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Article 1     These Detailed Numerical Standards and Exceptions to Irregularity Standards are adopted under Article 4, paragraph 7 of the TPEx Directions for Announcement or Notice of Attention to Trading Information and Dispositions on the TPEx (the "Directions").
Article 2     The expression "an irregularity in the cumulative percentage of increase or decrease in the final transaction price for a security for the most recent period" as used in Article 4, paragraph 1, subparagraph 1 of the Directions shall mean any of the following circumstances with respect to a security on a given day:
  1. The cumulative percentage of increase or decrease in the final transaction price of a security for the most recent six business days (inclusive of the given day) is greater than 30%, while differing with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20% or more.
  2. The cumulative percentage of increase or decrease in the final transaction price for the most recent six business days (inclusive of the given day) reaches 23% or more, while differing with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20% or more; and the difference between the final transaction prices on the first and the last business days of the most recent six business days reaches NT$40 or more.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price or the closing index value.
  3. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in a given sector.
  4. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
  5. When the closing price of a security, with the exception of call (put) warrants, is less than NT$5.
    The provisions regarding securities on the market as a whole and same-sector securities shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 3     The expression "an irregularity in the percentage of increase or decrease in the final transaction price of a security between the initial and final business days of the most recent period" as used in Article 4, paragraph 1, subparagraph 2 of the Directions shall mean that when for a particular security, any of the following occurs on a given day:
  1. The percentage of increase or decrease in the final transaction price of a security between the initial and final days of the most recent period of 30 business days (inclusive of the given day) exceeds 100%, while meeting one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both securities on the market as a whole and for same-sector securities by 80% or more, as calculated in accordance with this subparagraph, while the final transaction price for the day is also above that day's reference price.
    2. The percentage of decrease for the given security differs with the average values for both securities on the market as a whole and for same-sector securities by 80% or more, as calculated in accordance with this subparagraph, while the final transaction price for the day is also below that day's reference price.
    When the closing price of a given security on that given day is less than NT$5, however, the percentage of increase or decrease in the final transaction price of the security between the initial and final days of the period as referred to above is raised from over 100% to 120%.
  2. When the percentage of increase or decrease in the final transaction price of a security between the initial and final days of the most recent period of 60 business days (inclusive of the given day) exceeds 140%, while conforming to one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 80% or more, while the final transaction price for the day is also above that day's reference price.
    2. The percentage of decrease for the given security differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 80% or more, while the final transaction price for the day is also below that day's reference price.
    When the closing price of a given security on that given day is less than NT$5, however, the percentage of increase or decrease in the final transaction price of the security between the initial and final days of the period as referred to above is raised from over 140% to 180%.
  3. When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent period of 90 business days (inclusive of the given day) exceeds 160%, while meeting one of the two following conditions:
    1. The percentage of increase for the given security differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 80% or more, while the final transaction price for the day is also above that day's reference price.
    2. The percentage of decrease for the given security differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 80% or more, while the final transaction price for the day is also below that day's reference price.
    When the closing price of a given security on that given day is less than NT$5, however, the percentage of increase or decrease in the final transaction price of the security between the initial and final days of the period as referred to above is raised from over 160% to 240%.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. Corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, call (put) warrants, and stock warrants.
  3. The standards of the preceding paragraph shall not apply when trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 1 of the Directions during the most recent 30 business days (inclusive of the given day), while the cumulative percentage of increase or decrease in the final transaction price for the most recent six business days (inclusive of the given day) meets any of the following conditions:
    1. The cumulative percentage does not exceed 27%.
    2. The cumulative percentage exceeds 27%, while differing with the average cumulative values of both securities on the market as a whole and of same-sector securities for the most recent six business days (inclusive of the given day) by less than 15%.
    3. The direction of movement of the particular security is opposite that of the standard increase or decrease under the preceding paragraph.
  4. The standards of the preceding paragraph shall not apply to the most recent announcement of trading information for a security pursuant to Article 6 of the Directions which has occurred during the most recent period of 60 business days (inclusive of the given day) if the only reason for that disposition is the circumstances of Article 4, paragraph 1, subparagraph 2, and on the given day the standards of the preceding paragraph are also met and the cumulative percentage of increase or decrease in the final transaction price for the most recent six business days (inclusive of the given day) meets any of the following conditions:
    1. The cumulative percentage of increase or decrease does not exceed 10 percent.
    2. The cumulative percentage of increase or decrease exceeds 10 percent, but differs from the average value of the cumulative percentage of increase or decrease in the final transaction price for the most recent six business days (inclusive of the given day) for securities on the market as a whole by less than 5 percent, and also differs by less than 5 percent from the average value for same-sector securities as calculated in accordance with this subparagraph.
    3. The direction of movement of the particular security is opposite that of the standard increase or decrease under the preceding paragraph.
  5. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price.
  6. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in a given sector.
  7. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
    The provisions regarding securities on the market as a whole and same-sector securities shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 4     The expression "an irregularity in the cumulative percentage of increase or decrease in the final transaction price of a security for the most recent period, combined with an irregular increase in the volume of trade for the given day relative to the daily average for the most recent period" as used in Article 4, paragraph 1, subparagraph 3 of the Directions shall mean that when the particular security meets both of the following conditions on the given day:
  1. The cumulative percentage of increase or decrease in the final transaction price of a security for the most recent six business days (inclusive of the given day) is greater than 27%, and differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 15% or more.
  2. The volume of trade in the security on a given day shows an increase of five times or more over the daily average for the most recent 60 business days, and the increase differs with the average value for securities on the market as a whole, as calculated in accordance with this subparagraph, by a factor of four or more.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it began TPEx trading.
  2. Convertible corporate bonds, exchangeable corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, certificates of payment for shares, call (put) warrants, and stock warrants.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price.
  4. When intraday turnover is less than 1.0%, or when trading volume is less than 300 trading units.
  5. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in a given sector.
  6. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
    The provisions regarding securities on the market as a whole, same-sector securities, and subparagraph 4 of the exceptions regarding trading volume shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 5     The expression "an irregularity in the cumulative percentage of increase or decrease in the final transaction price of a security for the most recent period, combined with an unusually high intraday turnover rate" as used in Article 4, paragraph 1, subparagraph 4 of the Directions shall mean that when the particular security meets both of the following conditions on the given day:
  1. Where the cumulative percentage of increase or decrease in the final transaction price of a security for the most recent six business days (inclusive of the given day) is greater than 27%, and differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20% or more.
  2. The intraday turnover rate for the given security is 5% or greater, and is greater than the average value for securities on the market as a whole, as calculated in accordance with this subparagraph, by 3% or more.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. Convertible corporate bonds, exchangeable corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, certificates of payment for shares, call (put) warrants, and stock warrants.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price.
  4. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in the given sector.
  5. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
    The provisions regarding securities on the market as a whole and same-sector securities shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 6     The expression "an irregularity in the cumulative percentage of increase or decrease in the final transaction price for the particular security in the most recent period, combined with intraday trading of the given security at the given securities firm in which confirmed purchases or sales that account for an unusually high percentage of the intraday volume of trade in the given security" as used in Article 4, paragraph 1, subparagraph 5 of the Directions shall mean that when the particular security meets both of the following conditions on the given day:
  1. The cumulative percentage of increase or decrease in the closing price of a security for the most recent six business days (inclusive of the given day) is greater than 27%, and differs with the average values for both securities on the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20% or more.
  2. The volume of confirmed purchases or sales in intraday trading of the given security at a securities firm accounts for more than 20% of the total volume of confirmed transactions in the given security (if the securities firm has branch offices, with each branch office, an additional 1% may be added, and the combined total may not exceed 30%), while also exceeding a volume of 300 trading units or more.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. Convertible corporate bonds, exchangeable corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, and certificates of payment for shares.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price or the closing index value.
  4. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in the given sector.
  5. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
    The provisions regarding securities on the market as a whole, same-sector securities, and trading volume shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 7     The expression "a significant increase in the daily volume of trading for a given day or the most recent several days relative to the daily average volume of trade for the most recent period" as used in Article 4, paragraph 1, subparagraph 6 of the Directions shall mean that when the particular security meets both of the following conditions on the given day:
  1. The daily average volume of trade for the most recent six business days (inclusive of the given day) is greater by five times or more than the daily average volume of trade for the most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for securities on the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
  2. The volume of trade for the given day is greater by five times or more than the average daily volume of trade for most recent 60 business days (inclusive of the given day), while the increase is greater than the average value for securities on the market as a whole, as calculated in accordance with this subparagraph, by a factor of four times or more.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. When during the most recent six business days (inclusive of the given day), trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 3 of the Directions.
  3. Convertible corporate bonds, exchangeable corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, certificates of payment for shares, call (put) warrants, and stock warrants.
  4. When intraday turnover is less than 1.0%, or when trading volume is less than 300 trading units.
    The provisions regarding securities on the market as a whole, same-sector securities, and trading volume shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 8     The expression "a significantly high cumulative turnover rate for the most recent period" as used in Article 4, paragraph 1, subparagraph 7 of the Directions shall mean that when the particular security meets both of the following conditions on the given day:
  1. The cumulative total turnover rate for the most recent six business days (inclusive of the given day) exceeds 80%, while there is a difference of 50% or more between the cumulative total turnover rate and the average value for securities on the market as a whole, as calculated in accordance with this subparagraph.
  2. The intraday turnover rate is 5% or more, while there is a difference of 3% or more between the turnover rate and the average turnover for securities on the market as a whole, as calculated in accordance with this subparagraph.
    Exceptions to the preceding paragraph shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. Convertible corporate bonds, exchangeable corporate bonds, corporate bonds with non-detachable warrants, preferred stocks with non-detachable warrants, bond conversion entitlement certificates, certificates of payment for shares, call (put) warrants, and stock warrants.
  3. When during the most recent six business days (inclusive of the given day), trading information for the given security has been announced pursuant to Article 4, paragraph 1, subparagraph 4 of the Directions.
  4. When the total dollar amount of all executed transactions in the given security is less than NT$200 million.
    The provisions regarding securities on the market as a whole shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 9     The expression "an irregular price-to-earnings rate, price-to-book ratio, and an unusually high intraday turnover, combined with any one of three circumstances, including a relatively high price-to-book ratio for stocks of the given industry, an intraday value for confirmed purchases or sales of the given security at any single securities firm that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security, or an intraday value for confirmed purchases or sales of the given security by any single investor that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security" as used in Article 4, paragraph 1, subparagraph 8 of the Directions shall mean that when the particular security meets all of the following conditions on the given day:
  1. The security has a negative price-to-earnings ratio or is trading at 65 times earnings or higher, while exceeding the weighted average value for the price-to-earnings ratios of all units issued in the market as a whole on the given day by two times or more.
  2. The security has a price-to-book ratio of 4.0 or more, while exceeding the weighted average value for the price-to-book ratios of all units issued in the market as a whole on the given day by a factor of two or more.
  3. The intraday turnover rate is five percent or higher, with a volume of trade of 2,000 trading units or more.
  4. The security meets any of the following conditions:
    1. The price-to-book ratio is greater than the average value of price-to-book ratios of all same-sector securities, weighted by units outstanding on the given day, by two times or more.
    2. The dollar amount of executed purchases or sales of the given security (including those executed for customer orders and those traded for the firm's own account) at a securities firm on the given day reaches NT$100 million or more, while also accounting for 10% or more of the total dollar amount of executed transactions in the given security (if the securities firm has branch offices, with each branch office, an additional 1% may be added, and the combined total may not exceed 25%).
    3. The dollar amount of executed purchases or sales of the given security by any single investor on the given day reaches NT$100 million or more, while also accounting for 10% or more of the total dollar amount of executed transactions in the given security on the given day.
    The provisions of the preceding paragraph regarding the dollar amount of executed transactions shall be reduced by one-half for the stock of issuing companies with paid-in capital of less than NT$80 million.
    Exceptions to paragraph 1 shall include the following situations:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first five consecutive business days counting inclusively from the date on which it begins TPEx trading.
  2. Securities other than common stocks.
    The provisions under paragraph 1 regarding securities on the market as a whole, securities of the sector to which the given security belongs, and trading volume shall not apply to the stock of issuing companies with paid-in capital of less than NT$80 million.
Article 10     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price and significant increase in the long/short ratio for a given security during the preceding period" as used in Article 4, paragraph 1, subparagraph 9 of the Directions shall mean that the particular security simultaneously meets each of the following conditions on the given day:
  1. The cumulative percentage of increase or decrease in the last transaction price for the most recent 6 business days (inclusive of the current day) exceeds 27%, while differing with the average values for both the market as a whole and for same-sector stocks, as calculated in accordance with this subparagraph, by 20% or more.
  2. The long/short ratio on the business day preceding the given day is 10% or above, when the following conditions are met:
    1. A margin utilization rate of 20% or above.
    2. A stock loan rate of 10% or above.
  3. The long/short ratio on the business day preceding the given day is larger than the lowest long/short ratio of the preceding 6 business days (counting inclusively from the business day preceding the given day) by a factor of four or more.
    Exceptions to the preceding paragraph are as follows:
  1. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price.
  2. The provisions regarding same-sector stocks shall not apply when there are fewer than five securities in a given sector.
  3. The provisions regarding same-sector stocks shall not apply when a security has a negative price-to-earnings ratio or is trading at 65 times earnings or above.
  4. When the long/short ratio on the business day preceding the given day is lower than that for the business day two days prior to the given day.
Article 11     The expression "an irregularity in the percentage of premium or discount calculated from the final transaction price of the given Taiwan depository receipts and the final transaction price, on the exchange market of their home country, of the shares they represent" as used in Article 4, paragraph 1, subparagraph 10 of the Directions shall mean that when the percentage of premium or discount for the given Taiwan depository receipts meets any of the following conditions:
  1. The Market Observation Post System (MOPS) publishes that the percentage of premium of the given Taiwan depository receipts for the business day preceding the given day exceeds 30%, combined with that the final transaction price of the given Taiwan depository receipts on the given day must be the highest among the final transaction prices for the most recent six business days (inclusive of the given day). If there is no final transaction price available for the most recent five business days (exclusive of the given day), however, the final transaction price on the given day must be higher than the opening reference price.
  2. The Market Observation Post System (MOPS) publishes that the percentage of discount of the given Taiwan depository receipts for the business day preceding the given day exceeds 30%, combined with that the final transaction price of the given Taiwan depository receipts on the given day must be the lowest among the final transaction prices for the most recent six business days (inclusive of the given day). If there is no final transaction price available for the most recent five business days (exclusive of the given day), however, the final transaction price on the given day must be lower than the opening reference price.
  3. The Market Observation Post System (MOPS) publishes that the premium percentage of the given Taiwan depository receipts for the business day preceding the given day exceeds 80%.
    If non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of the given Taiwan depository receipts, then when a comparison is made under the preceding paragraph regarding the standards of the final transaction prices for the most recent six business days (inclusive of the given day), those factors shall be excluded.
Article 12      The expression "An irregularity in the difference between the final transaction prices of the initial and final business days of the most recent period" as used in Article 4, paragraph 1, subparagraph 11 of the Directions, refers to a security on a given day meeting each of the following conditions:
  1. The difference between the final closing prices of the initial and final business days of the most recent 6 day period (inclusive of the given day) is NT$70 or more, and the closing price of the security on the given day must be the highest closing price of the most recent 6 business days (inclusive of the given day). If there is no closing price for the most recent 5 days (not including the given day), then the closing price on the given day must be higher than the opening reference price.
  2. The difference between the final closing prices of the initial and final business days of the most recent 6 day period (inclusive of the given day) is NT$70 or more, and the closing price of the security on the given day must be the lowest closing price of the most recent 6 business days (inclusive of the given day). If there is no closing price for the most recent 5 days (not including the given day), then the closing price on the given day must be lower than the opening reference price.
    Exceptions to the circumstances of the preceding paragraph are as follows:
  1. With the exception of managed stocks, any newly TPEx listed stock during the first 5 consecutive business days counting inclusively from the date on which it began TPEx trading.
  2. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security or an index during the period for which standards are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the final transaction price or the closing index value.
Article 13      The expression "A significantly high ratio of the cumulative volume of sales of borrowed securities to the total trading volume during the most recent period," as used in Article 4, paragraph 1, subparagraph 12 of the Directions, shall mean a security on the business day preceding the given day meets both of the following conditions:
  1. The ratio of the cumulative volume of sales of borrowed securities of the most recent 6 business days (counting inclusively from the business day preceding the given day) to the total trading volume of the most recent 6 business days (counting inclusively from the business day preceding the given day) exceeds 9%.
  2. The volume of sales of borrowed securities on the business day preceding the given day had increased to four times or more of the daily average volume of sales of borrowed securities for the most recent 60 business days (counting inclusively from the business day preceding the given day).
     Exceptions to the preceding paragraph shall include the following situations :
  1. The daily trading volume of a newly TPEx listed stock during a period in which no price fluctuation limit is imposed shall not be included in the calculation under the preceding paragraph.
  2. The standards of the preceding paragraph shall not apply when the security meets any of the following conditions on the business day preceding the given day:
    1. Turnover does not exceed 0.3%.
    2. Trading volume does not exceed 500 trading units.
    3. The volume of sales of borrowed securities does not exceed 100 trading units.
Article 14     These Detailed Numerical Standards and Exceptions to Irregularity Standards, and any amendments hereto, shall be implemented upon public announcement following approval and/or recordation by the competent authority.