Yangzijiang makes a strong debut on its listing in Taiwan
Source: Xinhua |
September 9, 2010, Thursday
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Print Edition
Print Edition
THE Taiwan Depositary Receipts of Yangzijiang Shipbuilding Holdings Ltd, the first Chinese mainland company to list on the island, made a strong debut on the Taiwan Stock Exchange yesterday, with its shares nudging the maximum daily rise.
Heralded by the beating of a big red drum, Yangzijiang, the mainland's fourth biggest ship maker, started trading at NT$20.10 (63 US cents), 6.91 percent above its TDR offering price of NT$18.80.
It stuck close to the daily maximum rise of 7 percent till the end of trading. The benchmark Taiex Index edged down 0.42 percent to 7,851.31.
Yangzijiang offered 240 million TDRs, representing 120 million shares, at between NT$17 and NT$19 late last month. It eventually fixed the price at NT$18.80, raising NT$4.51 billion in capital.
Yangzijiang was the second largest TDR listing in Taiwan after Hong Kong-listed noodle maker Tingyi, which raised NT$17.1 billion in December last year.
"Yangzijiang's successful landing on the Taiwan Stock Exchange is pioneering among mainland companies in seeking financing in Taiwan's capital market," executive chairman Ren Yuanlin said before trading started.
"The listing will promote forcefully interactions and integration of economic and trade cooperation across the Tawain Strait," he said.
"If the performance of our company is good on the Taiwan bourse and the mainland and Taiwan continue to push forward the implementation of the Economic Cooperation Framework Agreement, other mainland companies will follow our lead and list in Taiwan," Ren said.
The listing came just over two months after negotiators from the mainland and Taiwan signed the ECFA in June, aiming to establish a systematic mechanism for enhancing cross-Strait economic cooperation.
"Yangzijiang Shipbuilding will also seek business opportunities from this listing and boost the company's performance on the Singapore stock market," he said.
Yangzijiang was listed in Singapore in April 2007.
Taiwan Stock Exchange chairman Schive Chi welcomed the listing, saying it had received much attention.
Heralded by the beating of a big red drum, Yangzijiang, the mainland's fourth biggest ship maker, started trading at NT$20.10 (63 US cents), 6.91 percent above its TDR offering price of NT$18.80.
It stuck close to the daily maximum rise of 7 percent till the end of trading. The benchmark Taiex Index edged down 0.42 percent to 7,851.31.
Yangzijiang offered 240 million TDRs, representing 120 million shares, at between NT$17 and NT$19 late last month. It eventually fixed the price at NT$18.80, raising NT$4.51 billion in capital.
Yangzijiang was the second largest TDR listing in Taiwan after Hong Kong-listed noodle maker Tingyi, which raised NT$17.1 billion in December last year.
"Yangzijiang's successful landing on the Taiwan Stock Exchange is pioneering among mainland companies in seeking financing in Taiwan's capital market," executive chairman Ren Yuanlin said before trading started.
"The listing will promote forcefully interactions and integration of economic and trade cooperation across the Tawain Strait," he said.
"If the performance of our company is good on the Taiwan bourse and the mainland and Taiwan continue to push forward the implementation of the Economic Cooperation Framework Agreement, other mainland companies will follow our lead and list in Taiwan," Ren said.
The listing came just over two months after negotiators from the mainland and Taiwan signed the ECFA in June, aiming to establish a systematic mechanism for enhancing cross-Strait economic cooperation.
"Yangzijiang Shipbuilding will also seek business opportunities from this listing and boost the company's performance on the Singapore stock market," he said.
Yangzijiang was listed in Singapore in April 2007.
Taiwan Stock Exchange chairman Schive Chi welcomed the listing, saying it had received much attention.
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