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Article 28
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The term "serious deterioration" as used in Article 28-8, subparagraph 5 of the Rules shall mean any of the following circumstances, provided that these circumstances shall not apply if the profit before tax of the company applying for stock listing for the most recent fiscal year is not lower than NT$240 million:
- Operating revenue and net operating income for the most recent fiscal year or the fiscal year in which the application for listing is filed show a marked deterioration relative to other enterprises in the same industry.
- Profit before tax for the most recent fiscal year or the fiscal year in which the application for listing is filed show a marked deterioration relative to other enterprises in the same industry.
- There is continuing negative growth in operating revenues and net operating income for each of the 3 most recent fiscal years.
- There is continuing negative growth in profit before tax for each of the 3 most recent fiscal years.
- The company's products or technology are outdated, and it has no plan for improvement.
The subparagraphs of the preceding paragraph may not apply if the company applying for stock listing in accordance with Article 28-1, paragraphs 2, 5 and 6 of the Rules has submitted the explanation of fairness.
For the "other enterprises in the same industry" in paragraph 1, subparagraphs 1 and 2, the securities underwriter shall evaluate and explain the reasonableness of such enterprises sampled for comparison.
The provisions of paragraph 1, subparagraphs 3 and 4 do not apply to a company already having a concrete improvement plan that is producing positive effects.
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