Taiwan Jurisdiction: A Corporate/M&A Overview
Current Economic Conditions Affecting Clients and the Legal Profession: Cross-Border/Domestic M&A Trends
Current global economic conditions continue to exert a significant influence on clients’ strategic decision-making and on the legal profession, in the context of both cross-border and domestic M&A activity in Taiwan Jurisdiction (“Taiwan”). Heightened geopolitical uncertainty remains a central factor, driven in part by concerns over US trade policy. These developments, combined with ongoing global tensions, have prompted enterprises to reassess supply chains, investment structures and jurisdictional risk exposure.
As a result, many clients have accelerated corporate restructuring initiatives or acquisition strategies aimed at enhancing operational resilience and geographic diversification. For Taiwan-based companies, outbound M&A has increasingly been viewed as a strategic tool to mitigate geopolitical concentration risk, secure access to overseas technologies and markets, and establish alternative production or distribution platforms. At the same time, domestic M&A activity remains active, supported by industry consolidation, succession planning considerations, and a growing need for financial and operational scale.
These economic and structural dynamics have placed greater emphasis on sophisticated legal advice across multiple dimensions, including transaction structuring, regulatory compliance, tax planning and cross-border co-ordination. For the legal profession, the current environment underscores the importance of delivering integrated, forward-looking counsel that not only facilitates deal execution, but also assists clients in navigating political risk and evolving global trade dynamics within an increasingly complex and interconnected M&A landscape.
The Level of Activity, Trends and Developments in Taiwan: Consolidation and Global Integration
The 2024–25 cycle marks a more mature and sophisticated phase in Taiwan’s M&A landscape, characterised by a shift from opportunistic transactions towards industry consolidation and strategic integration. The level of activity, prevailing trends and recent developments may be observed through three defining pillars: financial and operational scaling, outbound technology and market expansion, and regulatory gatekeeping.
Financial/operational scaling
Domestic consolidation has reached a peak in several sectors, most notably in financial services. High-profile transactions such as Taishin Financial Holding’s merger with Shin Kong Financial Holding and SinoPac Financial Holding’s acquisition of King’s Town Bank reflect a broader trend towards scale-driven integration. At the same time, the failed hostile takeover attempt by CTBC Financial Holding of Shin Kong Financial provided a critical regulatory signal. Intervention by the Financial Supervisory Commission (FSC) reaffirmed a clear policy stance that hostile takeovers in the financial sector – particularly those relying on share-swap structures without prior stakeholder consensus – face substantial regulatory resistance in favour of market stability and sound governance.
Outside the financial sector, M&A transactions have increasingly focused on operational scaling and business model transformation. Uni-President’s acquisition of Yahoo Taiwan exemplifies this trend, as the transaction was aimed at integrating traditional retail operations with digital platforms and data-driven ecosystems. Such deals illustrate that, in Taiwan, scaling is no longer defined solely by asset size or market share but by the ability to achieve operational synergies, technological integration and sustainable competitive advantage.
Outbound tech/market expansion
Taiwanese enterprises are actively pursuing outbound M&A to reduce geopolitical concentration risk and deepen their participation in global value chains.
In the semiconductor sector, Asmedia’s acquisition of Techpoint reflects a deliberate pivot towards automotive and security-related intellectual property. In manufacturing, companies such as YAGEO and Fusheng Applied have utilised tender offers to consolidate global component markets and industrial tool sectors, strengthening their international presence and supply chain resilience. In the biotech industry, Bora Pharmaceuticals’ acquisition of Tanvex Bio resulted in the creation of a cross-jurisdictional contract development and manufacturing organisation (CDMO) platform.
These transactions demonstrate that outbound M&A by Taiwanese companies has evolved to a more deliberate strategy focused on technology positioning, market access and cross-border operational integration.
Regulatory gatekeeping
Taiwan remains a fertile yet nuanced ground for M&A activity. Successful transactions require navigating a stability-first regulatory gatekeeping framework while leveraging the island’s strong corporate balance sheets and capital availability for global expansion. “Deal certainty” in Taiwan has become synonymous with strategic regulatory diplomacy and cultural alignment. The former, in particular, calls for guidance from sophisticated local experts capable of engaging effectively with regulators, anticipating policy sensitivities and aligning transaction structures with prevailing regulatory expectations.
New Developments in the Regulatory Landscape for M&A
Below are certain key new developments in Taiwan’s regulatory landscape in relation to M&A.
Tax incentives for “industrial holding companies”
To incentivise enterprise consolidation through the establishment of industrial holding companies, the Executive Yuan proposed draft amendments to the Business Mergers and Acquisitions Act (the “M&A Act”) in August 2025. The proposed amendments aim to facilitate operational integration and enhance overall competitiveness.
Under the proposed framework, a tax deferral mechanism would be introduced. Within five years following the effectiveness of the amendments, where an industrial holding company (as recognised by the National Development Council) acquires another company as its wholly owned subsidiary through a share swap, and where certain statutory conditions are satisfied, shareholders of the acquired company may elect to defer securities transaction income tax otherwise arising from such share exchange. The deferred tax would become payable upon the subsequent disposal of the shares received. This proposed incentive regime remains subject to approval by the Legislative Yuan.
New amendments in relation to mergers and acquisitions of “financial holding company”
In response to recent consolidation trends among financial institutions, on 25 November 2025 the FSC announced amendments to the Regulations Governing the Investing Activities of a Financial Holding Company. The amendments introduce several requirements, including (i) increasing the minimum shareholding threshold for an initial investment from 10% to 25%, and (ii) requiring that consideration for a financial holding company’s initial investment in a public company through a tender offer be paid entirely in cash. Through these measures, the FSC aims to reduce uncertainty and better manage risks associated with M&A involving financial holding companies.
Refine outbound investment review to prevent leakage of critical technologies
Amendments to the Industrial Innovation Statute came into effect on 7 May 2025. In line with global trends towards the protection of critical technologies, these amendments strengthen the regulatory framework governing outbound investments by domestic companies. Under the revised regime, not only outbound investments meeting prescribed transaction value thresholds, but also investments involving designated countries or territories, or specified industries or technologies, are subject to prior approval by the competent authority. When reviewing, the authority will assess, among other factors, the potential impact of the proposed investment on national security and economic development.
Potential Regulatory Hurdles and Mitigation Strategies
In both inbound and outbound M&A involving Taiwan, approval from the Department of Investment Review, Ministry of Economic Affairs (DIR) is often required and, in many cases, constitutes the most critical regulatory condition precedent.
Inbound M&A transactions
In inbound transactions, a threshold issue in the DIR review process is the classification of non-Taiwan investors as either China (PRC) investors or foreign investors. PRC investors are permitted to invest only in Taiwanese companies whose business activities fall entirely within items specified on the positive list promulgated by the Ministry of Economic Affairs (MOEA). Due to the unique political relationship between Taiwan and the PRC, even transactions that technically fall within the positive list may be subject to heightened scrutiny, increased uncertainty or extended review timelines.
Accordingly, prior to entering into an M&A transaction, it is essential to conduct a comprehensive assessment, including PRC shareholding ratios, ultimate beneficial ownership and the nationality of directors and key officers. Early identification and mitigation of PRC investor characterisation risks can materially improve approval prospects.
Outbound M&A transactions
In outbound transactions, key considerations include whether any PRC company is involved within the invested group and the nature of the technologies concerned. Where a PRC company participates, it must not engage in any business activities falling within the negative list promulgated by the MOEA. In addition, if the technology of the target company or group falls within Taiwan’s national core key technologies list promulgated by the National Science and Technology Council (NSTC), obtaining DIR approval will be significantly more challenging. This list currently covers 32 categories, and proposed amendments announced in December 2025 would expand the scope to 44 categories.
Protection of critical technologies has become an increasingly central focus of the DIR review process. Investors are therefore advised to conduct fact-specific assessments at an early stage, and to plan transaction structures, timelines and regulatory strategies well in advance, with the assistance of sophisticated local experts.
影響客戶與法律專業的當前經濟環境：跨境與臺灣本地併購趨勢
當前全球經濟情勢持續深刻影響客戶的策略決策，亦對法律專業產生重大影響，特別體現在跨境及臺灣本地之併購活動。地緣政治不確定性依然存在，其中包括對美國貿易政策的憂慮。此外，美中臺關係持續緊張，亦促使企業重新檢視其供應鏈配置、投資架構及司法管轄風險。
在此背景下，許多企業加速推動公司重組或併購布局，以提升營運韌性與分散地域風險。對臺灣企業而言，對外併購已逐漸成為降低地緣政治集中風險、取得海外技術與市場，以及建立替代性平台的重要策略。同時，國內併購活動亦持續活躍，主要動能來自產業整併、接班規劃需求，以及追求財務與營運規模及效率的提升。
基於上述因素，企業對於交易架構設計、法規遵循、稅務規劃及跨境合作等多面向法律服務的需求顯著提升。對法律專業而言，當前環境更加突顯提供整合性及前瞻性法律建議的重要性，不僅協助交易完成，更須協助客戶因應政治風險及快速變動的全球貿易環境。
臺灣併購活動之趨勢與發展：整併與全球整合
2024至2025年期間，臺灣併購市場進入更成熟的階段，交易型態轉向產業整併與策略性整合。其可歸納為三大支柱：財務與營運擴張、對外科技與市場布局，以及法規監理。
財務／營運擴張
國內多個產業的整併在2004至2025年達到高峰，尤以金融業最為明顯。台新金控與新光金控之合併，及永豐金控併購京城銀行，均反映出以規模為導向的整合趨勢。在此同時，中信金控對新光金控之非合意併購嘗試未果，則清楚反映主管機關立場：在金融產業中，未取得利害關係人共識、且以換股為主的非合意併購，將面臨高度法規阻力，以維市場穩定與公司治理。
非金融產業方面，併購重點亦轉向營運規模擴張與商業模式轉型，例如統一併購 Yahoo台灣，目的在於整合實體零售、數位平台與數據生態系。此類交易顯示，在臺灣，規模已不再僅以資產或市占率衡量，而更重視營運綜效、科技整合與長期競爭力。
對外科技／市場布局
臺灣企業亦積極透過對外併購，降低地緣政治風險並深化全球價值鏈。
例如半導體產業中，祥碩科技併購 Techpoint，著眼於車用與資安相關智慧財產；製造業方面，國巨與復盛應用均透過公開收購強化其全球布局；生技產業中，保瑞藥業併購 Tanvex Bio，打造橫跨美臺的CDMO平台。
整體而言，對外併購已轉為聚焦科技定位、市場進入與跨境營運整合的策略行為。
法規監理
臺灣併購市場具高度發展潛力，惟其法規環境與實務運作相對細緻且需審慎因應。交易成功與否，關鍵在於在「穩定優先」的法規框架下，結合企業雄厚資本實力進行全球布局。其中「交易確定性」尤須仰賴熟悉政策脈動、能有效與主管機關溝通的在地專業顧問。
臺灣併購法規環境之最新發展
以下為臺灣併購相關法規之若干重要新發展。
產業控股公司之稅負誘因
為鼓勵企業透過設立產業控股公司進行整併，行政院於2025年8月提出《企業併購法》修正草案，旨在促進營運整合並提升整體競爭力。
依修正草案引入稅負遞延機制。於修法生效後五年內，經國發會認定之產業控股公司，若以股份轉換方式取得他公司（被併公司）100%股份，且符合相關法定要件者，被併公司股東得選擇遞延課徵因該股份轉換所生之證券交易所得稅；該遞延稅負將於日後處分所取得股份時始行課徵。上述草案仍待立法院審議通過。
金融控股公司併購相關之新修正
因應金融機構整併趨勢，金管會於2025年11月25日公告修正《金融控股公司投資管理辦法》。此修正引入多項重要規範，包括：（一）將首次投資之最低持股比例由10%提高至25%；及（二）金融控股公司以公開收購方式投資公發公司時，其對價須全數為現金。金管會旨在降低交易不確定性，並強化對金融控股公司併購風險之控管。
強化對外投資審查以防止關鍵技術外流
《產業創新條例》修正案已於2025年5月7日正式施行。配合全球對關鍵技術保護趨勢，該修正進一步強化國內企業對外投資之監理架構。依修正後規定，除達一定交易金額門檻之對外投資外，凡涉及特定國家或地區，或特定產業或技術類型之投資案件，均須事前取得主管機關核准。於審查過程中，主管機關將綜合評估投資案對國家安全及經濟發展所可能產生之影響。
潛在法規障礙與因應策略
在涉及臺灣之對內及對外併購交易中，取得經濟部投資審議司核准在多數情況下構成最關鍵的法規先決條件。
對內併購交易
於對內併購案件中，投審司審查之門檻問題之一，在於非本國投資人是否被認定為陸資。依現行規定，陸資僅得投資其營業項目完全符合經濟部正面表列之臺灣公司。惟鑑於臺灣與大陸之特殊政治關係，即便交易形式上符合正面表列，實務上仍可能面臨更高強度之審查、不確定性提高，或審查期間延長。
故在進行併購交易前，應就非本國投資人是否涉及陸資進行全面評估，包括陸資持股比例、最終受益人結構，以及董事及高階管理人員之國籍等。及早辨識並妥善降低被認定為陸資之風險，將有助於提升投審司核准之可能性。
對外併購交易
於對外併購案件中，投審司審查重點包括投資架構中是否涉及陸資企業，以及交易所涉之技術。如標的公司集團內含有大陸子公司，其不得從事任何落入經濟部負面表列之營業活動；另如標的公司或其所屬集團之技術涉及國科會公告之國家核心關鍵技術，則取得投審司核准之難度將顯著提高。現行核心關鍵技術清單涵蓋32類，國科會並已於2025年12月公告修正方向，擬將範圍擴增至44類。
關鍵技術保護已成為投審司程序中日益核心的審查重點。投資人宜於交易初期即進行具體且個案化的評估，並在具備高度經驗與政策敏感度之臺灣專業顧問協助下，提前規劃交易架構、時程安排及整體法規策略，以提高交易成功機率。