Hermes Testing Solutions (7856) absorbed as much as NT$865.6 billion, or approximately $27.2 billion, in Taiwan’s public subscription, contributing to a sharp liquidity squeeze as the TAIEX fell 351 points to 45,511 on September 15. Main-board turnover declined to NT$629.9 billion, approximately $19.8 billion, the second-lowest level this year. The capital displacement coincided with investor caution before policy decisions by the U.S. Federal Reserve, Taiwan’s Central Bank and the Bank of Japan, as well as profit-taking after the market’s recent resilience. Hermes attracted 384,717 orders for 1,048 lots at NT$2,250 per share, producing an approximate 0.27% success rate. Based on an early trading price of about NT$4,830, a successful applicant could have a paper profit of approximately NT$2.58 million, or 114.6%. The company’s Taipei Exchange listing is scheduled for September 22. Market participants expect liquidity to recover gradually after the subscription funds are released, but say the strength of any rebound will depend on central-bank decisions and international market performance. Taiwan’s longer-term market outlook remains supported by strong corporate earnings and record export data, while August securities transaction tax revenue rose 94.5% year over year to NT$54 billion.