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Article 17-2
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The "transfers of equity conducted… for purposes of reducing its shareholding ratio in the company applying for listing" as in Article 9, paragraph 1, subparagraph 11, Article 28-8, paragraph 1, subparagraph 7, and Article 31, paragraph 1, subparagraph 10 of the Rules and “transfers of shares … for purposes of reducing the parent company's shareholding in the subsidiary” as in Article 19, paragraph 2, Article 28-6, paragraph 2, and Article 33, paragraph 2 of the Rules include the sale of equity interests and the waiver of pre-emptive rights to new shares in a cash capital increase in favor of subscription by other specific persons.
The phrase "have damaged shareholders' equity", as used in Article 9, paragraph 1, subparagraph 11, Article 28-8, paragraph 1, subparagraph 7, and Article 31, paragraph 1, subparagraph 10 of the Rules, and the phrase "detrimental to the rights and interests of the shareholders of the parent" in Article 19, paragraph 2, Article 28-6, paragraph 2, and Article 33, paragraph 2 of the Rules, mean a transfer of equity interests that clearly involves an unreasonable circumstance with respect to the assignee or the trading price of the sale, the issue price of a cash capital increase through a new share issue, or the waiver of pre-emptive rights to new shares in a cash capital increase in favor of subscription by other specific persons, thereby profiting specific persons and creating the likelihood of damage to the rights and interests of the shareholders of the TWSE (or TPEx) listed company.
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