Understanding Taiwan's Full Delivery Stocks: Risks, Mechanisms, and Trading Guide

What Are Full Delivery Shares?

Full delivery shares are a unique制度 arrangement in the Taiwan stock market. When a listed company experiences poor management, deteriorating financial conditions, causing its net asset value per share to fall below the face value of 5元, or faces disciplinary actions due to重大違規事件, its stock will be listed as full delivery shares. Unlike ordinary shares, full delivery shares require investors to pay the entire purchase amount at the time of交易, and cannot be traded using信用交易 methods such as margin or securities lending.

Risks and Characteristics of Full Delivery Shares

Investing in full delivery shares requires awareness of their high-risk nature:

Management and Compliance Risks. Companies classified as full delivery shares often face operational difficulties, financial problems, or legal risks. These fundamental issues determine that such stocks are high-risk investment targets.

High Volatility. Stocks with net asset value near the 5元 threshold tend to fluctuate greatly, as this affects whether they will be designated as full delivery or revert to信用交易. Investors may face连续跌停的情况.

Limited Liquidity. Full delivery shares are traded only once every 30 minutes, far less frequently than普通股, leading to a market that may lack sufficient buyers or sellers, making trading difficult and increasing transaction costs.

No Dividends or Distributions. Holding full delivery shares means investors cannot receive dividends or participate in rights issues. The only hope is that the company turns around, allowing the stock to恢复普通股身份.

Can Full Delivery Shares Turn Around?

Being classified as full delivery shares is not永久性. When the company’s状况改善 and certain条件 are met, it can apply to恢复为普通股, regaining信用交易资格.

上市公司的恢复条件：连续两个季度的每股净值必须大于5元，同时股东权益连续两季都要超过3亿元。

上櫃公司的恢复条件：只需出现一季度财报中每股净值大于5元，且股东权益有所增加即可。

恢复程序通常在证券交易所收齐季报后的第一个工作日进行形式审查，公告后第2个工作日正式生效。这意味着只要公司确实改善，投资者就有机会看到股票重新回到正常交易机制。

How to Check the Full Delivery Shares List?

Investors can查詢最新的全額交割股名單 through the official website of the Taiwan Stock Exchange.具体步骤为：登录台湾证券交易所网站，进入交易信息区域，选择“变更交易”选项，即可查看完整的全额交割股清单及相关信息。

Buying and Selling Full Delivery Shares

由于无法使用融资融券，full delivery shares的交易流程与普通股有明显区别。

Buying Process：Investors cannot place orders directly through personal accounts. They must first transfer full funds (including fees) into the broker’s designated delivery account, and provide the stock code and quantity to the broker. To avoid insufficient funds causing交易失败, investors usually transfer an amount higher than expected. If not fully used on that day, the remaining balance will typically be automatically returned to the personal account at 3:30 pm.

Selling Process：Investors need to主动联系券商营业员申请当日的“圈存股票”（即预收股票），营业员会进行录音或APP申请确认，申请成功后投资者才能自行委托卖出。若当日未成交，隔日欲继续卖出须重新圈存申请。

Key Reminders for Investing in Full Delivery Shares

Full delivery shares differ significantly from ordinary shares in trading mechanisms, liquidity, and收益特性. Investors should充分了解其高风险特征，评估自身风险承受能力。同时要密切关注公司财务动态与监管公告，掌握恢复普通股的可能性，以便制定相应的投资策略。对于缺乏台股经验或风险承受度较低的投资者，可能需要谨慎评估是否适合参与全额交割股交易。