Taiwan-Depository-Receipt-Manual (Frm Taiwan Stock Exchange)
Transcript of Taiwan-Depository-Receipt-Manual (Frm Taiwan Stock Exchange)
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Instructions
Disclaimer
1. Although Taiwan Stock Exchange ("TWSE") has taken
all reasonable measures to ensure the accuracy and
completeness of this document, it cannot guarantee that
there is no omission or error in the information provided.
2. TWSE hereby declares that it shall not be liable for any
omissions or errors in the contents or any damage that
may result from the reliance on the information provided
in this document.
3. In the event of any discrepancies between this documentand the regulations published by TWSE or competent
authorities, the published regulations shall prevail.
4. The English translation of this document is provided by
Lee and Li, Attorneys-at-Law. In the event of any
discrepancy between the Chinese version and the English
version, the Chinese version shall prevail.
The contents of this document and any update can be
searched and downloaded from the "Taiwan Stock
Exchange Homepage (http://www.twse.com.tw/)" by
clicking on either of the following links: (1) Homepage >
Important Topics > Listing in Taiwan by Foreign Issuers;
and (2) Homepage > Listed Companies > Listing in Taiwan
by Foreign Issuers.
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With more and more enterprises operating business
globally, companies will select the stock exchange that
provides the most favorable treatment for listing, and such
a stock exchange may not be the local one. Accordingly,
competition among stock exchanges worldwide has
intensified and stock exchanges have been actively
repositioning themselves for international fundraising.
Located in the center of the AsiaPacic region, Taiwan
is the most convenient gateway for multinationals to enter
into the Mainland China market, and has the advantage of
being the most obvious beneficiary in the world to enjoy
the "China Approach". Further, Taiwan is an important
connecting air routes point between Eastern Asia and North
America: the average ight time from Taipei to each of the
seven largest cities in Western Pacic is less than 3 hours.
The capital market of Taiwan is competitive, with
high liquidity, high P/E ratio, and favorable dividend
yield. Furthermore, Taiwan has many high-tech company
clusters in Taiwan, and many of them are the world leading
manufacturers. Many high-tech foreign companies may
establish a closer access to the suppliers or customers by
being listed in Taiwan since dozens of Taiwanese products
enjoy world market lions shares. In addition, local players
in certain traditional industries, also perform well in terms
of P/E ratio and turnover rate, and are popular among
foreign investors.
In the past, Taiwan's cross-strait policies were highly
restrictive. Various restrictions were imposed on air and
sea transportation, remittances of funds, investment in
mainland China, and Mainland Chinese investment in
Taiwan, etc., slowing down cross-strait trade growth and
travel. Currently, most of these restrictions have been
lifted, including limits on the remittance of funds and caps
on outward investment into Mainland China. Further,
in order to make the capital markets of Taiwan more
Preface
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Chairman
Taiwan Stock Exchange Corporation
Preface
competitive globally, the competent authority of Taiwan has
approved companies listed on the Hong Kong Exchange
(where many Taiwanese-owned companies are listed) may
apply for secondary listing in Taiwan, and now almost all
major stock exchanges around the world are included. In
the future, more restrictions will be lifted.
This Taiwan Depository Receipt (TDR) manual is
compiled by TWSE to help issuers understand better
about the capital market of Taiwan and to promote the
issuance of TDRs. This manual explains details of the pre-
listing preparations, listing criteria, listing process, listing
registration process, compliance of the relevant post-
listing regulations, and relevant issues related to listing
applications.
In coordination with government policies and changes in
the overall environment, TWSE closely works with CPAs,
underwriters and other professionals to place high emphasis
on investor protection and to assist foreign companies raise
funds in Taiwan. In addition, TWSE has committed to
expand investment targets for creating a global fundraising
and trading platform. Promoting TDRs is the current focus
of TWSE and this manual supports this.
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CONTENTS
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10
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14
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15
15
16
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20
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24
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25
25
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I. The Pre-Listing Preparation
(1)Understand the Relevant Rules of the
Primary Listing Market in Advance
(2)Select Professionals Such as Underwriters,
CPAs, and Depositary Institutions
(3)Consult Professionals to Assist in Preparation
of Required Application Documents
II. The Listing Rules
(1)The Listing Types
(2)Restrictions on Qualication
(3)Restrictions on Capital Raised
(4)Company Scale
(5)Protability
(6)Dispersion of shareholdings
(7)Other Issues
III. The Review and Application Process
(1)Fill in the Application Form for TDR Listing
(2)Review of Documents by TWSE
(3)Review of Documents by Central Bank
(4)TWSE Issues a Listing Approval Letter
(5)File an Effective Registration to the
Competent Authority
(6)Conduct Public Issuance
(7)Submit the Chart of Dispersion of
Shareholding and Schedule the Listing Date
(8)Submit a Letter Applying for the Listing
(9)Listing Ceremony Held by TWSE
IV. Q&A
V. Promotion and Education
(1)Enhance Information Transparency
(2)Reinforce Investor Promotion and Education
(3)Increase Derivative Products
VI. Appendixes
Appendix 1: The List of Stock Exchanges or
Stock Markets Authorized by the Competent
Authority
Appendix 2: Application Form for TDR Listing
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The Pre-Listing Preparation
(1) Understand the Relevant Rules o the
Primary Listing Market in Advance
(2) Select Proessionals Such as Underwriters,
CPAs, and Depositary Institutions
(3) Consult Proessionals to Assist in Preparation
o Required Application Documents
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The Pre-Listing Preparation
11
I
I. The Pre-Listing Preparation
(1) Understand the Relevant Rules of the Primary
Listing Market in Advance
First, the applicant should understand the relevant rules
and restrictions of its primary listing market1 for secondary
listing on another stock exchange. For example, whether
the applicant should in advance apply for an approval
with the local competent authority, or should comply with
certain specific requirements. Additionally, the applicant
shall apply to the competent authority of its primary listing
market for a certicate proving its securities listing.
2. Please see Appendix 2 Application Form for TDR Listing.
1. For the authorized foreign stock exchanges, please see Appendix 1 "Article 23
of the Supplementary Provisions to Taiwan Stock Exchange Corporation Rules
Governing Review of Securities Listings".
(2) Select Professionals Such as Underwriters, CPAs,
and Depositary Institutions
The applicant should select professionals such as
underwriters and CPAs to evaluate the listing criteria
and possible issues, and plan the listing schedule as well.
In addition, the applicant should appoint a depositary
institution to handle matters regarding the depositary and
custody of the primary listing shares.
(3) Consult Professionals to Assist in Preparation of
Required Application Documents2
1. Appoint CPAs to provide opinions on the discrepancies
between the accounting principles adopted and ROC
GAAP as well as their impacts on the nancial statements.
2. Draft the issuance plan and prospectus.
3. Enter into the depositary contract with the depositary
institution and the depositary institution shall provide
supporting documents proving its ability to handling
matters related to TDRs.
4. Appoint ROC lawyers to attest and provide opinions on
depositary contract, custody contract and prospectus.
5. Appoint underwriters to draft an evaluation report.
appointment
Competent authorityof the originally listedmarket, lawyers,business professionalsand appraisers
appointment
appointmentappointment
Applicant
CPA
UndewriterDepositary
Institution
CapitalMarketPlatform
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IIThe Listing Rules
(1) The Listing Types
(2) Restrictions on Qualifcation
(3) Restrictions on Capital Raised
(4) Company Scale
(5) Proftability
(6) Dispersion o shareholdings
(7) Other Issues
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The Listing Rules
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II
II. The Listing Rules
(1) The Listing Types
Foreign issuers with securities listed on foreign stock
exchanges may apply for approval to have their TDRs listed
on TWSE.
(2) Restrictions on Qualication
According to Article 73 of the Act Governing Relations
between Peoples of the Taiwan Area and the Mainland
Area ("Law Governing Relations") and a proposal made by
the Financial Supervisory Commission ("FSC") as of July
31, 2008 to lift the restrictions on foreign issuers listing in
Taiwan and to relax the restrictions on Mainland Chinese
investments in the Taiwan stock market, a foreign issuer
can not apply for a secondary listing in Taiwan if he is
registered in Mainland China.
(3) Restrictions on Capital Raised
According to the Article 7 of the Regulations Governing
the Offering and Issuance of Securities by Foreign
Securities Issuers amended on August 14, 2008, the capital
raised by foreign issuers in Taiwan may be used for direct
or indirect investments in Mainland China. In addition,
there is no restriction on the amount that can be directly or
indirectly invested in Mainland China by foreign issuers.
Commitment Letter Form A and Form B for TDR
applications were abolished on September 25, 2008.
(4) Company Scale
Chart for the Application for TDR Listing
General Company Technology Company
Number of
Listed units
or market
capitalization
20 million units or more, or
units with a market price of
NT$300 million or more.
20 million units or more, or
units with a market price of
NT$300 million or more.
Shareholders
equity
At the time of application
for listing, the shareholders
equity stated on the fnancial
report audited and certified
by a CPA for the most recent
period shall be the equivalent
ofNT$600 million or more.
At the time of application
for listing, the shareholders
equity stated on the fnancial
report audited and certified
by a CPA for the most recent
period shall be the equivalent
ofNT$300 million or more.
Deposit securities (stock)Foreign Issuer
Enter into
underwriting
contract
LeadUnderwriter
DepositaryInstitution
Enter into
custody
contract
Enter
intodepositary
con
tract
CustodianInstitution
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The Listing Rules
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2. Post-listing Costs
(1) Listing Fee
Issuers should pay the annual listing fee to TWSE,
which is calculated according to the TWSE Listing
Fee Table for Securities and collected by rate. The
maximum fee for each year isNT$450,000 while the
minimum fee isNT$ 50,000.
(2) Select Professional Shareholder Services Agent to
Handle Matters Relating to the Stock Affairs
Issuers should designate a professional shareholder
services agent or entity to assist in handling matters
relating to its stock affairs.
(3) Appoint an Agent for Litigious and Non-litigious MattersIssuers should appoint an agent for litigious and
non-litigious matters to handle affairs related to
complying with ROC securities laws and regulations,
the listing contract, bylaws, rules, and public
announcements of this Corporation.Listed Units Listing Fee Calculation
50 million or less
NT$150 per 100,000 units(however, the minimumlisting fee is NT$50,000 foreach application)
Above 50 million but nomore than 100 million
NT$100 per 100,000 units
Above 100 million but nomore than 200 million
NT$50 per 100,000 units
Above 200 million but nomore than 300 million
NT$25 per 100,000 units
More than 300 million NT$12.5 per 100,000 units
The maximum listing fee for each year is NT$450,000
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The Review and Application Process
III
(1) Fill in the Application Form or TDR Listing
(2) Review o Documents by TWSE(3) Review o Documents by Central Bank
(4) TWSE Issues a Listing Approval Letter
(5) File an Eective Registration to the
Competent Authority
(6) Conduct Public Issuance
(7) Submit the Chart o Dispersion o
Shareholding and Schedule the Listing Date
(8) Submit a Letter Applying or the Listing
(9) Listing Ceremony Held by TWSE
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III
23
The Review and
Application Process
III. The Review and Application Process
(1) Fill in the Application Form for TDR Listing
The foreign issuer and its ROC depositary institution or
agent institution should ll in and submit the "Application
Form for TDR Listing3 " with other required documents to
TWSE in order to apply for TDRs listing
(2) Review of Documents by TWSE
Starting from the date when the application is received,
TWSE should complete the review and examination of
the application within 10 business days.Under certain
circumstances, however, the deadline of such review may
be extended.
(3) Review of Documents by Central Bank
In principle, Central Bank will review the application
simultaneously with TWSE by adopting theparallel reviewprocess. Therefore, for a foreign issuer applying for listing,
it may submit application documents to Central Bank and
TWSE at the same time. The Central Bank will complete
the review and issue an approval letter within 12 business
days if all required documents are duly submitted.
(4) TWSE Issues a Listing Approval Letter
After all required documents are duly submitted and
all listing criteria are met based on the review process
of TWSE, TWSE will issue an approval letter to theListing date and
listing ceremony
Within 7 business
days
3. Please see Appendix 2" Application Form for TDR Listing".
TWSE reviews
documents
Central Bank reviews
documents
File an effective registration
with the Competent Authority
Conduct public
issuance
Apply for the listing
Submit the chart of dispersion
of shareholding and schedule
the listing date
Fill in the listing
application form
3 months (a 3-
months extension
is allowed)
Within 3 days
3 days prior to the
listing
Flowchart for Listing Application
12
businessdays
10
businessdays
TWSE issues an
approval letter
Central Bank issues
an approval letter
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III
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The Review and
Application Process
application, stating that "TWSE approves the listing of
TDR application provided that the effective registration of
the competent authority is obtained and the dispersion of
shareholding at the completion of issuance meets the listing
criteria. This approval letter will cease to be effective if the
issuer doesn't apply for the public issuance to the competent
authority within 30 days from the date this approval letter is
issued."
(5) File an Effective Registration to the Competent
Authority
With the approval letters issued by Central Bank and
TWSE, the issuer should apply for an effective registration
to the competent authority within 30 days. The waiting
period for the effective registration is 7 business days.
(6) Conduct Public Issuance
Within 3 months of the date the notice of effective
registration is received, the subscription should be raised
and paid fully in cash. In case the payment has not been
raised or paid fully in cash within 3 months, the issuer may
apply for an extension to the competent authority where
proper reasons have been given. Only one extension will
be allowed.
(7) Submit the Chart of Dispersion of Shareholding
and Schedule the Listing Date
The foreign issuer and its agent or depositary institution
should submit the "chart of dispersion of shareholding for
the holders of TDR" within 3 days after the underwriting
is completed. Also, the foreign issuer should schedule the
listing date with TWSE.
(8) Submit a Letter Applying for the Listing
The issuer should submit a letter to apply for the listing
3 days prior to the listing and TWSE will make a listing
announcement.
(9) Listing Ceremony Held by TWSE
TWSE will hold a listing ceremony on the listing day.
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Q&A
IV
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Q&A
IV. Q&A
Taxation
Question 1:
What is the applicable securities transaction tax rate on
the sale of shares in a foreign issuer listed on TWSE or
GreTai Securities Market ("GTSM")?
Answer:According to the letter dated November 19, 1992
issued by the Ministry of Finance (Ref. No.: Tai-Tsai-
Shui-811672688), transactions involving transfer of
TDRs are subject to a 0.1% securities transaction tax in
accordance with Item 2, Article 2 of the Act Governing
the Securities Transaction Tax ("RGSTT").
Question 2:
What is the capital gain tax on the sale of shares in a
foreign issuer?
Answer:
According to the letter dated September 23, 2008
from the Taxation Agency, Ministry of Finance to the
Securities and Features Bureau, generally:
1. Any gain or loss from the sale of shares in a foreign
issuer by a profit-seeking enterprise or an individual
is considered as ROC-sourced income under Article 8
and Article 4-1 of the Income Tax Law (concerning the
suspension of imposition of capital gain tax) will be
applicable.
2. Additionally, the capital gain of a prot-seeking
enterprise is still subject to alternative minimum tax
("AMT") under the Alternative Minimum Tax Law
("AMTL").
Use of Capital
Question 1:
Are the foreign issuers allowed to use the capital raised
in Taiwan for direct or indirect investment in Mainland
China? Is there any restriction on the amount of
investment?
Answer:
According to the Article 7 of the Regulations Governing
the Offering and Issuance of Securities by Foreign
Securities Issuers amended on August 14, 2008, the
capital raised by a foreign issuer in Taiwan may be used
for direct or indirect investment in Mainland China. In
addition, there is no restriction on the amount that can
be directly or indirectly invested in Mainland China by
foreign issuers. Commitment Letter Form A and Form B
for TDR application have been abolished on September
25, 2008.
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IV
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Q&A
authorized by the competent authority.
2. Currentl y, TWSE shall revie w the ap plicati on
documents and file to the competent authority within
10 business days after the application is received.
3. The number of TDR units to be issued shall be 20
million units or more of TDRs or shall have a market
price of not less than NT$300 million.
4. The underlying shares of TDRs may be either issued
shares or new shares; there is no upper limit on the
quantity issued.
5. With respect to margin transaction, margin transaction
is permissible for the TDRs having been listed on
TWSE for 6 months after being approved.
Question 2:
With regard to the application of secondary listing, what
are the measures that should be taken by ROC CPAs
to provide opinions on the discrepancies between the
accounting principles adopted and ROC GAAP as well
as their impacts?
Answer:
The "Directions for Review Financial Reports of Foreign
Companies that Offer and Issue TDRs" promulgated
by the competent authority can be the guideline of
observation. When an ROC CPA is commissioned to
Question 2:
What are the requirements governing the liquidity and
redemption of TDRs?
Answer:
A TDR holder may request the depositary institution to
redeem the TDRs into shares or request the custodian
institution to sell TDRs on the market where the shares
are primary listing. However, shareholders are not
permitted to apply for converting the shares into TDRs
and then sell TDRs in Taiwan. The depositary institution
may re-issue TDRs within the original redemption
amount or apply for issuing new TDRs if the capital
increases.
Listing Requirements
Question 1:
Must the shares of the foreign issuer applying for TDRs
be issued shares or new shares? Will the review process
take a long time and affect the TDR pricing? What are
the limitation on the issuing amount and the regulations
concerning margin transaction?
Answer:
1. The shares of foreign issuers applying for TDRs must
be registered shares and have been listed on a foreign
securities exchange or securities market which is
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Q&A
provide opinions on the discrepancies between the
accounting principles adopted and ROC GAAP as well
as their impacts, the CPA has to review in accordance
with the above Directions, and issue a report.
Question 3:
Can the application for TDR listing application (e.g.,
loaning funds, endorsements/ guarantees and use
of funds) be filled in from the perspective of group
consolidation?
Answer:
The amount of funds loaned and endorsement/guarantees
made for each corporate entity (including the entities in a
corporate group) shall still be disclosed. The actual use
of fund by each subsidiary shall also be disclosed and
reviewed on a case-by-case basis.
Question 4:
Can TDRs adopt the green shoe (over-allotment) system
and waive the price variation limit for the rst 5 days?
Answer:
Given that there are reference prices in the foreign
markets for TDRs, the difference between the actual
underwriting prices and the market prices in the foreign
exchanges may be limited. There is no plan to adopt such
mechanism for the time being as it is not necessary.
Question 5:
Can the underwriting price of TDRs be higher than the
market price of the underlying shares?
Answer:
The underwriting price is negotiated among the
depository institution, the underwriter and the foreign
issuer and is in the acceptable price range for TDRs
being sold to the public.
Question 6:
Can overseas listing companies apply for issuance of
convertible bonds at the same time while it submits the
rst listing application of TDRs?
Answer:
An overseas listing companys application for issuance
of TDRs listing is essentially the same as the companys
rst application for issuing convertible bonds in Taiwan.
In principle, it is permissible for an overseas listing
company to apply to issue convertible bonds at the same
time as it submits the rst listing application for TDRs.
Post-Listing Requirements
Question 1:
What are the regulations governing information
disclosure concerning TDRs?
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Q&A
Answer:
1. According to the Checklist Regarding Offering and
Issuing Securities by Foreign Securities Issuers
stipulated by the FSC: (1) the annual nancial reports
should be disclosed in accordance with the laws and
regulations in the country where the foreign issuer is
registered or the securities are listed. However, the
report and announcement should be made within 6
months of the end of every scal year. (2) The semi-
annual, the rst and the third quarter report should be
prepared in accordance with the laws and regulations
of the country where the foreign issuer is registered or
the securities are being listed. (3) The annual report
should be subject to the reporting deadline required
by the competent authority, securities exchange or the
securities market of the country of the foreign issuer
or where the securities are listed. The electronic le of
the annual report should be uploaded within 20 days
after the annual general meeting of shareholders.
2. Material information should be publicly announced
in accordance with the Procedures for Verication and
Disclosure of Material Information of Listed Foreign
Securities stipulated by TWSE.
Others
Question 1:
Can TDRs be the securities underlying the stock optionwarrant issued by a foreign issuer to its employees?
Answer:
In principle, it is permissible for TDRs to be the
securities underlying the stock option warrants issued
by a foreign issuer to its employees. The measures
for issuance of and subscription for the stock option
warrants should be subject to the regulations of the
foreign country, but the effects of the measures on the
shareholders' rights and interest should be taken into
account.
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Promotion and Education
V
(1) Enhance Inormation Transparency(2) Reinorce Investor Promotion and
Education
(3) Increase Derivative Products
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Promotion and
Education
V. Promotion and Education
TWSE has made efforts to stimulate the TDR trading
market by focusing on enhancing information transparency,
reinforcing investor promotion and education, and
increasing derivative products, etc.
(1) Enhance Information Transparency
Since domestic investors may not be familiar with foreign
TDR issuers with overseas operating entities, furthermore,
the information disclosed pursuant to the local rules of such
foreign issuers may be insufcient, such domestic investors
may be reluctant to subscribe for or trade in TDRs. Given
this, to enhance information transparency, TWSE plans to
TDR
InformationTransparency
MarketStimulation
InvestorPromotion and
Education
Derivatives
require issuers to disclose and le more information and to
improve the interface for investors to search information.
(2) Reinforce Investor Promotion and Education
To increase the public exposure and visibility of foreign
issuers, TWSE plans to hold listing ceremonies and investor
conference for foreign issuers as TWSE currently does for
the listed companies. Additionally, TWSE will assist in
fostering the ties between institutional investors and foreign
issuers to make investors more familiar with issuers. As
to individual investors, TWSE plans to implement investor
education, to enhance risk disclosure, and to establish
information access channels.
(3) Increase Derivative Products
Trading in the TDR market will be stimulated as a result
of increasing the variety of products available to investors.
Currently, the underlying securities of stock warrants,
convertible bonds, and equity warrant bonds may be TDRs.
Also, TDRs can be the underlying securities of stock option
warrants issued to its employees by an issuer.
Furthermore, it is permissible for a foreign issuer to
apply to issue convertible bonds at the same time as it
submits its rst application for TDRs listing.
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Appendixes
VI
Appendix 1:The List o Stock Exchanges or Stock
Markets Authorized by the Competent
Authority
Appendix 2:
Application Form or TDR Listing
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Appendix 1: The List of Stock Exchanges or Stock
Markets Authorized by the Competent Authority
1. The NYSE Euronext (US)
2. The American Stock Exchange (US)
3. The NASDAQ (US)
4. The London Stock Exchange (UK)*
5. Deutsche Brse AG (Germany)
6. The Italian Stock Exchange (Italy)*
7. The Toronto Stock Exchange (Canada)
8. The Australian Securities Exchanges (Australia)
9. The Tokyo Stock Exchange (Japan)
10.The Osaka Securities Exchange (Japan)
11.The Stock Exchange of Singapore (Singapore)
12.The Kuala Lumpur Stock Exchange (Malaysia)
13.The Stock Exchange of Thailand (Thailand)
14.The Johannesburg Stock Exchange (South Africa)
15.The Hong Kong Exchanges and Clearing Limited (HK)
16.Korea Exchange (Korea)
17.Other Securities Exchanges approved by competent
authority
Note:
*The Italian Stock Exchange was acquired by the London Stock Exchange in
June 2007.
Appendix 2: Application Form for TDR Listing
Name of Issuer Nationality of Issuer
Date of Incorporation Listed Country
Tentative Date of Issuance Name/Address of DepositaryInstitution
Estimated Amount of
Issuance
Name/Address of Custodian
Institution
Estimated Number of Issued
Units
Name/Address of Leading
Underwriter
Estimated Price Per UnitName/Address of Bank
Authorized to Collect Payment
The Total Amounts and
Quantity of TDR IssuedDate of Application
1.Three copies of documents evidencing the name, nationality, and the major operating place.
2.Three copies of afdavit issued by the originally listed securities exchange indicating that the foreign issuer is
listed on such securities exchange.
3.Three copies of nancial reports audited and certied by CPAs for the most recent 3 scal years. If the review
period lasts 8 months after the scal year, additional nancial reports audited or reviewed by the CPAs for the
rst half scal year should be submitted. (The reports can be prepared in accordance with the format required
by the laws and regulations of the country of the foreign issuer, and an opinion from Taiwan-licensed CPAs
regarding the differences in the accounting principles adopted and the ROC GAAP and their impacts on the
nancial reports should be provided.)
4.Three copies of the TDR Issuance Plan.
5.Three copies of the draft depositary contract executed between the foreign issuer and the depositary institution.
6.Three copies of the custody contract or other documents executed between the depositary institution and the
custodian institution.
7.Three copies of the draft prospectus.8.A certied opinion issued by an ROC-licensed lawyer certifying that the depositary contract, the custody
contract and the prospectus are prepared in accordance with the laws and regulations.
9.Three copies of evaluation report issued by the underwriter.
10.Three copies of the underwriting contract executed between the foreign issuer and the underwriter, and an
estimation of dispersion of TDR holders after the issuance is completed.
11.Three copies of a TDR sample ce rticate or a document substantiating the registration for non-physical
issuance (when applying for the listing date after the issuance is completed, other copies of the documents
will be provided in accordance with the requirements of TWSE).
12.Three copies of authorized signatures of the institution handling securities matters (when applying for the
listing date after the issuance is completed, other copies of the documents will be provided in accordance
with the requirements of TWSE; however, this requirement is waived in the case of non-physical issuance.)
13.Five copies of TDR listing contract.
14.Three copies of the document evidencing the issuer's appointment of a litigious, non-litigious and
administrative litigation agent.
15.Three copies of the document proving that the depositary institution's ability to handle the TDR business.
16.Other documents required by the TWSE.
Issuer:
Representative:
Contact Address in Taiwan:
Contact Person/Tel. in Taiwan:
Depositary Institution:
Representative:
Address:Contact Person and Telephone:
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Contact Window
Homepage: http://www.twse.com.tw
About TWSE>Introduction to TWSE>Contact TWSE
TEL No. (Switchboard): 02-8101-3101
Listing Promotion Department
Christine Cho
Chih-chiang LoPei-jing Kao
[email protected]@twse.com.tw