BackTaiwanese investors are crazy about U.S. stocks. Recommendations in the first eight months exceeded 12.8 trillion

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自由时报55 minutes agoBusiness2 min readChinaView original

Taiwanese investors are crazy about U.S. stocks. Recommendations in the first eight months exceeded 12.8 trillion

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Quick Look

According to a McKinsey report, the growth rate of stocks in global household wealth will reach 2.8 times GDP in 2025, mainly driven by the profit growth of US companies.
The transaction volume of Taiwanese investors buying and selling foreign securities through securities firms in the first eight months reached NT$12.8 trillion, an annual increase of 101%, and US stocks accounted for more than 70%.
U.S. stock transaction costs have dropped and time periods have been extended.

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Why It Matters

The article pointed out that according to a McKinsey report, the growth rate of global household wealth in stocks will reach 2.8 times GDP in 2025, mainly driven by the growth in profits of US companies. The transaction volume of foreign securities traded by Taiwanese investors through securities firms continues to rise, with U.S. stocks being the main trading market.

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He Chengzu

According to McKinsey's latest "Global Balance Sheet 2026" statistical report, in 2025, global household wealth will have the highest growth rate among all major assets, reaching 2.8 times the economic growth rate (GDP). Equity value expansion is the main factor, and valuation growth is mainly driven by the profit growth of U.S. companies. Its proportion of GDP will increase from an average of 5.9% before 2000 to 11% in 2025.

U.S. stock trading hours comparison table between Eastern Time and Taiwan time

Domestic multiple entrustment transactions have more than doubled year-on-year, with U.S. stock transactions maintaining the highest proportion, in line with the international wealth growth trend

According to statistics from the Securities Dealers Association, in the first eight months of this year, the cumulative transaction value of foreign securities purchased and sold by Chinese people through securities firms reached NT$12.8 trillion, an annual increase of 101%. Among them, U.S. stocks continued to be the mainstream trading market. The transaction volume in the first eight months was approximately NT$9.4 trillion, accounting for more than 70% compared with the same period last year. This shows that U.S. stock trading is still the core market for Taiwanese investors.

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The cost of multiple entrustment of U.S. stock transactions has been significantly reduced, and the trading hours have been extended to be in line with international standards to meet investors’ U.S. stock trading needs.

In terms of U.S. stock trading, domestic securities firms are currently offering various discounts for U.S. stock trading. Some of them have exempted themselves from the low threshold on the fee board advertising rates, or provided fee discounts, which has significantly reduced the cost for Chinese people to participate in U.S. stock trading.

Nasdaq in the United States will launch 23-hour trading in December, and domestic re-commissioned securities firms will follow suit.

At the same time, the Nasdaq Exchange in the United States is expected to implement 23 hours of night trading on December 6 this year, with an additional hour for system maintenance. Domestic re-entrusted securities firms are expected to gradually expand and extend the trading period to pre-market or after-market trading this year, gradually adjusting to 23-hour trading in line with the United States, allowing investors to formulate trading strategies for market news, company events, financial report releases and other activities in real time.

According to the latest statistics from Stefanos Bazinas, director of research and analysis at the New York Stock Exchange, in the five years to January 2025, after-hours trading volume accounted for more than 11% of the total trading volume of U.S. stocks, with the average daily trading volume exceeding 1.7 billion shares, more than double the first quarter of 2019. The overall development of the complex entrustment business and the differences in transaction costs, time periods and service functions between overseas securities firms are expected to be further narrowed, which is expected to continue to expand investors' demand for participation in multiple entrustment and US stock trading.

(The author is associate manager of the International Finance Department of China Trust Securities)

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What to Watch

AI outlook — possibilities, not facts

Domestic multiplex brokers will continue to expand trading hours this year to comply with Nasdaq’s 23-hour trading
Very likely · Within months
The after-hours trading volume of U.S. stocks will continue to grow, and its proportion in the total trading volume of U.S. stocks is expected to further increase.
Likely · Within months

Open Questions

What is the specific age distribution of Taiwanese investors trading in US stocks?
After the multi-commission trading period is extended, what will be the actual usage ratio?
After the implementation of 23-hour trading on U.S. stocks, will Taiwanese investors adjust their trading strategies?

On September 23, 2026, Taiwan's weighted index closed at 48,157.29 points, a record high. The total market value of Taiwan's stocks reached approximately US$5.3 trillion, surpassing India and becoming the fourth largest stock market in the world. The article points out that despite the surge in the value of Taiwan's stock market, structural problems such as the high proportion of foreign capital holdings and the widening gap between rich and poor in capital returns mean that the prosperity of the stock market may not translate into an increase in the wealth of all Taiwanese people. It emphasizes that rational asset allocation and long-term participation in the market are needed to allow the value created by companies to flow back to the people steadily.

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Taiwanese investors are crazy about U.S. stocks. Recommendations in the first eight months exceeded 12.8 trillion

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