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53-8
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When a TWSE listed company merges with an unlisted company and the TWSE listed company is a non-surviving company, the surviving or newly-incorporated unlisted company, within 1 year after the merger record date, may apply to the TWSE for listing if it meets the requirements set out in all the following subparagraphs:
- At the time of the application for merger, at least 80 percent of its operating revenue and identifiable assets as stated on its latest-period financial report audited or reviewed by a CPA is derived from business items or assets originally from the merged listed company, and its liabilities may not exceed two-thirds of its total assets.
- Capitalization: complies with the provisions of Article 4, paragraph 1, subparagraph 2 of the TWSE Rules Governing Review of Securities Listings.
- Profitability: after imputation based on the surviving unlisted company's latest-period financial data, complies with the provisions of Article 4, paragraph 1, subparagraph 3 of the TWSE Rules Governing Review of Securities Listings. However, this requirement does not apply if the post-merger surviving company's net worth per share on the latest-period financial report audited or reviewed by a CPA is greater than the non-surviving listed company's net worth per share on its financial report audited or reviewed by a CPA for the latest period before the merger record date. When the above proviso is satisfied, if the TWSE listed company, and the surviving or newly-incorporated unlisted company have different par values per share, the comparison of net worth per share shall be based on an imputation adjustment to the same par value, and the attesting CPA shall submit a review opinion following the imputation adjustment.
- Shareholding dispersion: complies with Article 4, paragraph 1, subparagraph 4 of the TWSE Rules Governing Review of Securities Listings.
- The non-surviving listed company was free of any and all circumstances set out in Articles 49, 50, and 50-1 before the merger record date, and its net worth per share was stated at not less than the par value per share on the financial reports audited or reviewed by a CPA for both the most recent period and most recent fiscal year before the merger record date.
- Financial reports: a CPA shall have audited or reviewed the latest-period financial report, and issued a signed audit report or a review report containing an unqualified conclusion; or, if an audit report containing other than an unqualified opinion is issued, it does not affect the fair presentation of the financial report.
- Complies with Article 4, paragraph 1, subparagraph 5, and Articles 18 and 19 of the TWSE Rules Governing Review of Securities Listings and is free of any of the circumstances set out in Article 9, paragraph 1, subparagraphs 1, 3, 4, 6, 8, 9, and 12 of those Rules.
Before its securities are listed, the surviving unlisted company under the preceding paragraph shall deposit stock in central custody and conduct a pre-listing public offering in accordance with Articles 10 and 11 of the TWSE Rules Governing Review of Securities Listings.
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