Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 63
When the holder of emerging stocks, shares not listed on a stock exchange, or shares that are not traded in the business places of securities firms, registers a secondary distribution of the said stocks to unspecified persons, the FSC may reject the registration if any of the following circumstances obtains:1. Less than 3 years have elapsed since the incorporation registration of the issuer of the stocks.2. Both the final operating income and pre-tax income as ratios of the equity attributable to owners of the parent as reported in the issuer's financial reports fail to meet any of the below conditions. However, the profitability as reported in the financial reports does not take into account the effects on the issuer brought about by the net profit (or net loss) attributable to its non-controlling interests.A. The said ratios for the most recent fiscal year reach 2 percent or more, and the issuer has no accumulated losses for the most recent accounting period.B. The said ratios for the most recent 2 fiscal years reach 1 percent or more.C. The average of the said ratios for the most recent 2 fiscal years reaches 1 percent or more, and the profitability of the issuer for the most recent fiscal year is more favorable than that for the previous fiscal year.3. The net asset value of the shares issued by the issuer in the most recent year is lower than its par value, or the net worth before distribution does not reach one-third of total assets.4. Where the FSC otherwise deems the secondary distribution to unspecified persons inappropriate.
中文原文 發行人募集與發行有價證券處理準則第63條
興櫃股票、未上市或未在證券商營業處所買賣公司之股票，其持有人申報對非特定人公開招募時，有下列情形之一，本會得退回其案件：
一、其發行公司自設立登記後，未逾三年者。
二、其發行公司財務報告之決算營業利益及稅前純益占歸屬於母公司業主之權益比率均未達下列情形之一者。
但前述財務報告之獲利能力不包含非控制權益之淨利（損）對其之影響：
（一）最近年度達百分之二以上，且其最近一會計年度決算無累積虧損。
（二）最近二年度均達百分之一以上。
（三）最近二年度平均達百分之一以上，且最近一年度之獲利能力較前一年度為佳。
三、其發行公司最近年度之每股淨值低於面額或分派前之淨值占資產總額之比率未達三分之一以上者。
四、其他本會認為不適宜對非特定人公開招募者。
一、其發行公司自設立登記後，未逾三年者。
二、其發行公司財務報告之決算營業利益及稅前純益占歸屬於母公司業主之權益比率均未達下列情形之一者。
但前述財務報告之獲利能力不包含非控制權益之淨利（損）對其之影響：
（一）最近年度達百分之二以上，且其最近一會計年度決算無累積虧損。
（二）最近二年度均達百分之一以上。
（三）最近二年度平均達百分之一以上，且最近一年度之獲利能力較前一年度為佳。
三、其發行公司最近年度之每股淨值低於面額或分派前之淨值占資產總額之比率未達三分之一以上者。
四、其他本會認為不適宜對非特定人公開招募者。