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48-4
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If a subsidiary of a listed company that is an investment holding companyapplies for listing of securities on a domestic securities market,Article 48-3 applies mutatis mutandis where:
- the pro forma operating revenue or operating income as stated in the consolidated or parent company only pro forma financial statements audited by a CPA, excluding that of the subsidiary applying for listing and any other subsidiaries already listed and traded on a domestic or overseas main board, for each of the most recent two accounting years, has declined by 50 percent or more, compared with the operating revenue (including that of discontinued operations) or operating income (including that of discontinued operations) as stated in the consolidated or parent company only financial statements of the same periods.
- the pro forma operating loss as stated in the consolidated or parent company only pro forma financial statements audited by a CPA, excluding that of the subsidiary applying for listing and any other subsidiaries already listed and traded on a domestic or overseas main board, for each of the most recent two accounting years, is greater than the operating loss (including that of discontinued operations) as stated in the consolidated or parent company only financial statements of the same periods.
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