P AR T I 103 B. Significant Changes ITEM 9.  THE OFFER AND LISTING  A. Offer and Listing Details  Market Price Information for Our Common Shares We have historically distributed cash dividends to our stockholders equal to approximately 90% of our annual net income. We  intend to maintain this dividend payout ratio in the future, subject to a number of commercial factors, including the interests of our  stockholders, cash requirements for future capital expenditures and investments, as well as relevant industry and market practice. The  amount of our net income determined for purposes of calculating our annual dividend payout may differ from the amount of our net  income determined in accordance with U.S. GAAP.  Other than as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of the  annual consolidated financial statements included in this annual report.  Our common shares have been listed on the Taiwan Stock Exchange since October 27, 2000. There is no public market  outside Taiwan for our common shares. The table below shows, for the periods indicated, the high and low closing prices and the  average daily volume of trading activity on the Taiwan Stock Exchange for our common shares. The closing price for our common  shares on the Taiwan Stock Exchange on April 13, 2012 was NT$90.60 per share.  A capital reduction plan approved at the general stockholders’ meeting on June 15, 2007 was executed in 2007. Trading of  our shares was suspended in the Taiwan Stock Exchange from December 21, 2007 to January 8, 2008. Trading of our new shares  commenced on January 9, 2008. The amount of the capital reduction was NT$9,667,845,090, corresponding to 966,784,509 common  shares of 10,634,629,602 total listed common shares—a reduction ratio of 9.09090908834%. Every thousand shares were converted  to 909.09090991165 shares. For the fractional common shares resulting from the capital reduction, we paid the stockholder cash  based on the closing price on December 20, 2007, which was NT$59.9, rounded off to the nearest whole NT dollar. After the  capital reduction, the share price was restated in accordance with Article 67-1 of the Operating Rules of the Taiwan Stock Exchange  Corporation.  Another capital reduction plan approved at the special stockholders’ meeting on August 14, 2008 was executed in 2009.  The last trading date for our old shares was March 2, 2009. Trading of our shares was suspended in the Taiwan Stock Exchange  from March 3 to March 19, 2009. Trading of our new shares commenced on March 20, 2009. The amount of the capital reduction  was NT$19,115,553,820, corresponding to 1,911,555,382 common shares of total listed common shares—a reduction ratio of  16.46705301419%. Every thousand shares were converted to 835.329469858 shares. For the fractional common shares resulting from  the capital reduction, we paid the stockholder cash based on the closing price on March 2, 2009, which was NT$54.9, rounded off to  the nearest whole NT dollar. After the capital reduction, the share price was restated in accordance with Article 67-1 of the Operating  Rules of the Taiwan Stock Exchange Corporation.  An additional capital reduction plan approved at the general shareholders’ meeting on June 19, 2009 was executed in 2009.  The last trading date for our old shares was January 20, 2010. Trading of our shares was suspended in the Taiwan Stock Exchange  from January 21 to February 7, 2010. Trading of our new shares commenced on February 8, 2010. The amount of the capital  reduction was NT$9,696,808,180, corresponding to 969,680,818 common shares of total listed common shares—a reduction ratio of  9.09090909006%. Every thousand shares were converted to 909.0909090994 shares. For the fractional common shares resulting from  the capital reduction, we paid the stockholder cash based on the closing price on January 20, 2010, which was NT$58.1, rounded  off to the nearest whole NT dollar. After the capital reduction, the share price was restated in accordance with Article 67-1 of the  Operating Rules of the Taiwan Stock Exchange Corporation. 