MAX (MAX) Parent Modernity Wealth Files for Taipei Listing With NT$466M Loss on Record

Taipei Exchange Filing Exposes NT$466M Loss

Modernity Wealth Holding, the Cayman Islands-incorporated parent of Taiwan's MAX exchange and the MaiCoin trading platform, has applied for a listing on the Taipei Exchange's innovation board, and the draft prospectus behind the filing puts the group's 2025 pre-tax net loss at NT$466.5 million against revenue of NT$521.7 million. The exchange accepted the application on September 9, assigning the holding company the would-be ticker 7903. The draft, printed on September 8, travels well beyond the financials the group had previously circulated: it itemizes the enforcement record of the operating entity, the distressed balance sheet of a technology subsidiary, the risks tied to Taiwan's pending licensing overhaul, and the full shareholder register. The most consequential disclosure concerns Modernity FinTech, the unit that runs MAX and MaiCoin day to day. On November 25, 2024, Taiwan's Financial Supervisory Commission fined it NT$1.5 million for anti-money-laundering failures spanning customer identification, enhanced due diligence, suspicious-activity monitoring, risk-tiered surveillance thresholds and the handling of suspicious transaction reports. A legal opinion attached to the filing states the company has completed corrective measures and that no material adverse impact should follow. The document is equally direct on regulatory risk. Taiwan promulgated its Virtual Asset Service Law on July 22, 2026, and once it takes effect, operators will shift from the current registration system to a licensing regime, bringing new capital, guarantee-deposit, personnel-qualification and disclosure requirements. The company estimates the implementing sub-regulations will take at least six months from promulgation to finalize, and says it has installed a dedicated chief compliance officer and completed an internal capital adequacy assessment ahead of the transition.

Hi-Life and Far EasTone Hold 11% as Subsidiary Sinks

The ownership map is where the filing gets granular. As of August 10, 2026, the group had 58.81 million shares outstanding, with chairman Liu Shih-wei holding 28.65% and the top ten shareholders a combined 69.98%. Two names stand out: convenience-store operator Hi-Life International is the third-largest holder at 6.26%, and telecom Far EasTone holds 4.73% — roughly 11% between them — alongside venture backers Zhen Partners Fund II at 5.20% and Ceyuan Ventures III at 3.34%. Notably, Hi-Life left its allocation blank in all three cash capital raises across 2024, 2025 and 2026. Employee stock options add another dilution layer: 5,112,428 units issued in December 2025, equal to 8.69% of shares outstanding, of which 4,295,307 had been exercised by June 30, 2026. Early batches carry strike prices between $0.05 and $0.7321, a 2021 cohort at $2.66 — and some award batches at just $0.001 — versus a Pre-IPO subscription price of $5.41 per share. The group's blockchain arm looks shakier. ChangLian Network Technology, the grandson company operating the AMIS brand, had accumulated losses exceeding paid-in capital and liabilities larger than assets as of June 30, 2025, and was fined NT$20,000 because its board had not petitioned for bankruptcy under the Company Act. The parent has submitted a financial support commitment and a 2026 operational improvement plan. AMIS still matters strategically: banks including Federal Bank and CTBC use its cold wallet solution — built around hierarchical deterministic (HD) wallet structures that safeguard private keys — and it handles node operation and wallet management for institutional clients. The prospectus also defends a claimed market share near 68%, but that math compares MAX turnover of $21.3 billion only against BitoPro's $10.04 billion from January 2024 through August 2026, excluding every other registered operator and offshore venue; it concedes volumes are already correcting with the bear market cycle. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

Licensing Bar Is the Real Test

Our reading is that this IPO is fundamentally a bet on compliance readiness rather than near-term growth. The draft prospectus published on the Taipei Exchange's disclosure system itself ranks the regulatory transition as the industry's top risk, with the Travel Rule — requiring verification and transmission of sender and recipient information — phasing in for domestic transfers from October. If MAX clears the licensing bar while thinner rivals fall away, its 68% share claim becomes more defensible; offshore venues serving Taiwanese users, absent from that calculation, remain the wildcard. For anyone benchmarking venues, the regulatory perimeter now matters as much as volume rankings across the best crypto exchanges.