Taiwan Stock Exchange spokesman Stanley Chu said Thursday
that China’s Yangzijiang Shipbuilding Holdings Ltd. plans to raise New Taiwan
dollars 4.08 billion ($128 million) from a Taiwan Depository Receipt listing.
Yangzijiang is one of China’s top five shipbuilders.
Chu said the listing is scheduled for Sept. 8 with price per
share expected at NT$17-19 ($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 160-km-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 US,
so economic conditions there remain a key factor in determining the island’s
economic growth.
