud’s advanced technology and AppWorks’ robust regional network, this collaboration will empower AI startups to address complex challenges and scale more effectively. We’re excited to see the impact of this joint effort on the broader AI community in Taiwan, helping startups unlock potential and push boundaries. Instill AI looks forward to witnessing the transformative effect this partnership will have on shaping the future of AI innovation here.”– Co-Founder and CEO, Ping-Lin Chang

“The strong alliance between AppWorks and Google Cloud will inject more favorable resources into startups and expand their development opportunities. In the past few years, 91APP has benefited from diverse collaborations and support through both the AppWorks community and Google Cloud. We believe that in the future, regardless of whether startups are developing AI or other innovative solutions, AppWorks and Google Cloud will be able to provide the best solutions and resource support.” – CPO of 91APP, Happy Lee

Startups can learn more about the Google for Startups Cloud Program at https://cloud.google.com/startup.

About AppWorks

Founded in 2009, AppWorks is a leading accelerator and venture capital firm built by founders, for founders. AppWorks is committed to backing the next generation of entrepreneurs in Greater Southeast Asia and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, AppWorks believes the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS), and has established a one-stop-shop for founders willing to drive a change they want to see in the world.

There are now a total of 607 active startups and 1,846 founders in the AppWorks ecosystem. Collectively, all companies in the ecosystem generate annual revenue totaling US$16 billion and have created 24,570 jobs. Altogether, the ecosystem raised a total of US$6.4 billion, with an aggregate valuation reaching US$30.3 billion.

Startups building on AI, web3 and facing the Greater Southeast Asia,can learn more about AppWorks and its programs by visiting appworks.tw

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

AppWorks 加速器中的新創公司將獲得 Google for Startups Cloud Program 雲端資源與專業輔導，以快速、大規模地建置與創新服務與產品

AppWorks 宣布與 Google Cloud 建立合作夥伴關係，推進其在台灣與東南亞培育下一代創業家的使命。通過這項合作，AppWorks 加速器的新創公司將能夠使用來自 Google for Startups Cloud Programs 的支援，包括為早期新創所提供的完整資源，幫助他們運用 Google Cloud 以及其在 AI 領域的最新技術，加速產品發展。

AppWorks 加速器內的新創團隊將享有以下由 Google 所提供的福利：

• Google Cloud 抵免額：新創團隊可利用抵免額，以較低的成本進行實驗、構建和擴展產品業務
• 豐富的學習資源：包括技術實驗室、專屬工作坊、Google Cloud 專家顧問諮詢，及最新 生成式 AI 解決方案，例如 Gemini
• 專屬 Startup Success Manager：為新創者提供一站式的 Google 支援
• Google 產品優惠：包括 Google Workspace（Gmail、雲端硬碟、Meet）、Google Maps Platform 等多項產品的優惠

AppWorks 董事長暨合夥人林之晨表示：「AppWorks 非常高興能與 Google Cloud 加深合作。Google for Startups Cloud Program 的資源和開發工具，將成為我們社群中新創公司的寶貴資產，加速他們邁向成功。我們尤其期待 Google Cloud 在 AI 領域不斷推陳出新的創新技術，相信藉由我們的合作，將讓 AppWorks 新創更大膽運用這些 AI，創造突破性的成長。」—。

Google Cloud 新創與 AI 事業總經理 李漢麟表示：「Google Cloud 致力於從創業初期支持新創公司，此次與 AppWorks 合作為其加速器與社群中的新創公司提供專屬資源，是我們延續這一承諾的一部分。我們期待能為 AppWorks 的創業者提供 Google Cloud 最先進、開放且優化的 AI 技術堆疊、廣泛的基礎架構解決方案，以及專為新創公司量身打造的重要資源。」

AppWorks 成功扶植了台灣及東南亞的新創公司，如 91APP、 17LIVE、ShopBack、Cubo.ai 以及 Instill AI 等。此次與 Google Cloud  的合作，將能進一步支持早期階段的新創公司，協助他們成長與擴展。

91APP產品長李昆謀表示：「AppWorks 與 Google Cloud 的合作，將為新創公司注入更多有利資源，與拓展更多的發展空間。91APP在過去幾年中，也透過 AppWorks 加速器社群與 Google Cloud ，雙雙獲取多元合作與支持。相信未來新創公司無論在 AI 發展或許多的創新開發上，AppWorks 與 Google Cloud 都能提供最佳方案與資源上的支持。」

Instill AI 創辦人與執行長張秉霖表示：「我們很高興看到 Google Cloud 與 AppWorks 的具體合作，這標誌著台灣 AI 創新的一個全新篇章。我們有幸與 Google Cloud 和 AppWorks 密切合作，親身體驗到他們在資源、網絡和專業知識上的強大支持，這對加速新創成長至關重要。這次合作帶來了令人振奮的新機遇，為台灣的 AI 生態系統提供了寶貴的支持，讓像我們這樣的初創公司得以攀上新的高峰。」

有興趣的新創公司，可造訪 Google for Startups Cloud Program 網站，了解更多資訊：https://cloud.google.com/startup 

 

關於 AppWorks 之初加速器集團

2009 年成立，由「創業者」為「創業者」設立的加速器，以及基於加速器發展的新創社群與創投機構，為希望改變世界的創業者提供了一站式的服務平台，幫助致力在大東南亞地區協助下世代的創業者，抓住數位革命的成長機會。正如同 Mobile Internet 帶來了巨變，我們相信 ABS – AI、Blockchain 與 Southeast Asia 是今日的三大典範轉移。我們認為，創造一個偉大事業的過程中，團隊是主角，而投資人則是配角，我們專注扮演配角，從種子時期開始支持有想法的團隊，一路陪著他們打造區域級、世界級的偉大企業。

目前，AppWorks 生態系統內有 607 家活躍新創公司和 1,846 位創業者。整體而言，這些公司每年共創造 160 億美元的營收，並提供了 24,570 個工作機會。至今，生態系統內的公司共籌集了 64 億美元，總估值達 303 億美元。

面向大東南亞、致力於打造 AI 與區塊鏈創新應用的創業者，歡迎到 appworks.tw 了解更多關於 AppWorks 所提供的服務

關於 Google Cloud

Google Cloud 為企業上雲帶來嶄新方式，提供人工智慧（AI）、基礎架構、開發者支援、資料處理、安全與協作等工具，協助企業應對現今與未來的挑戰。Google Cloud 以龐大的全球基礎架構、客製化晶片、生成式 AI 模型和開發平台，以及 AI 驅動的應用程式，提供功能強大、全面整合且經優化的 AI 堆疊，協助企業與組織實現轉型。目前已有超過 200 個國家與地區的客戶選擇 Google Cloud 作為他們所信賴的合作夥伴。

By Sophie Chiu, AppWorks Principal

Taiwan Equity Market: Huge, Liquid, and High Multiple

Taiwan’s equity market, with a market cap of US$2.6 trillion, ranks as the 4th largest in APAC, just behind China, Japan, and Hong Kong. It overshadows both Korea and Australia, standing at 4x the size of  major equity markets in Southeast Asia.

While not the largest, Taiwan’s equity market has been the best-performing in the world this year, buoyed by strong fundamentals and investor sentiment around AI and related technology sectors. (For this, Bloomberg’s Editor-in-Chief wrote an article on 16-October about some of the fundamental supports behind the performance: Taiwan Outperforming World with Tech Halo.) This market boasts the highest trading turnover (US$15B daily) and valuation multiples (average P/E ratio of 22x) across Asia Pacific, supported by a tech-heavy composition, accounting for 60% of market cap. Such a density is the highest in Asia, whilst the next is Japan with merely 16%.

Meanwhile, the high retail participation, with 60% of trades by individual investors, also contributes to this vibrant market. It’s common for individuals to be highly informed, sometimes even more so than professionals, on company moves, like TSMC’s latest CAPEX plan, Tesla’s supply chain details, and which company would expand to Vietnam in the next quarter. Beyond retail, 30% of transactions come from foreign institutional investors, and 10% from local institutions, allowing a balanced investment thesis and trading momentum for the overall equity market. 

A Liquid Choice For Small-Mid Cap

It is a market particularly good for small-mid cap companies with lower than US$10 billion market cap. In larger markets like Japan, where institutional investors make up 70% of trading, trading turnover tends to be lower. Having worked as an equity researcher and fund manager for ten years before joining AppWorks, I know institutional investors often avoid smaller stocks due to the “liquidity discount.” Taiwan, however, is an exception.

Taiwan’s market includes 2,200 stocks. Among them, 900 stocks are with caps below US$100 million and 1,200 are between US$100 million to US$3 billion. These companies don’t suffer from the liquidity discount and actually trade at higher P/E multiples than larger peers in the US$3-100 billion range. Their trading turnover is robust at 280-370%, meaning market cap turnover can reach 3-4 times per year.

Comparatively, this liquidity advantage makes Taiwan a strong listing choice for companies from Southeast Asia. For companies the size of GoTo, Bukalapak, and 17LIVE, peer groups in Taiwan trade at higher P/S ratios and offer 3x (or even 20x in 17LIVE’s case) the daily liquidity. For a company like Grab, Taiwan’s trading volume is comparable at US$81 million daily, close to Nasdaq’s US$87 million. 

 

A Long History of Welcoming Companies from Outside Taiwan 

Encouraging Southeast Asian companies to list in Taiwan isn’t a new concept. Taiwan has long welcomed international companies, with strong investor interest in firms demonstrating overseas revenue and growth—an ideal fit for this small, export-driven island. After all, the majority of listed tech companies in Taiwan typically generate 70-100% of their revenue outside the country. 

In 2009, Taiwan Stock Exchange (TWSE) allowed international companies to list, and today 115 such companies are listed here (in contrast, only 17 non-Japan companies are listed on the Tokyo Stock Exchange). Among them, 40% have caps below US$100 million, 50% between US$100 million and US$1 billion, and 10% exceed US$1 billion. These companies trade at an average 28x P/E with a 240% stock turnover, showing no discount for being not a Taiwanese company.

To promote the Taiwan market, AppWorks was invited by Startup Island Taiwan (a national startup ecosystem builder under the national fund) to host a panel with TWSE in Singapore on October 29 featuring Kelvin Wee, CEO of Patec (2236.TW), and May Kao, CFO of 91APP (6741.TW). 91APP is the first SaaS company listed in Taiwan, and Patec is a Singaporean company. Kelvin kindly shared why among all options, they chose to list in Taiwan where Patec has no operation, no business, no Taiwanese shareholders or family members, back in 2015.

As Kelvin shared, “Liquidity was the key reason. Taiwan’s equity market offers excellent liquidity, allowing our shareholders favorable trading conditions. As a Singapore company and a small cap, we didn’t consider the US. We thought about China as China was a big part of our revenues, but the stock market itself is more for its own domestic story and participation.”

Strong Support for New IPO and Post-IPO Fundraising

Kelvin further emphasized Taiwan’s unique post-IPO fundraising support: “After becoming a listed company, raising equity in Taiwan is straightforward. We can also issue zero-interest convertible bonds, repay with zero interest at maturity, or let them convert. This is very unique and probably only available in the Taiwan market.”

Indeed, in 2023, IPOs raised US$1.4 billion, and post-IPO equity raises amounted to US$6 billion, with convertible bonds reaching US$1.1 billion. This 5x secondary raise ratio is consistent year after year. 

Unlike other markets where IPOs often underperform, Taiwan’s new IPOs tend to perform well, with 50% of IPOs since January 2023 (a total of 200 companies) still above their listing price after six months, and 42% and 55% at 12 and 18 months, respectively. 

If we look deeper, those that stayed above the listing price could do 2-4x the stock performance the maximum, and up 24-46% the medium performance. Those that stayed below the listing price, they went down 40-45% the worst, with down 10-20% the median. It means, new IPO still tends to gain more and suffer less if we compare to other markets. For Grab, Goto, and Bukalapak, by the 18th month, the stock price went down 70-90%. 

Join The Asian Nasdaq for Small-Mid Cap

The lackluster stock performance of Southeast Asian unicorns stems not only from their financial performance but also from the characteristics of their listing markets. Only mid-to-large-cap companies find it worthwhile to bear the effort and cost of listing in the U.S.—a path unsuitable for most Southeast Asian startups. Most Southeast Asian markets are still dominated by traditional industries, lacking a critical mass of tech stocks that would allow investors to benchmark and trade within, and justify the costs of coming to this market. Meanwhile, equity markets take decades to mature, shaped by economic growth and investor confidence, as well as stable currencies and favorable foreign investment policies to attract long-term institutional support. This is the allure of the mature market like Nasdaq and Taiwan. Taiwan’s equity market has taken 30 years to reach its current stage since the listing of TSMC and other rising tech companies.

We can proudly describe Taiwan’s equity market the “Asian Nasdaq for small-mid caps,” with a rich variety of tech sectors, including Semiconductor, Telecommunication, Electronic Distribution, Electronic Component, Electric Machinery, Computer, Software and System, Digital & Cloud, Fintech, Solar & GreenTech, and Biotech, among many others. This diversity allows tech companies clear sector positioning and benchmarking for investors.

Tech companies particularly benefit from Taiwan’s investor appetite for tech-centric investments. Taiwan offers high multiples, liquidity, funding access, and an understanding of tech companies’ intrinsic value—without penalizing them for being a small-mid cap or a non-Taiwan company. 

Listing in Taiwan could offer an immediate remedy to the bleak exit prospects facing Southeast Asian tech startups. The favorable market dynamics in Taiwan might allow Southeast Asian unicorns to benefit from stronger investment interest and greater trading liquidity. With an improved exit outlook, VC investment in tech startups in this region could receive a much-needed boost, as it currently sits at a five-year low—or even a ten-year low if we consider only equity investments. The tech winter in Southeast Asia needs just a ray of sunlight to start melting the frozen investment confidence. Perhaps it’s time to look north.

Here below we show the listing threshold. For international companies, Taiwan’s listing requirements are very friendly, particularly with no need for operations, revenues or representatives in Taiwan, and a cost-effective, streamlined process. That’s an almost opposite approach with those from Tokyo Stock Exchange and Singapore Stock Exchange. 

We hope more of you will join Taiwan’s tech landscape! 

This article is done with great support from our IR Manager, Candice Su, and our wonderful AW#29 interns: Callista Harijanto, Jeremy Sutiono, and Lily Dai.