Regulations Governing the Offering and Issuance of Securities by Foreign Issuers Article 18
A primary exchange (or OTC) listed company or emerging stock company that offers and issues stock -- except in the case of a company issuing stock in connection with acquiring shares of another company, merger, acquisition, or demerger, or an emerging stock company offering and issuing stock without conducting a public issue to outside parties -- shall engage an underwriter to conduct a public underwriting.
中文原文 外國發行人募集與發行有價證券處理準則第18條
第一上市（櫃）公司及興櫃公司募集與發行股票，除受讓他公司股份、合併、收購或分割而發行股票及興櫃公司募集與發行股票未對外公開發行者外，應委託證券承銷商辦理公開承銷。