Taiwan Stock Exchange Corp (TWSE, 台灣證交所) said yesterday it was planning to invite Hong Kong-listed Taiwanese red-chip companies to issue Taiwan depositary receipts (TDRs) on the Taiwan stock exchange to expand natural-resource stocks.
The red-chip companies will include China National Offshore Oil Corp (中國海洋石油) and CNPC (Hong Kong) Ltd (中石油), which trade in crude oil and oil exploration stocks, TWSE chairman Schive Chi (薛琦) said.
“The Financial Supervisory Commission’s decision to allow Taiwanese investors to trade red-chip stocks is a milestone in Taiwan’s capital market,” Schive said at a ceremony to mark the listing of TDRs of China-based Good Friend International Holdings Inc (友佳國際).
Prices of Good Friend International’s TDRs ended at NT$14.20 per unit on its Taipei debut, NT$0.30 lower than its offer price of NT$14.50 per unit.
The company sold a total of 67.2 million units of TDR to investors.
It plans to use the proceeds for future expansion.
Red chips are shares in Chinese companies that are incorporated outside China and listed in Hong Kong and Macau.
Schive said the TWSE also plans to invite Hong Kong-listed H-share companies to issue TDRs.
H-shares are shares of companies incorporated in China and listed on the Hong Kong Stock Exchange.
Schive said that after Taiwan and China sign a proposed economic cooperation framework agreement (ECFA), the TWSE also plans to seek various other kinds of products.
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