General Investor Information
Where are Bora shares traded?
Shares of Bora Pharmaceuticals are listed on Taiwan Stock Exchange under 6472.TW.
Available on the OTCQX tier of the US OTC marketplace, provided by OTC Markets Group.
What is Bora’s dividend policy?
While Bora is in a fast growing phase, we remain an above 35% payout ratio with a mix of cash and stock.
When does Bora report its earnings?
The second week of March, May, August, and November. English earnings calls are hosted by Chairman Bobby Sheng.
Does Bora carry out share buybacks?
Yes, buybacks are a part of our capital management toolkit and we announce on MOPS.
What are Bora’s business segments?
CDMO, pharma sales (formerly “Commercial”), consumer health care (our subsidiary Sunway Biotech).
Does Bora provide alternative performance measures (core EBITDA) in its investor relations materials?
Starting 1Q2025, Bora provides non-IFRS alternative performance measure to assess the financial and operational performance at group level. These supplementary financial measures should not be viewed in isolation or as alternatives to our consolidated financial results, which are reported in accordance with IFRS. Instead, our core-EBITDA disclosures are intended to provide a complementary perspective on Bora’s performance by isolating distorting effects or one-time items.
The changes are designed to enhance transparency and efficiency and will not change IFRS reporting.
What is Bora doing to protect the environment?
We are committed to achieving net-zero emissions by 2050. Our efforts span across climate action, water resource management, waste and air pollution control, and hazardous substance management, aiming to continually reduce our environmental impact.
- Climate & Energy Management: We conduct annual carbon inventories and disclose climate-related risks and strategies in accordance with the TCFD framework. By improving energy efficiency, adopting renewable energy, promoting green supply chains, and complying with international standards such as ISO 14001, we actively reduce our carbon footprint while aligning with carbon pricing policies and the Carbon Border Adjustment Mechanism (CBAM).
- Water Management We enhance water efficiency and reduce related risks through process optimization, increased water recycling, wastewater reuse, and the adoption of innovative technologies. We also promote a culture of sustainable water use across our operations and supply chain.
- Waste & Air Pollution Management: Waste is sorted, recycled, and disposed of in compliance with local regulations, tailored to the characteristics of each site. We conduct regular audits of waste disposal vendors. In terms of air quality, we closely monitor emissions of VOCs and nitrogen oxides, invest in control equipment, and ensure strict adherence to environmental regulations.
- Hazardous Substance Management: We leverage a chemical cloud management system to enhance traceability and oversight of hazardous substances. Materials are classified and stored based on their properties, such as using explosion-proof cabinets or fume hoods where necessary. Emergency response drills are conducted at least twice a year, and usage data is reported monthly to ensure compliance and readiness.
Group-wide goals and targets are set annually. Each site conducts gap analyses and develops localized action plans aligned with Bora’s environmental priorities. For more information, please refer to our 2023 Sustainability Report.
Who evaluates Bora’s ESG performances?
Currently, we are evaluated by MSCI, Sustainalytics, FTSE, S&P, and ECOVADIS.
ADR Level 1 Information
What is an ADR?
An American Depositary Receipt (ADR) is a US-dollar security issued by a US depositary bank that represents shares in a non-US company. ADRs trade, clear, and settle like US stocks via US brokers. Holders get any cash dividends in US dollars (if applicable).
What is a Level 1 ADR—and how is it different from other ADR levels?
A Level 1 ADR is the most basic type of American Depositary Receipt, trading on the US over-the-counter (OTC) market instead of major exchanges like the NYSE or Nasdaq. It faces less stringent US reporting requirements, as the company utilizes the SEC’s Rule 12g3-2(b) exemption.
Where will Bora’s ADR trade?
Available on the OTCQX tier of the US OTC marketplace, provided by OTC Markets Group. The ADR ticker symbol is: BORAY.
What will the ADR ratio be (how many ADRs per TWSE share)?
One ordinary shares listed on TWSE can be converted into 5 ADRs for trading on the OTC.
Who is the depositary bank and what are the identifiers?
The Depositary Bank: JP Morgan Chase
CUSIP: 09952D100
ADR ticker: BORAY
ISIN: US09952D1000
Do ADRs represent the same economic interest as ordinary shares?
Yes—each ADR represents a fixed number of Bora ordinary shares (1 ORD to 5 ADR, per the ratio). Dividends, if any, will be paid in USD after FX conversion and applicable fees/withholding.
Will ADR holders receive dividends?
In the event where Bora issues dividends, ADR holders will receive the payments in US dollars, following conversion by the custodian (Standard Chartered Bank) appointed by depositary and deduction of any applicable ADR fees or withholding taxes.
If a Tawain-based investor wishes to convert their TW shares to ADR, would they be able to do so? If so, what would the required process or steps be?
If a Taiwan-based or FINI investor wishes to convert their TW-listed shares into ADRs, they will need to have a U.S. brokerage account. The investor may instruct their broker to handle the conversion. The process remains the same: the broker submits the request to the depositary bank, which then issues instructions to the custodian bank. Once the TWSE approves the conversion and the TW-listed shares are moved to custodian bank, the custodian bank will notify the depositary bank to deliver the ADSs into the investor’s designated U.S. brokerage account.
What is SEC Rule 12g3-2(b) and why does it matter?
This SEC exemption allows a foreign private issuer to maintain a Level 1 ADR without registering under Section 12(g), provided it electronically publishes in English all material information required for disclosure in its home market.
Where can I find Bora’s financials and disclosures in English?
Please refer to Bora’s IR site (Reports & Presentations) and check on Taiwan’s official platforms (TWSE/MOPS).
Does a Level 1 ADR mean Bora files 10-Ks/20-Fs with the SEC?
Under Rule 12g3-2(b), Level 1 ADR issuers generally are not required to submit regular SEC reports; instead, Issuer Corporates provide English versions of disclosures made in their home markets.
How do I buy or sell Bora ADRs?
Through any US broker that supports OTC trading, just like other US securities.
What are typical risks of OTC trading?
Securities traded over-the-counter may experience reduced liquidity, larger bid-ask spreads, and increased price fluctuations compared to those listed on major exchanges.
Are there ADR fees?
There are different types of fees relating to ADR, depending on the circumstances, such as:
– Conversion fee (from ordinary shares to ADR) charged by your custodian and/or broker. This is transaction based and solely for handling and administrative work. Please consult your partnered custodian and broker for more details.
– Issuance fee at US$5 per 100 ADRs or portion thereof, charged on per transaction basis for each ADR issuance request
– Cancellation fee at US$5 per 100 ADRs or portion thereof along with a Cancellation Transaction fee of US$15, charged on per transaction basis for each ADR cancellation request
– Admin fee of up-to US$0.05 per ADR, charged annually on the holdings as of a Record Date to be announced
– Dividend fee of up-to US$0.05 per ADR, deducted from the gross USD dividend amount prior to payment to ADR holders.
How are dividends handled for ADR holders?
If a dividend is declared, the Depositary Bank (through its custodian bank) converts TWD to USD and distributes to ADR holders (net of applicable Taiwan withholding and ADR fees).
What about taxes?
Withholding on dividends is governed by Taiwan tax law and any applicable treaties; kindly consult your tax advisor for further guidance.
How do splits, stock dividends, or other corporate actions affect ADRs?
The Depositary Bank mirrors home-market actions as practicable: adjusting the ADR ratio, distributing cash/stock equivalents, or issuing cash in lieu of fractions.
Do ADR holders have voting rights?
For sponsored programs like Bora’s, the Depositary Bank typically requests voting instructions from ADR holders whenever the underlying shares are eligible to vote. The mechanism in terms of ADR holder’s voting right is governed by the Depsoitary Agreement and disclosed through F-6 registration statements.
How are meeting materials and record dates handled?
The Depositary Bank establishes a US ADR record date and sends out meeting and voting materials to ADR holders, including deadlines for submitting their voting instructions.
What determines the ADR price?
The ADR price reflects the underlying TWSE share price × ADR ratio × FX (TWD/USD), plus/minus US OTC supply/demand.
Will the ADR and TWSE prices always move together?
They typically move in line with each other, but intraday differences may arise because of foreign exchange fluctuations, varying market hours, and limited OTC liquidity.
Where can investors find Bora’s latest results, presentations, and news?
Visit Bora’s IR site for reports and news; for Taiwan statutory disclosures, kindly refer to TWSE/MOPS.
Does Bora host English earnings calls?
Bora generally provides quarterly reports and holds investor calls in English, led by its management team.
Can Bora employees in the US buy the ADR?
Employees should follow their local laws and company insider-trading policies; if permitted, the ADR trades like any US security.
Does the ADR change how Bora discloses information?
Bora will continue to disclose in Taiwan and publish English versions to maintain compliance with Rule 12g3-2(b).
Who do I contact with ADR questions?
Kindly refer enquiries to Bora Investor Relations or your broker for trading/settlement inquiries.
Where can I learn more about ADRs and the OTC market?
Refer to OTC Markets, SEC Rule 12g3-2(b)s, as well as the Depositary Agreement disclosed through the F-6 registration statements.
Contact the Investor Team
Investor Contact Information
Contact: Ms. Nadiya Chen
Phone: +886-2-2790-1555
Email: public01@bora-corp.com