{"id":2102,"date":"2025-07-15T09:18:17","date_gmt":"2025-07-15T01:18:17","guid":{"rendered":"https:\/\/www.starlinksecurities.com.tw\/%e6%89%bf%e9%8a%b7%e6%a5%ad%e5%8b%99%e9%83%a8\/"},"modified":"2025-07-16T11:52:34","modified_gmt":"2025-07-16T03:52:34","slug":"underwriting-business-department","status":"publish","type":"post","link":"https:\/\/www.starlinksecurities.com.tw\/en\/underwriting-business-department\/","title":{"rendered":"Underwriting Business Department"},"content":{"rendered":"\t\t
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\n\t\t\t\t\tSecurities Underwriting: Domestic vs Foreign Practices<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\n\t\t\t\t\tSecurities Underwriting: Domestic vs Foreign Practices<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\n\t\t\t\t\tWhat is Securities Underwriting?<\/span>\t\t\t\t<\/div>\n\t\t
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Definition<\/span><\/p>

Securities underwriting refers to the process where securities firms assist companies in issuing new stocks or bonds and help them raise funds. Underwriters help determine pricing, sales strategy, and even bear the risk of unsold securities.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Main Functions<\/span><\/p>

  • Assist companies in raising capital<\/span><\/span><\/li>
  • Enhance corporate visibility<\/span><\/span>
    <\/li>
  • Promote the development and liquidity of the capital market<\/span><\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    \n\t\t\t\t\tTypes of Underwriting<\/span>\t\t\t\t<\/div>\n\t\t\t\t
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    Firm Commitment<\/span><\/p>

    The underwriter purchases all newly issued securities outright. This carries higher risk but ensures the company receives full funding.<\/span><\/p>

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    Best Efforts<\/span><\/p>

    The underwriter only assists in selling securities and does not guarantee that all will be sold. Unsold portions are borne by the issuing company.<\/span><\/p>

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    Stand-by Underwriting<\/span><\/p>

    Commonly used in cash capital increases, the underwriter agrees to purchase any unsubscribed shares after public offering.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

    \n\t\t\t\t\tEach type represents a different level of risk and commitment between the underwriter and the issuing company.<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    \n\t\t\t\t\tSimplified Underwriting Process<\/span>\t\t\t\t<\/div>\n\t\t\t\t
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    Signing the Underwriting Agreement<\/span>
    The issuer and the underwriter agree on cooperation terms and responsibilities.<\/span><\/p>

    Due Diligence<\/span>
    The underwriter conducts an in-depth review of the company’s finances, operations, and risks to ensure complete disclosure.<\/span><\/p>

    Setting Issuance Conditions<\/span>
    Including price, quantity, and issuance schedule.<\/span><\/p>

    Investor Roadshow<\/span>
    Presenting the company and issuance plan to potential investors to attract interest.<\/span><\/p>

    Subscription Period<\/span>
    Investors place orders; the underwriter coordinates and allocates shares.<\/span><\/p>

    Listing or Official Issuance<\/span>
    After completion, the company receives the raised funds.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\tComparison: Domestic vs Foreign Underwriting<\/span>\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\t\tComparison: Domestic vs Foreign Underwriting<\/span>\t\t\t\t<\/div>\n\t\t
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    Item<\/span><\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Taiwan<\/span><\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    United States<\/span><\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Underwriting Type<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Primarily stand-by<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Primarily firm commitment<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Price Determination<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Public offering, regulatory approval<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Market demand pricing<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Investor Structure<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    High retail investor ratio<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Predominantly institutional investors<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Regulation Level<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Strict regulations<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    High level of liberalization<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Green Shoe Option<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Common (especially large IPOs)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Widely used<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\tIPO Process: Preparation & Documentation<\/span>\t\t\t\t<\/div>\n\t\t
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    Preparation and Evaluation<\/span><\/p>

    • Review corporate governance and financial structure<\/span><\/span><\/li>
    • Negotiate with lead underwriter<\/span><\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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      Document Preparation<\/span><\/p>

      • Prepare audit reports, financial statements, legal opinions<\/span><\/li>
      • Organize listing application documents<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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        Regulatory Review<\/span><\/p>

        • Submit to the Financial Supervisory Commission or stock exchange<\/span><\/li>
        • Respond to feedback and revise documents<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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          The preparation phase is critical and often takes 6-12 months of intensive work before public announcement.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

          \n\t\t\t\t\tIPO Process: Market Entry & Listing<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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          Market Promotion (Roadshow)<\/span><\/p>

          Communicate with potential institutional and retail investors<\/span>
          Collect market demand (Book Building)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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          Pricing and Allocation<\/span><\/p>

          Determine price based on demand and market conditions<\/span>
          Decide allocation ratio between retail and institutional investors<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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          Listing<\/span><\/p>

          Officially start trading<\/span>
          Funds raised enter secondary market circulation<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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          \n\t\t\t\t\tUnderwriting Fee Structure<\/span>\t\t\t\t<\/div>\n\t\t\t\t
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          Cost Components<\/span><\/p>

          • Basic expenses: due diligence, legal advisory, audit fees<\/span><\/li>
          • Underwriting commission: around 2%\u20135% in Taiwan; 5%\u20137% in the US<\/span><\/li>
          • Marketing and administrative expenses: roadshows, promotional activities, etc.<\/span><\/li><\/ul>

            Example Calculation<\/span><\/p>

            Assuming a total issuance of NT$2 billion, with an underwriting fee of 3%:<\/span>
            NT$2 billion \u00d73% = NT$60 million<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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            \n\t\t\t\t\tMarket Differences: Taiwan vs. United States<\/span>\t\t\t\t<\/div>\n\t\t
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            Taiwan Market Characteristics<\/span><\/p>

            • Emphasizes regulation and retail investor protection<\/span><\/span><\/li>
            • Pricing often subject to review and public offering mechanisms<\/span><\/span><\/li>
            • Higher proportion of individual investors<\/span><\/span>
              <\/li>
            • Stand-by underwriting more common<\/span><\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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              US Market Characteristics<\/span><\/p>

              • Highly liberalized market structure<\/span><\/li>
              • Pricing driven primarily by market demand<\/span><\/li>
              • Dominated by institutional investors<\/span><\/li>
              • Firm commitment underwriting prevalent<\/span><\/li>
              • Higher underwriting fees (5-7%)<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
                \n\t\t\t\t\tWhile IPO processes are similar across markets, strategies for promotion, pricing, and risk allocation differ significantly based on market structure and regulatory environment.<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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                \n\t\t\t\t\tKey Takeaways<\/span>\t\t\t\t<\/div>\n\t\t
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                Underwriting is Critical for Capital Markets<\/span><\/p>

                Securities underwriting serves as a vital bridge between companies seeking capital and investors looking for opportunities, enhancing market liquidity and corporate development.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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                Different Models Serve Different Needs<\/span><\/p>

                Firm commitment, best efforts, and stand-by underwriting each serve different risk profiles and market conditions.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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                Market Structure Influences Process<\/span><\/p>

                Taiwan’s regulated market with retail focus contrasts with the US’s institutional-dominated, liberalized approach, affecting pricing, allocation, and fee structures.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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                IPO Process Requires Extensive Preparation<\/span><\/p>

                Successful public offerings demand months of preparation, documentation, regulatory compliance, and strategic marketing to investors.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

                Securities Underwriting: Domestic vs Foreign Practices Securities Underwriting: Domestic vs Foreign Practices What is Securities Underwriting? Definition Securities underwriting refers […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2102","post","type-post","status-publish","format-standard","hentry","category--en"],"_links":{"self":[{"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/posts\/2102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/comments?post=2102"}],"version-history":[{"count":34,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/posts\/2102\/revisions"}],"predecessor-version":[{"id":2143,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/posts\/2102\/revisions\/2143"}],"wp:attachment":[{"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/media?parent=2102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/categories?post=2102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.starlinksecurities.com.tw\/en\/wp-json\/wp\/v2\/tags?post=2102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}