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1     These Directions are adopted in accordance with Article 4 of the Taipei Exchange Rules Governing the Review of Securities for Trading on the TPEx.
2     When applying for TPEx trading of its stock under Article 3 of the Taipei Exchange Rules Governing the Review of Securities for Trading on the TPEx, a public company shall allocate at least 10 percent of the total number of shares intended for TPEx listing and retain the recommending securities firms to underwrite these shares; provided, if the number of shares calculated by such percentage is less than one million, no less than one million shares shall be provided for underwriting, or, if the number of shares so calculated exceeds 10 million shares, no less than 10 million shares shall be provided for underwriting.
    In determining the specific date for calculating "the total number of shares intended for TPEx listing," for purposes of carrying out the underwriting matters under the preceding paragraph, the public company shall use the calculation of "the total number of shares at the time of application for TPEx listing" as defined in Article 1, paragraph 2 of the Rules Relating to Article 3, Paragraph 1, Subparagraph 4 of the Taipei Exchange Rules Governing the Review of Securities for Trading on the TPEx, but modify the timing from "at the time of application for TPEx listing" to "at the time intended for TPEx listing." However, shares allocated for underwriting shall be confined to shares of publicly offered and issued common stock.
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6     Where a public company has commenced trading its stock on the TPEx as emerging stock for less than two years, the number of shares it has duly provided for subscription by the recommending securities firm for such emerging stock may be deducted from the number of shares it provides for underwriting hereunder, provided that the deduction shall not exceed 30 percent of the shares provided for underwriting hereunder.
7     A securities firm applying for TPEx trading of its stock and providing shares for underwriting shall engage a recommending securities firm to underwrite the same on a best efforts basis.
8     A public enterprise applying for TPEx trading of its stock on may be exempted from the requirement to engage recommending securities firms to carry out underwriting.
9     These Directions, and any amendments hereto, shall be implemented upon review and recordation by the competent authority.