|
Article 3
|
The expression "an irregularity in the percentage of increase or decrease in the closing price of a security between the initial and final business days of the most recent period" as used in Article 4, paragraph 1, subparagraph 2 of the Directions shall mean that the particular security meets any one of the following conditions on a given day:
- The percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 30 business days (inclusive of the given day) exceeds 100 percent, while meeting one of the two following conditions:
- The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities by 85 percent or more, as calculated in accordance with this subparagraph, while the closing price for the day is also above the opening reference price.
- The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities by 85 percent or more, as calculated in accordance with this subparagraph, while the closing price for the day is also below the opening reference price.
- When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 60 business days (inclusive of the given day) exceeds 130 percent, while conforming to one of the two following conditions:
- The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 110 percent or more, while the closing price for the day is also above the opening reference price.
- The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 110 percent or more, while the closing price for the day is also below the opening reference price.
- When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent 90 business days (inclusive of the given day) exceeds 160 percent, while meeting one of the two following conditions:
- The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 135 percent or more, while the closing price for the day is also above the opening reference price.
- The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 135 percent or more, while the closing price for the day is also below the opening reference price.
Exceptions to the preceding paragraph are as follows:
- The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculations for the standards of the preceding paragraph.
- The standards of the preceding paragraph shall not apply to bonds with non-detachable share options, preference shares with non-detachable share options, call (put) warrants, and share options.
- The standards of the preceding paragraph shall not apply when trading information for the given security has been announced according to Article 4, paragraph 1, subparagraph 1 of the Directions during the most recent 30 business days (inclusive of the given day), while the cumulative percentage of increase or decrease in the closing price for the most recent 6 business days (inclusive of the given day) meets any of the following conditions:
- The cumulative percentage does not exceed 25 percent.
- The cumulative percentage exceeds 25 percent, while differing with the average cumulative values of both the market as a whole and of same-sector securities for the most recent 6 business days (inclusive of the given day) by 20 percent or less.
- The direction of movement of the particular security is opposite that of the standard increase or decrease prescribed under each subparagraph of the preceding paragraph.
- The standards of the preceding paragraph shall not apply if, with respect to the most recent time that the security has been announced subject to disposition measures under Article 6, paragraph 2 or 3 of the Directions during the most recent 60 business days (inclusive of the given day), the reasons for the disposition include only the circumstances under the preceding paragraph, and the cumulative percentage of increase or decrease in the closing price of that security for the most recent 6 business days (inclusive of the given day) meets any of the following conditions:
- The cumulative percentage of increase or decrease does not exceed 10 percent.
- The cumulative percentage of increase or decrease exceeds 10 percent, but that percentage differs by less than 5 percent from the average cumulative percentages of increase or decrease of both the market as a whole and of same-sector securities for the most recent 6 business days (inclusive of the given day).
- The direction of movement of the security is opposite that of the standard increase or decrease prescribed in the subparagraphs of the preceding paragraph.
- When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
- The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in a given sector.
- The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
- The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
- It does not exceed 10 percent.
- The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.
|