Yangzijiang's depository receipts hot on their first day of trading

Shortly after the opening bell the shares vaulted to their daily limit of NT$20.1, from the IPO price of NT$18.8. Buy orders stood at 300,000 units at the end of trading. Yangzijiang will issue a total of 240 million units.

The firm, officially listed in Singapore, last year posted sales of 10.6 billion yuan and net profit of 2.2 billion yuan, translating into earnings per share of 0.63 yuan, the highest among red-chip stocks traded in Singapore.

During the first half this year, the firm posted revenue of 5.75 billion yuan and net profit of 1.387 yuan, a year-over-year growth of 25 percent and 27 percent, respectively. Earnings per share were 0.38 yuan.

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