If a foreign issuer that applies for a TWSE primary stock listing complies with all listing requirements specified in Article 28-1, but any of the circumstances listed below exists at that foreign issuer or any controlled company thereof, and the TWSE deems the listing inappropriate, the TWSE need not approve its stock listing:
- Any circumstance having a serious impact on the company's financial or business condition, or sufficient to cause its dissolution or changes to its organization or capital, or it acts deceptively or illegally such that the post-listing price of its securities is affected, with a likelihood of affecting market order or harming the public interest.
- Its finances or operations cannot be independently and clearly distinguished from those of another person.
- Any material non arms-length transaction has occurred and has not been corrected.
- The applicant company or any controlled company thereof, or any incumbent director, supervisor, general manager or de facto responsible person of any of those companies, has acted in violation of the principle of good faith in the most recent three years.
- There has been serious deterioration in the applicant company's business operation.
- Any of the applicant company's board of directors are unable to independently exercise their functions.
- The TWSE deems listing inappropriate for any other reason related to the scope or nature of the enterprise or any other special circumstance.