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Article 7
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Except where otherwise provided, in competitive auction trading of depositary receipts after initial listing, the public underwriting price shall be taken as the reference basis for calculating the fluctuation limits.
However, for a depositary receipt for which public underwriting is not duly required, the TWSE may use the unit value of the depositary receipt, translated from the most recent closing price of the underlying security 1 business day before the listing of the depositary receipt, as the reference basis for calculating the fluctuation limits.
If the underlying security goes ex-dividend or ex-rights in its original trading market after the public underwriting and before the listing of the depositary receipt, the provisions of the TWSE Operating Rules shall apply mutatis mutandis to the reference basis for calculating the price fluctuation limits.
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