Serial System (S69.SG) down 6.5% at $0.145 as electronic components distributor’s bid to list in Taiwan turned down by Taiwan Stock Exchange.

“It’s a bit odd, considering the proposal was already approved by the Taiwan Central Bank. It will be interesting to know why the exchange rejected it,” says local house trader.

Serial didn’t disclose reason for TSE’s decision, but will be submitting another application to list TDRs. Stock valuation expected to get boost if listing successful as tech shares in Taiwan tend to trade at higher valuations than Singapore peers.