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Article 12
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Bidders that participate in a public tender shall, following the prescribed format (see Attachment 1), fill in the bid form and transmit it by means of the Internet to the Underwritten Securities Competitive Auction System, or they may do so through the terminals installed at the place of business of the headquarters or a branch of the securities firm where they opened their account.
For the bid processing fee and bid deposit that a bidder is required to pay under the public announcement provisions of Article 9, the securities broker shall notify the bank to deduct the funds from the bidder's bank account on the date set under Article 33 or 34.
After the bidder has submitted a bid, the bid form may not be withdrawn or changed.
The securities underwriter may collect an award processing fee from a successful bidder, and the provisions of paragraph 2 shall apply mutatis mutandis.
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Article 17
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In the underwriting of securities undertaken partly by competitive auction and partly by public subscription, when the total number of securities awarded by competitive auction reaches the full amount available for allocation, the offering price of those units allocated by public subscription and those retained by the underwriter for its own account shall be computed as the weighted average of the bid price of all successful bids (decimals beyond cents shall be rounded up or down), and shall be capped at a certain multiple of the minimum offering price set under Article 8, paragraph 1, subparagraph 2.
The certain multiple referred to in the preceding paragraph shall be determined by negotiation between the underwriting syndicate and the issuing company, but may not exceed a multiple of 1.3.
With the exception of secondary distribution cases or where otherwise provided under law, the price at which the security opens on its first day of listing shall be the price underwritten for public subscription as determined in the preceding paragraph.
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Article 18
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In the underwriting of securities by competitive auction, if the total number of securities bid for is insufficient to cover the number of securities offered through competitive auction, then the minimum offering price, as prescribed by Article 8 paragraph 1 subparagraph 2, shall serve as the offering price for those securities that remain unallocated after competitive auction, those securities retained by the underwriter for its own account, and those securities allocated through public subscription. Units that remain unsubscribed after conclusion of competitive auction shall be allocated as prescribed by Article 8 paragraph 1 subparagraph 6.
Except for the underwriting of a secondary distribution or of a capital increase by listed or OTC companies involving a cash capital increase, the price at which the security opens on its first day of listing shall be the offering price set forth under the preceding paragraph.
In an underwriting case involving an initial listing of shares on a stock exchange or an OTC market conducted by competitive auction, if the total number of securities bid for in valid bids is insufficient to cover the all the securities put up through the competitive auction in question, the TWSE will not conduct the opening of bids.
In an underwriting case under the preceding paragraph, if there is to be newly conducted any competitive auction or book building or public subscription, this fact must be stated when making the respective filing with the Taiwan Securities Association in accordance with Articles 8 and 9, 23, 24, or 53.
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