Instructions

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.

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 document

and 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.
Preface
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 Asia–Pacific 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 flight time from Taipei to each of the
seven largest cities in Western Pacific 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

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.
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.

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, Chairman
underwriters and other professionals to place high emphasis Taiwan Stock Exchange Corporation
CONTENTS

I. The Pre-Listing Preparation 08 (4)TWSE Issues a Listing Approval Letter 23

(1)Understand the Relevant Rules of the (5)File an Effective Registration to the
Primary Listing Market in Advance 10 Competent Authority 24
(2)Select Professionals Such as Underwriters, (6)Conduct Public Issuance 24
CPAs, and Depositary Institutions 11 (7)Submit the Chart of Dispersion of
(3)Consult Professionals to Assist in Preparation Shareholding and Schedule the Listing Date 25
of Required Application Documents 11 (8)Submit a Letter Applying for the Listing 25
(9)Listing Ceremony Held by TWSE 25
II. The Listing Rules 12
(1)The Listing Types 14 IV. Q&A 26
(2)Restrictions on Qualification 14 V. Promotion and Education 36
(3)Restrictions on Capital Raised 15 (1)Enhance Information Transparency 38
(4)Company Scale 15 (2)Reinforce Investor Promotion and Education 39
(5)Profitability 16 (3)Increase Derivative Products 39
(6)Dispersion of shareholdings 17
VI. Appendixes 40
(7)Other Issues 17 Appendix 1: The List of Stock Exchanges or
III. The Review and Application Process 20 Stock Markets Authorized by the Competent
(1)Fill in the Application Form for TDR Listing 23 Authority 42
(2)Review of Documents by TWSE 23 Appendix 2: Application Form for TDR Listing 43
(3)Review of Documents by Central Bank 23
 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

 
 I The Pre-Listing Preparation

I. The Pre-Listing Preparation

(1) Understand the Relevant Rules of the Primary
(2) Select Professionals Such as Underwriters, CPAs,
Listing Market in Advance
and Depositary Institutions
First, the applicant should understand the relevant rules
The applicant should select professionals such as
and restrictions of its primary listing market1 for secondary
underwriters and CPAs to evaluate the listing criteria
listing on another stock exchange. For example, whether
and possible issues, and plan the listing schedule as well.
the applicant should in advance apply for an approval
In addition, the applicant should appoint a depositary
with the local competent authority, or should comply with
institution to handle matters regarding the depositary and
certain specific requirements. Additionally, the applicant
custody of the primary listing shares.
shall apply to the competent authority of its primary listing
(3) Consult Professionals to Assist in Preparation of
market for a certificate proving its securities listing.
Required Application Documents2
1. Appoint CPAs to provide opinions on the discrepancies
between the accounting principles adopted and ROC
appointment appointment GAAP as well as their impacts on the financial statements.
Applicant
2. Draft the issuance plan and prospectus.
Capital
Competent authority 3. Enter into the depositary contract with the depositary
Depositary of the originally listed
Market Undewriter market, lawyers, institution and the depositary institution shall provide
Institution business professionals
Platform and appraisers
supporting documents proving its ability to handling
matters related to TDRs.
appointment appointment
4. Appoint ROC lawyers to attest and provide opinions on
CPA
depositary contract, custody contract and prospectus.
5. Appoint underwriters to draft an evaluation report.
1. For the authorized foreign stock exchanges, please see Appendix 1 "Article 23
of the Supplementary Provisions to Taiwan Stock Exchange Corporation Rules
2. Please see Appendix 2 Application Form for TDR Listing.
Governing Review of Securities Listings".

10 11
 II
The Listing Rules
(1) The Listing Types
(2) Restrictions on Qualification
(3) Restrictions on Capital Raised
(4) Company Scale
(5) Profitability
(6) Dispersion of shareholdings
(7) Other Issues

12 13
 II The Listing Rules

II. The Listing Rules

(1) The Listing Types can not apply for a secondary listing in Taiwan if he is
Foreign issuers with securities listed on foreign stock registered in Mainland China.
exchanges may apply for approval to have their TDRs listed
(3) Restrictions on Capital Raised
on TWSE. According to the Article 7 of the Regulations Governing
Chart for the Application for TDR Listing the Offering and Issuance of Securities by Foreign
Custodian Securities Issuers amended on August 14, 2008, the capital
Foreign Issuer Deposit securities (stock)
Institution
raised by foreign issuers in Taiwan may be used for direct
or indirect investments in Mainland China. In addition,
En
te

there is no restriction on the amount that can be directly or

ri
nt
o

Enter into Enter into indirectly invested in Mainland China by foreign issuers.
de
po

underwriting custody
si t
ar

contract contract Commitment Letter Form A and Form B for TDR

y
co
n

applications were abolished on September 25, 2008.

tra
ct

Lead Depositary
Underwriter Institution (4) Company Scale
General Company Technology Company

(2) Restrictions on Qualification Number of

20 million units or more, or 20 million units or more, or
Listed units
According to Article 73 of the Act Governing Relations or market
units with a market price of units with a market price of
NT$300 million or more. NT$300 million or more.
between Peoples of the Taiwan Area and the Mainland capitalization

Area ("Law Governing Relations") and a proposal made by At the time of application
for listing, the shareholders’
the Financial Supervisory Commission ("FSC") as of July equity stated on the financial
Shareholders’
report audited and certified
31, 2008 to lift the restrictions on foreign issuers listing in equity
by a CPA for the most recent
Taiwan and to relax the restrictions on Mainland Chinese period shall be the equivalent
of NT$600 million or more.
investments in the Taiwan stock market, a foreign issuer
At the time of application
for listing, the shareholders’
equity stated on the financial
report audited and certified
by a CPA for the most recent
period shall be the equivalent
of NT$300 million or more.

14 15

(5) Profitability
1. General Company
The issuer must not have accumulated deficits for the
most recent one fiscal year and meet one of the following
criteria:
(1) The income before tax for the most recent one year
represents not less than 6 percent of the shareholders'
equity as shown in its final accounts; or
(2) The ratio of income before tax to shareholder's equity
in the final accounting for each of the past two
fiscal years is 3 percent or higher, or the average is
3 percent or higher, and the profitability in the most
recent fiscal year is better year-on-year than in the
preceding year.
(3) The cumulative income before tax for the most recent
two years shall be NT$250 million or more.
2. Technology Company
The issuer should neither have accumulated deficits in
the previous accounting year nor the period of the most
recent financial report audited and certified by a CPA as of
the time of application for listing.
16
II The Listing Rules
(6) Dispersion of shareholdings
At the time of the listing, the number of registered
holders of TDRs in Taiwan shall not be less than 1,000
persons, and the total number of units held by the holders
of TDRs other than insiders of the foreign issuer and
juristic persons of which such insiders own over 50% of the
shareholding is 20 percent or more of the total number of
issued shares or is 10 million shares or more.
The requirement for the dispersion of shareholding
needs not be met at the time the application is submitted,
but shall be met before listing.
(7) Other Issues
1. Costs for the Listing Application
In addition to the underwriters’ counseling and
underwriting fees and the CPAs’ auditing fees, the issuer
should pay a listing review fee to TWSE when applying for
the listing. The listing review fee payable upon the filing of
the TDR application is NT$300,000. However, with regard
to TDR listing applications for additional capital raised
or for re-issuing TDRs which carry the same rights and
obligations as those already listed within the amount of the
TDRs redeemed, no review fee will be required.
17
 II The Listing Rules

2. Post-listing Costs services agent or entity to assist in handling matters

(1) Listing Fee relating to its stock affairs.
Issuers should pay the annual listing fee to TWSE, (3) Appoint an Agent for Litigious and Non-litigious Matters
which is calculated according to the TWSE Listing Issuers should appoint an agent for litigious and
Fee Table for Securities and collected by rate. The non-litigious matters to handle affairs related to
maximum fee for each year is NT$450,000 while the complying with ROC securities laws and regulations,
minimum fee is NT$ 50,000. the listing contract, bylaws, rules, and public
Listed Units Listing Fee Calculation announcements of this Corporation.
NT$150 per 100,000 units
( h o w e v e r, t h e m i n i m u m
50 million or less
listing fee is NT$50,000 for
each application)

Above 50 million but no

NT$100 per 100,000 units
more than 100 million

Above 100 million but no

NT$50 per 100,000 units
more than 200 million

Above 200 million but no

NT$25 per 100,000 units
more than 300 million

More than 300 million NT$12.5 per 100,000 units

The maximum listing fee for each year is NT$450,000

(2) Select Professional Shareholder Services Agent to

Handle Matters Relating to the Stock Affairs
Issuers should designate a professional shareholder

18 19
 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

20 21
 The Review and
III 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
Flowchart for Listing Application agent institution should fill in and submit the "Application
Fill in the listing Form for TDR Listing3 " with other required documents to
application form

12 business days
10 business days

TWSE in order to apply for TDRs listing

(2) Review of Documents by TWSE

TWSE reviews Central Bank reviews
documents documents 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
TWSE issues an Central Bank issues
approval letter an approval letter circumstances, however, the deadline of such review may
be extended.

File an effective registration
with the Competent Authority
Conduct public
issuance
Submit the chart of dispersion
of shareholding and schedule
the listing date
Within 7 business (3) Review of Documents by Central Bank
days In principle, Central Bank will review the application
simultaneously with TWSE by adopting the parallel review
3 months (a 3- process. Therefore, for a foreign issuer applying for listing,
months extension
is allowed) 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
Within 3 days
days if all required documents are duly submitted.

(4) TWSE Issues a Listing Approval Letter

3 days prior to the
Apply for the listing After all required documents are duly submitted and
listing
all listing criteria are met based on the review process
of TWSE, TWSE will issue an approval letter to the
Listing date and
listing ceremony
3. Please see Appendix 2" Application Form for TDR Listing".

22 23
 The Review and
III 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.
(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.

(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.

24 25
 IV
Q&A

26 27

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
28
IV Q&A
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 profit-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.
29

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
30
IV Q&A
authorized by the competent authority.
2. Currently, TWSE shall review the application
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
31

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 first 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.
32
IV Q&A
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
first listing application of TDRs?
Answer:
An overseas listing company’s application for issuance
of TDRs listing is essentially the same as the company’s
first 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 first listing application for TDRs.
Post-Listing Requirements
Question 1:
What are the regulations governing information
disclosure concerning TDRs?
33
 IV Q&A

Answer: Others
1. According to the Checklist Regarding Offering and
Question 1:
Issuing Securities by Foreign Securities Issuers
Can TDRs be the securities underlying the stock option
stipulated by the FSC: (1) the annual financial reports
warrant issued by a foreign issuer to its employees?
should be disclosed in accordance with the laws and
Answer:
regulations in the country where the foreign issuer is
In principle, it is permissible for TDRs to be the
registered or the securities are listed. However, the
securities underlying the stock option warrants issued
report and announcement should be made within 6
by a foreign issuer to its employees. The measures
months of the end of every fiscal year. (2) The semi-
for issuance of and subscription for the stock option
annual, the first and the third quarter report should be
warrants should be subject to the regulations of the
prepared in accordance with the laws and regulations
foreign country, but the effects of the measures on the
of the country where the foreign issuer is registered or
shareholders' rights and interest should be taken into
the securities are being listed. (3) The annual report
account.
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 file 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 Verification and
Disclosure of Material Information of Listed Foreign
Securities stipulated by TWSE.

34 35
 V
Promotion and Education
(1) Enhance Information Transparency
(2) Reinforce Investor Promotion and
Education
(3) Increase Derivative Products

36 37

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.
TDR
Market Information
Derivatives
Stimulation Transparency
Investor
Promotion and
Education
(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 insufficient, such domestic investors
may be reluctant to subscribe for or trade in TDRs. Given
this, to enhance information transparency, TWSE plans to
38
Promotion and
V Education
require issuers to disclose and file 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 first application for TDRs listing.
39
 VI
Appendixes
Appendix 1:
The List of Stock Exchanges or Stock
Markets Authorized by the Competent
Authority
Appendix 2:
Application Form for TDR Listing

40 41
Appendix 1: The List of Stock Exchanges or Stock Appendix 2: Application Form for TDR Listing
Markets Authorized by the Competent Authority Name of Issuer Nationality of Issuer

1. The NYSE Euronext (US) Date of Incorporation Listed Country

Name/Address of Depositary
2. The American Stock Exchange (US) Tentative Date of Issuance
Institution
Estimated Amount of Name/Address of Custodian
3. The NASDAQ (US) Issuance
Estimated Number of Issued
Institution
Name/Address of Leading
Units Underwriter
4. The London Stock Exchange (UK)* Estimated Price Per Unit
Name/Address of Bank
Authorized to Collect Payment
5. Deutsche Börse AG (Germany) The Total Amounts and
Date of Application
Quantity of TDR Issued
6. The Italian Stock Exchange (Italy)* 1.Three copies of documents evidencing the name, nationality, and the major operating place.

7. The Toronto Stock Exchange (Canada) 2.Three copies of affidavit issued by the originally listed securities exchange indicating that the foreign issuer is
listed on such securities exchange.

8. The Australian Securities Exchanges (Australia) 3.Three copies of financial reports audited and certified by CPAs for the most recent 3 fiscal years. If the review
period lasts 8 months after the fiscal year, additional financial reports audited or reviewed by the CPAs for the

9. The Tokyo Stock Exchange (Japan) first half fiscal 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

10.The Osaka Securities Exchange (Japan) A

regarding the differences in the accounting principles adopted and the ROC GAAP and their impacts on the
financial reports should be provided.)
T
11.The Stock Exchange of Singapore (Singapore) T
A
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.
C
12.The Kuala Lumpur Stock Exchange (Malaysia) H
6.Three copies of the custody contract or other documents executed between the depositary institution and the
custodian institution.
M
13.The Stock Exchange of Thailand (Thailand) E
7.Three copies of the draft prospectus.
8.A certified opinion issued by an ROC-licensed lawyer certifying that the depositary contract, the custody
N
contract and the prospectus are prepared in accordance with the laws and regulations.
14.The Johannesburg Stock Exchange (South Africa) T
S
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
15.The Hong Kong Exchanges and Clearing Limited (HK) estimation of dispersion of TDR holders after the issuance is completed.
11.Three copies of a TDR sample certificate 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
16.Korea Exchange (Korea) 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
17.Other Securities Exchanges approved by competent 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.)
authority 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.
Note: 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.
*The Italian Stock Exchange was acquired by the London Stock Exchange in
June 2007. 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 0644@twse.com.tw
Chih-chiang Lo 0495@twse.com.tw
Pei-jing Kao 1090@twse.com.tw

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