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Article NO. Content

Title:

Taiwan Securities Association Rules Governing Underwriting and Resale of Securities by Securities Firms  CH

Amended Date: 2021.03.31 (Articles 4-1, 6, 7, 8, 9, 11, 18, 21-3, 22-1, 22-2, 23, 24, 25, 27-1, 28, 30, 40, 41, 42-1, 43, 43-1, 44, 52, 52-1, 73 amended,English version coming soon)
Current English version amended on 2016.04.12 
Article 4-2     When a securities underwriter conducts an underwriting case for an initial listing on a stock exchange or an OTC market or an underwriting case for a cash capital increase, it shall guide the issuing company to set the price at which the shares will be offered to the public by the means set out below, and shall comply with the Taiwan Securities Association Self-regulatory Rules Governing the Provision of Advisory Services by Underwriter Members to Issuing Companies Offering and Issuing Securities:
  1. In a case conducted entirely by competitive auction: The subscription price for the successful bidders shall be set in accordance with Article 15. The offering price for the remaining portion after the competitive auction, for the portion subscribed by the underwriter for its own account, and for the price at which the security opens on its first day of listing shall be set in accordance with Articles 16 and 18.
  2. In a case conducted partly by competitive auction and partly by public subscription: The subscription price for the successful bidders shall be set in accordance with Article 15. The offering price for the public subscription portion and for the price at which the security opens on its first day of listing shall be set in accordance with Articles 17 and 18. /li>
  3. In a case conducted entirely by book building, or partly by book building and partly by public subscription: The offering price for the book building portion, for the public subscription portion, for the portion subscribed by the underwriter for its own account, and for the price at which the security opens on its first day of listing shall be set in accordance with Article 28.
  4. In a case conducted entirely by public subscription: The offering price for the public subscription portion, for the portion subscribed by the underwriter for its own account, and for the price at which the security opens on its first day of listing shall be set in accordance with Article 30.
    The securities underwriter shall guide the issuing company, when it sets the price for subscription to the securities by employees or by existing shareholders, to do so at the offering prices set for the public subscription portion, for the portion subscribed by the underwriter for its own account, and for the price at which the security opens on its first day of listing based on the provisions of the respective subparagraphs of the preceding paragraph.