Modernity Financial Holdings, the Cayman Islands-incorporated parent of MaiCoin Group and MAX Exchange, filed on Sept. 9 for a primary listing on the Taiwan Stock Exchange’s Innovation Board, according to an exchange notice. The company, under proposed ticker 7903, was the fifth business to apply for an Innovation Board listing this year.
The holding company sits above MaiCoin Group’s main businesses, including MAX Exchange, the MaiCoin trading platform, AMIS account-link network services, and the Qubic wallet.
Prospectus shows 2025 revenue and losses
A summary of the prospectus showed 2025 operating revenue of NT$521.659 million and a pre-tax net loss of NT$466.499 million. Post-tax loss per share came to NT$20.32. At the time of filing, paid-in capital stood at NT$588 million and net worth at NT$1.837 billion.
The underwriters are SinoPac Securities and Taiwan Cooperative Securities. SinoPac Securities is also serving as the stock transfer agent. The certifying accountants are Chiu Chi-Sheng and Cheng Hsiang-Yu of Crowe Taiwan, while the legal opinion was issued by attorney Hsiung Chuan-Ti of Lee and Li.
The filing stated that 100% of the company’s 2025 sales were domestic and 0% came from exports, indicating that its business was entirely in Taiwan during the period disclosed.
Innovation Board review centers on market value, not profitability
Taiwan’s Innovation Board uses market capitalization as the core listing threshold, together with financial standards tied to operating revenue or working capital. It does not impose the same profitability requirement as the main board, allowing companies that are not yet profitable to apply.
Applicants still need to pass an innovation review. That review looks at whether a company fits industrial development strategy and whether it has key core technology or an innovative operating model.
Another rule change took effect after last year’s revision. Since Jan. 6, 2025, the Innovation Board has fully removed the qualified-investor restriction, which means retail investors can now trade Innovation Board shares. If Modernity Financial Holdings completes the listing process, ordinary investors would be able to buy the stock without any special qualification requirement.
FSC had rejected a Union Bank investment in May
In May this year, Taiwan’s Financial Supervisory Commission rejected Union Bank of Taiwan’s application to invest directly in Modernity Financial Holdings, citing that the offshore holding company lacked operating substance and did not meet Banking Act requirements.
Under the earlier proposal, Union Bank planned to invest $27.817 million to acquire 5.357 million shares. Combined with an existing stake held by Union Venture Capital, the total holding would have reached 9.67%. The transaction was later taken over by a related enterprise tied to a major shareholder in a personal capacity.
BlockTempo said the standards for a bank investment review and an Innovation Board listing review are different. Article 74 of the Banking Act governs whether a bank may invest and requires the target to have operating substance. The Innovation Board, by contrast, examines the group’s innovation profile, market value, and financial thresholds, so the holding company’s lack of direct operations does not by itself block the listing application.
Group structure spans 12 operating entities across six jurisdictions
The prospectus listed 12 operating entities. At one address — 34F, No. 68, Section 5, Zhongxiao East Road, Xinyi District, Taipei — three companies are registered: Modernity Financial Technology, AMIS Network Technology, and Hengzhen. Three other entities using the "Heng" naming series are spread across Taipei’s Da’an and Zhongzheng districts.
Outside Taiwan, MaiCoin Technologies is registered in Samoa and has a branch in Taiwan. Fintech Foundry is registered in the British Virgin Islands. Modernity Technologies has entities in Palo Alto, California, and Singapore. The group also includes Shenzhen Mailian Technology in China. Including the Cayman Islands holding parent, the corporate structure spans six jurisdictions.
Shareholding structure and next steps
As of Aug. 10, 2026, chairman Liu Shih-Wei held 28.65% of the company, while CT Investment Limited held 11.10%. All directors combined held 40.76%.
Management ownership was lower. Chief Technology Officer Lin Yu-Te held 1.61%, President and spokesperson Chen Ming-Hui held 0.48%, and Chief Strategy Officer Lee Kun-Ying held 0.31%. Independent directors Chen Mei-Ling, Hsieh Ming-Hua, and Lee Hsiang-Chen each held 0%.
The filing is only the first step. The case now moves into the Taiwan Stock Exchange’s listing review committee process. BlockTempo noted that another Innovation Board applicant this year, Mega Chieh Technology International, filed on July 16 and passed review on Aug. 26, a gap of 41 days.
BlockTempo had previously reported that industry estimates put the floor price for a sale of MaiCoin Group at more than NT$10 billion. At that time, the market view cited in the report was that if merger talks failed, the group would push for an IPO instead. Taiwan currently has no virtual asset trading platform listed on its centralized stock market. If this case is approved, ticker 7903 would become the first crypto company to reach the board.
Key questions
Which board is the company applying to join?
Modernity Financial Holdings is applying for a primary listing on Taiwan’s Innovation Board. The board is centered on market capitalization and does not require profitability in the same way as the main board, though applicants must still clear the innovation review.
Can a loss-making company still list?
Under the current rules, yes. The Innovation Board focuses on market value, revenue or working capital thresholds, along with the innovation review and listing committee process. Modernity Financial Holdings disclosed 2025 revenue of NT$521.659 million and a pre-tax net loss of NT$466.499 million.