Tien Bor-Zen 4

What Happened
Tien Bor‑Zen, a Vice President at Taiwan Semiconductor Manufacturing Co. (TSM), acquired a total of 46 American Depositary Shares (ADS) on July 7, 2026 — two purchases of 40 ADS and 6 ADS — at $76.62 per ADS for a combined cash outlay of $3,525. These transactions are reported as purchases (transaction code P), which are purchases rather than sales and thus generally more informative about insider buying activity.

Key Details

• Transaction date: 2026-07-07; Form 4 filed: 2026-07-09 (filed within the usual two-business-day window).
• Trades: 40 ADS @ $76.62 = $3,065; 6 ADS @ $76.62 = $460; total = $3,525.
• ADS conversion: Each ADS represents 5 common shares, so 46 ADS = 230 common shares (see footnote F1).
• Pricing note: Reported USD price was translated from NT$2,462.6361 at NT$32.143 = US$1 (footnote F3).
• ESPP involvement: Filing footnotes indicate purchases were processed through the issuer’s Employee Stock Purchase Plan (ESPP) by the plan administrator (footnotes F2, F4, F5) and include purchases made on behalf of the filer and an immediate family member who is a TSMC employee.
• Shares owned after transaction: not specified in the provided excerpt.

Context
ADS purchases via an ESPP are often routine payroll/plan purchases made under preauthorized terms (administrator executes on schedule). While insider purchases can be interpreted as a positive sign, ESPP transactions are frequently formulaic and do not necessarily reflect a discretionary market-timing decision.