| Title： |
Operating Rules of the Taiwan Stock Exchange Corporation(2023.09.05) |
| Date： |
|
|
59
|
When determining the daily price fluctuation limits for competitive auction trading of an initial listing of securities, unless otherwise provided by law, reference price shall be made to the public offering price before the listing date. Where the securities in the initial listing are already traded on the Taipei Exchange, reference shall be made to the closing price on the last trading day before the cessation of its Taipei Exchange trading.Competitive auction trading of the common stocks of a TIB listed company or a TIB primary listed company that is relisted as TWSE listed company or TWSE primary listed company, as applicable, shall refer to the auction reference price at market opening of the current session on the first day of relisting as the basis of price fluctuation limits.
When a company limited by shares or a foreign company converts its shares to another newly established company or another already TWSE listed or TWSE primary listed existing company under Chapter IV-1, the daily price fluctuation limits for an initial listing of common shares of such newly established company shall be calculated on the basis of the following reference price: the price arrived at by multiplying (the closing price on the last trading day of the common shares of the TWSE or Taipei Exchange listed company or TWSE or Taipei Exchange primary listed company whose converted common shares are anticipated to account for the greatest proportion of the anticipated issued common shares of the newly established company) by (the number of shares required for exchange of one new share);the daily price fluctuation limits for securities other than common shares of the newly established company or the already TWSE listed or TWSE primary listed existing company shall be calculated on the basis of the following reference price: the price arrived at by multiplying (the closing price on the last trading day of the TWSE listed security or Taipei Exchange listed security anticipated to account for the highest proportion of those converted into the security) by (the number of shares [or trading units] required for exchange of one share [or one trading unit] of the new security).
Where there is no closing price for the last trading day of any TWSE listed security used for the calculation of a reference price under the preceding paragraph, the price determined by the principles set out in Article 58-3, paragraph 4, subparagraph 2 herein shall be used. Where there is no closing price for the last trading day of the Taipei Exchange listed security used for the calculation of reference price referred to in paragraph 1 or 2, the basis price for the opening of trading on the next day, determined in accordance with the provisions of the GreTai Securities Market Rules Governing Securities Trading on the Taipei Exchange, shall be used.
The daily price fluctuation limits on initial listings of new capital stock, certificates evidencing right to subscribe to new shares, and certificate evidencing payment shall be determined with reference to the closing price of the old shares on the previous business day minus the value difference on rights; provided where the difference on rights cannot be determined, the price fluctuation limit shall be determined with reference to the closing price of the old shares on the previous business day. Where there is no closing price for the old shares on the previous business day, the price determined by the principles set out in Article 58-3, paragraph 4, subparagraph 2 herein shall be used.
|
|
63
|
The daily price fluctuation limits of securities, unless otherwise approved by the Competent Authority, shall be 10 percent above and below the auction reference price at market opening of the current trading session for stocks, and 5 percent above and below the auction reference price at market opening of the current trading session for bonds; provided, however, that if the price fluctuation limit is less than the minimum tick size, the minimum tick size shall be the price fluctuation limit, and the price may not fall lower than the minimum tick size.
For newly TWSE listed common stocks other than those converted from Taipei Exchange listed stocks to TWSE listed stocks, there will be no price fluctuation limit imposed for the 5 trading days beginning from the listing date, and the minimum price shall be one cent.
Paragraph 1 shall apply mutatis mutandis to price fluctuation limits for trading of the common stocks of a TIB listed company or a TIB primary listed company that are relisted as TWSE common stocks.
|
|
79-2
|
When a securities firm is consigned to purchase securities at the TIB, its principal must be a qualified investor and the purpose is limited to a company repurchasing its shares pursuant to law.
For purpose of the preceding paragraph, a qualified invetor refers to a principal who meets one of the following conditions:
- Is a professional institutional investor, or a juristic person with at least one year's experience in securities exchange.
- Is a venture capital enterprise established pursuant to laws.
- Is a juristic person having obtained by negotiated sale securities initially listed on the TIB.
- Is a natural person with two or more years of investment experience in participation in securities exchange who has met one of the following conditions:
- Is able to prove a financial strength of NT$ 2 million or more.
- Has an average annual income of NT$1 million or more during the most recent two years.
|