Taiwan bourse to have 1st Chinese listing

Taiwan Stock Exchange spokesman Stanley Chu said Thursday that China's Yangzijiang Shipbuilding Holdings Ltd. plans to raise NT$4.08 billion (US$128 million) from a Taiwan Depository Receipt listing.

Yangzijiang is one of China's top five shipbuilders.

Chu said the listing is scheduled for September 8 with price per share expected at NT$17-19 (US$0.53-0.59).

“We see this listing as a strong future indicator and hope to attract more Chinese companies,” he said.

Taiwan and China split amid civil war in 1949, and the mainland continues to regard the democratic island as part of its territory, threatening invasion if Taiwan moves to make its de facto independence permanent.

But during his 27 months in office, Taiwanese President Ma Ying-jeou has lowered tensions across the 100-mile-wide (160-kilometer-wide) Taiwan Strait to their lowest level in six decades, amid a welter of economic initiatives, including a wide-ranging trade agreement signed in June.

Taiwan's stock market gained almost 80 percent last year, largely on expectations of substantial benefits to be derived from closer China ties, but is down this year about 5 percent.

While China is Taiwan's most important export market, many export items are electronic components assembled in China and sold to the U.S., so economic conditions there remain a key factor in determining the island's economic growth.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email