| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 8 fields | |||
| Purpose | To explain treatment of corporate actions that occur irregularly. | 本通則之目的係針對不定期發生的企業活動提供處理方式說明。Open p.3 ↗ |
The purpose of the general rules is to provide treatment guidance for irregularly occurring corporate actions. |
| Special event discretion | The administrator may separately determine treatment for special corporate actions and announce it by technical notice. | 因企業活動態樣複雜且日新月異，恐無法完整歸納，臺灣指數公司針對特殊之企業活動，得另行決定處理方式，並視需要於臺灣指數公司網站(https://www.taiwanindex.com.tw/)以技術通知公告調整內容。Open p.3 ↗ |
For unusual corporate actions, Taiwan Index Partners may determine the treatment separately and announce the adjustment by technical notice on its website as needed. |
| Review and update | The general rules are periodically reviewed and updated and announced on the administrator's website. | 本通則由臺灣指數公司定期檢視並更新，並於臺灣指數公司網站(https://www.taiwanindex.com.tw/)公告。Open p.3 ↗ |
Taiwan Index Partners periodically reviews and updates these general rules and announces them on its website. |
| Interpretation right | The administrator reserves the right to interpret or adjust matters not covered by the rules. | 本通則如有未盡事宜，臺灣指數公司保留解釋或調整之權利。Open p.3 ↗ |
For matters not fully addressed in these rules, Taiwan Index Partners reserves the right of interpretation or adjustment. |
| Covered indices | TIP index series | 本文件陳述臺灣指數公司TIP 指數系列企業活動處理通則(以下簡稱本通則)，文件可在臺灣指數公司網站(https://www.taiwanindex.com.tw/)取得。Open p.3 ↗ |
The rules cover the Taiwan Index Partners (TIP) index series. |
| Precedence rule | Individual index compilation rules prevail over these general corporate-action rules. | 本通則若與指數編製規則不一致時，以指數編製規則所訂處理方式為準。Open p.3 ↗ |
If these general rules conflict with an index's compilation rules, the treatment specified in the index compilation rules prevails. |
| Principles | index continuity, Investability, alignment with index compilation objectives, transparency through website and technical notices | 臺灣指數公司為精確呼應指數編製目標，設計各式企業活動的應對處理原則。Open p.5 ↗ |
The stated approach seeks index continuity, investability, alignment with each index's compilation objective, and public disclosure of adjustments. |
| Administrator | Taiwan Index Partners (Taiwan Index Company) | 本文件陳述臺灣指數公司TIP 指數系列企業活動處理通則(以下簡稱本通則)，文件可在臺灣指數公司網站(https://www.taiwanindex.com.tw/)取得。Open p.3 ↗ |
Taiwan Index Partners (Taiwan Index Company) issues these general rules. |
| G2 Calculation and publication · 9 fields | |||
| Index types | market-capitalization reference index, market-capitalization investable index, including equal-weighted, Smart Beta investable index | 臺灣指數公司依指數類型分為「市值參考型指數」、「市值投資型(含等權重)指數」及「SmartBeta 投資型指數」等三種。Open p.3 ↗ |
TIP indices are classified into market-capitalization reference indices, market-capitalization investable indices including equal-weighted indices, and Smart Beta investable indices. |
| Price input | Latest traded price or closing price. | 𝑝𝑖,𝑡=成分股 𝑖於 𝑡日之價格 (最新成交價格或收盤價)Open p.4 ↗ |
The constituent price used in the formula is the latest traded price or the closing price. |
| Share count basis | Issued shares | 𝑠𝑖,𝑡=成分股 𝑖於 𝑡日之發行股數Open p.4 ↗ |
The formula uses each constituent's issued shares on the relevant day. |
| Coefficient products by index type | Market capitalization reference index: weight adjustment coefficient; Market capitalization investable index: weight adjustment coefficient multiplied by free-float coefficient; Smart beta investable index: weight adjustment coefficient multiplied by original unrestricted investment-factor weight coefficient | 市值參考型指數𝑐𝑖,𝑡指數成分股權重市值投資(含等權重)型指數𝑐𝑖,𝑡× 𝑓𝑖,𝑡發行市值權重SmartBeta 投資型指數𝑐𝑖,𝑡× 𝑏𝑖,𝑡Open p.5 ↗ |
Coefficient products differ by index type: weight coefficient for reference indices, weight and free-float coefficients for investable indices, and weight and Smart Beta factor coefficients for Smart Beta indices. |
| Formula type | Divisor | 𝐼𝑛𝑑𝑒𝑥𝑡= ∑ 𝑐𝑝𝑖,𝑡× 𝑠𝑖,𝑡× 𝑝𝑖,𝑡 i=1 × 基準指數𝐷𝑖𝑣𝑖𝑠𝑜𝑟𝑡Open p.4 ↗ |
The index is calculated as the sum of constituent coefficient products, shares and prices divided by an index divisor, multiplied by the base index. |
| Return variants | PR, GTR | 指數編製型態依「臺灣指數公司有價證券指數通則」分為價格指數及報酬指數。Open p.5 ↗ |
Index compilation forms are divided into price indices and return indices; the document distinguishes price indices from return indices but does not specify a net-return variant. |
| Dividend treatment | For a cash dividend, the price index has zero changed market capitalization, while the return index recognizes the cash dividend and adjusts the divisor. | 若為價格指數，異動指數成分股市值= 0。 ➢ 若為報酬指數，異動指數成分股市值= (−1) × 𝑡日係數乘積× 𝑡日發行股數×每股現金股利。Open p.26 ↗ (not found verbatim in the PDF) |
On the ex-dividend date, the price index makes no market-capitalization change, whereas the return index records a negative cash-dividend market-capitalization change and adjusts the divisor. |
| Divisor adjustment rule | Market-capitalization reference indices adjust the divisor while leaving coefficient products unchanged; investable and Smart Beta indices may adjust coefficient products or the divisor according to indexing-investment needs. | 「市值參考型指數」係傳統的市場參考指標，主要反映指數成分股價格波動所造成的發行市值消長，為避免僅因企業活動改變指數市值而導致指數斷層的不連續現象，採調整指數除數但係數乘積不變的方式，以維持指數的連續性Open p.5 ↗ |
To maintain index continuity, market-capitalization reference indices adjust the divisor without changing coefficient products, while market-capitalization investable and Smart Beta indices assess practical indexing needs and adjust coefficient products or the divisor. |
| Divisor adjustment events | cash acquisition merger, share-conversion merger, mixed cash and share-conversion merger, holding-company or newly formed company conversion, cash capital reduction, capital reduction to offset losses, spin-off or split-related restructuring when applicable, cash capital increase with paid share allocation, cash dividends in return indices, changed trading method deletion, delisting or other cessation that no longer qualifies for the index universe, other share-count changes for market-capitalization reference indices | Divisor adjustments are made for specified mergers, capital reductions, qualifying spin-off structures, paid capital increases, cash dividends in return indices, changed-trading-method deletions, delisting or cessation events, and other share-count changes depending on index type. | |
| G4 Corporate events · 14 fields | |||
| Operations timing | All operations are completed after the close of the trading day immediately before the corporate-action event date. | 所有作業皆於企業活動之事件日(𝑡日)之前一交易日(𝑡− 1 日)收盤後辦理Open p.5 ↗ |
All corporate-action operations are performed after the close on t-1, the trading day before the event date t. |
| Corporate action data sources | Taiwan Stock Exchange website, Taipei Exchange website, Market Observation Post System announcements | 企業活動之資料來源為臺灣證券交易所、證券櫃檯買賣中心網站或公開資訊觀測站上市上櫃公司之公告。Open p.5 ↗ |
Corporate-action information comes from the Taiwan Stock Exchange, Taipei Exchange, or listed-company announcements on the Market Observation Post System. |
| Face value change | A face-value change increases or decreases shares by the ratio of old to new face value, keeps the coefficient product unchanged, creates zero changed market value, and does not adjust the divisor. | 𝑡日發行股數= (𝑡−1)日發行股數×變更前股票面額／變更後股票面額。 ➢ 𝑡日係數乘積= (𝑡−1)日係數乘積。Open p.30 ↗ (not found verbatim in the PDF) |
When the par value changes, the share count is adjusted by the old-to-new face-value ratio and the divisor remains unchanged. |
| Holding company conversion | When several constituents convert to a holding company or newly formed company that qualifies, the old constituents are deleted and the holding or new company is included, with coefficient and divisor treatment depending on index type. | 數家成分股公司轉為控股公司或合併後成立新設公司，新設公司符合指數母體Open p.12 ↗ |
Qualifying holding-company or new-company conversions replace converting constituents with the new entity and apply the relevant coefficient or divisor treatment. |
| Cash dividend | On the ex-dividend date, shares and coefficient products remain unchanged; the price index records zero changed market capitalization, while the return index records the cash dividend as a negative changed market capitalization and adjusts the divisor. | 𝑡日發行股數= (𝑡−1)日發行股數。市值參考型指數 ➢ 𝑡日係數乘積= (𝑡−1)日係數乘積。 ➢ 若為價格指數，異動指數成分股市值= 0。Open p.26 ↗ (not found verbatim in the PDF) |
For cash dividends, the price index does not change market capitalization, while the return index deducts the cash dividend and adjusts the divisor. |
| Bonus and split | For a bonus issue, shares are increased by the bonus-issue ratio, the coefficient product remains unchanged, changed market capitalization is zero, and no divisor adjustment is made. | 𝑡日發行股數= (𝑡−1)日發行股數× (1 + 無償配股率)。市值參考型指數➢ 𝑡日係數乘積= (𝑡−1)日係數乘積。Open p.26 ↗ |
A free bonus issue increases shares proportionally, keeps the coefficient product unchanged, creates zero changed market value, and does not adjust the divisor. |
| Rights issue | For a paid cash capital increase, market-capitalization reference indices add the new shares at the subscription price and adjust the divisor; investable and Smart Beta indices adjust the coefficient product and do not adjust the divisor. | 𝑡日發行股數= (𝑡−1)日發行股數+公告之現金增資股數。 ➢ 𝑡日係數乘積= (𝑡−1)日係數乘積。市值參考型指數➢ 異動指數成分股市值= 𝑡日係數乘積×現金增資認購價×公告之現金增資股數。Open p.27 ↗ |
Paid rights or cash capital increases are treated by divisor adjustment for reference indices and by coefficient adjustment with no divisor adjustment for investable and Smart Beta indices. |
| Other share changes | Share changes not affecting original shareholders' holdings are implemented on the sixth trading day of each month; reference indices adjust the divisor, while investable and Smart Beta indices adjust the coefficient product and do not adjust the divisor. | 每月第6 個交易日Open p.32 ↗ |
Conversions, employee option exercises, private placements, treasury-stock cancellations and similar share-count changes are processed monthly, with divisor or coefficient treatment depending on index type. |
| Capital reduction | For cash capital reductions or loss-offset capital reductions, the constituent's market value is retained until trading resumes; shares are multiplied by the conversion ratio, the coefficient product is initially unchanged, and the divisor is adjusted, except a loss-offset reduction has zero changed constituent market value. | 成分股公司現金減資或彌補虧損減資Open p.15 ↗ |
Capital reductions reduce shares by the conversion ratio and use resumption reference prices; reference treatment retains market value and adjusts the divisor, with a loss-offset reduction producing zero changed constituent market value. |
| Merger acquisition | Treatment depends on whether the acquirer is a constituent and whether consideration is cash, newly issued shares, or mixed cash and shares; acquired constituents are deleted at termination, retained market value is used during suspension, and acquirer shares or coefficients are adjusted as specified. | 合併公司全數以現金收購合併成分股公司或非成分股公司Open p.6 ↗ |
Mergers and acquisitions are handled according to the acquirer's constituent status and the form of consideration, with acquired constituents deleted, retained values carried through suspension, and shares, coefficients and divisors adjusted by the applicable branch. |
| Spin off | Spin-offs are treated according to whether the spun-off new or existing company belongs to the index universe and sampling universe; if it qualifies, it may be added, otherwise the split constituent is deleted or retained with reduced shares and divisor adjustment. | 被分割之成分股公司分割部分成立新設公司或讓與既存公司，新設公司或既存公司不符合指數母體Open p.16 ↗ |
A constituent spin-off may result in deletion, retention with a reduced share count, or inclusion of the spun-off company depending on index-universe and sampling-universe eligibility. |
| Suspension | During merger or capital-reduction suspension, the constituent's t-1 index constituent market value is generally retained as reserved constituent market value and continues to be calculated; if the event date is also an ex-rights or ex-dividend date, the ex-rights/ex-dividend reference price is used. | 以被合併公司於(𝑡−1)日之指數成分股市值做為「保留指數成分股市值」，保留於指數中繼續計算。如 𝑡日同時為除息交易日，則「保留指數成分股市值」採除息參考價計算。Open p.6 ↗ (not found verbatim in the PDF) |
Suspended constituents involved in mergers or capital reductions generally remain in the calculation using reserved constituent market value until the event completion date. |
| Risk warning | A constituent whose trading method is changed for financial reasons is deleted on the fifth trading day after the change if normal trading has not resumed; a supervisory trading-method change is deleted after one month if normal trading has not resumed, and the divisor is adjusted. | 因財務因素變更交易方法Open p.29 ↗ |
Securities placed under altered trading methods are retained temporarily and deleted if they have not resumed normal trading by the specified fifth-trading-day or one-month point. |
| Delisting | A constituent that stops trading or is delisted for other reasons and no longer meets the index universe is deleted, with changed constituent market value equal to negative one times its t-1 index constituent market value, and the divisor is adjusted. | 因上述以外之其他因素而停止買賣、或未經停止買賣直接終止上市上櫃且不符合指數母體Open p.31 ↗ |
Constituents that stop trading or are delisted without a preceding suspension and no longer qualify for the index universe are deleted and the divisor is adjusted. |
| G7 Review and constituent changes · 8 fields | |||
| Post review checking period | The checking period runs from the review reference date through R-2 inclusive. | 將指數審核基準日(含)至 𝑅−2 日(含)間定義為檢核期，於檢核期進行成分股檢核Open p.35 ↗ |
After a periodic review, constituents are checked from the review reference date through two trading days before the effective date R. |
| Post review pending constituent exclusions | non-existing constituent suspended on R-1 or during the transition period, placed or announced to be placed under changed trading method, specified section 4(4).4 event or delisting | 非既有成分股，且於 𝑅−1 日或指數調整過渡期(若有)停止買賣之股票； (2) 已列為、或公告將列為變更交易方法之股票；Open p.35 ↗ |
Pending constituents are removed if they are suspended additions, have altered trading methods, or face the specified cessation event or delisting. |
| Pending holding company adjustment | A pending constituent that has converted, or is announced to convert, into a holding company or newly formed company may be replaced by that company's stock. | 定期審核後成分股於檢核期已轉換、或公告將轉換為控股公司或新設公司，得調整為控股公司或新設公司股票。Open p.35 ↗ |
During the post-review checking period, a pending constituent may be adjusted to the holding-company or newly formed company stock following a conversion. |
| Data cutoff rule | At the review-data cutoff, the index universe is produced under each index's compilation rules and excludes stocks announced for altered trading methods, stocks subject to the specified other-event clause, and stocks that will be delisted after the cutoff. | 審核資料截止日之指數母體除依個別指數編製規則產製外，若股票已公告將列為變更交易方法、或遇四、(四)「成分股其他態樣之處理原則」第4 種情事、或將於審核資料截止日之後終止上市上櫃，該股票不納入審核資料截止日之指數母體。Open p.34 ↗ |
The review-data cutoff universe follows each index's rules and excludes stocks announced for changed trading methods, specified cessation events, or upcoming delisting. |
| Universe eligibility | Default basis: Individual index compilation rules; Exclusions: announced changed trading method, specified other event under section 4(4).4, delisting after the review-data cutoff | 為兼顧指數編製目標與可投資性，審核資料截止日之指數母體除依個別指數編製規則產製外，若股票已公告將列為變更交易方法、或遇四、(四)「成分股其他態樣之處理原則」第4 種情事、或將於審核資料截止日之後終止上市上櫃，該股票不納入審核資料截止日之指數母體。Open p.34 ↗ |
Universe eligibility is based on individual index compilation rules, with general exclusions for announced altered trading methods, specified cessation events, and upcoming delisting. |
| Ad hoc deletion triggers | Delisting, Risk warning, Acquisition, Other | 被合併公司終止上市上櫃日Open p.6 ↗ |
Constituents may be deleted ad hoc on delisting or cessation that removes index-universe eligibility, persistent changed trading methods, and merger-related termination; the document also includes an other-event category. |
| Replacement policy | Conditional | 並視個別指數編製規則之檔數原則9決定是否遞補新成分股。Open p.35 ↗ |
Whether a replacement is selected depends on the constituent-count rules in the individual index methodology: fixed-count or fixed-range indices select replacements, while non-fixed-count indices with more than 10 constituents do not. |
| Suspended constituent rule | A non-existing constituent that will be suspended on R-1 or during the index adjustment transition period is removed during the post-review checking period; existing constituents are subject to the stated checking criteria for altered trading, suspension, cessation, or delisting. | 定期審核後成分股於檢核期有下列情事者，將剔除該成分股。 (1) 非既有成分股，且於 𝑅−1 日或指數調整過渡期(若有)停止買賣之股票Open p.35 ↗ |
Pending additions that are non-existing constituents and face suspension on R-1 or during the transition period are removed before the periodic review becomes effective, and other pending constituents are checked for altered trading, cessation and delisting events. |
Open points · 13Model-written, for reference
- 1No printed rulebook version label was found.
- 2No effective date for the rules or a specific version was found.
- 3No calculation frequency, real-time interval, closing calculation time, publication precision, calculation currency, or publication channel was stated.
- 4No withholding-tax basis or explicit net total return methodology was found.
- 5No default periodic review frequency, scheduled effective-date rule, announcement lead time, buffer rule, reserve list, or turnover limit was found.
- 6No general fast-entry rules for new listings or IPOs were found.
- 7No explicit bankruptcy or reorganization treatment was found apart from merger and altered-trading provisions.
- 8No treatment for transfer between boards or exchanges was found.
- 9No explicit deletion price was found; the sections use prior-day index constituent market value or reference prices but do not identify a single deletion-price rule.
- 10Not coveredG3 Prices and market data: not covered by this edition
- 11Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 12Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
- 13Not coveredG8 Governance, changes and termination: not covered by this edition
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