China Taisan Technology Group Holdings Ltd (中國泰山科技集團控股公司), a Chinese textile firm listed on the Singapore Stock Exchange, plans to raise funds in Taiwan for expansion, underwriter Polaris Securities (寶來證券) said yesterday.
“China Taisan has submitted an application to the Taiwan Stock Exchange to issue Taiwan Depository Receipts (TDRs),” a Polaris official in charge of TDR underwriting said. “The company is planning to raise NT$1.25 billion [US$39.33 million] from the sale of TDRs to expand its production capacity in China.”
The official said once the share sale application has been approved, the company would issue 125 million TDRs, each representing two common shares in the company.
China Taisan is a supplier of performance fabrics used in the production of sportswear and casual wear for international brands such as Reebok, Nike, Adidas, FILA and Lotto, as well as Chinese brands that include Li-Ning, Qiaodan and Septwolves.
Last year, the company posted 106 million yuan (US$15.7 million) in net profit on sales of 832 million yuan. In the first quarter of this year, net profit rose 65.3 percent from a year earlier to 56 million yuan, according to the Taiwan Stock Exchange.
Polaris said that as China Taisan’s chief executive and co-founder, Lin Wen-chang (林文章), is Taiwanese and key positions at the company in manufacturing, sales and marketing are mostly filled by Taiwanese staff, the company has shown a lot of interest in issuing shares on the Taiwan Stock Exchange.
China Taisan’s production facilities are located in Jinjiang, Fujian Province, which is known as China’s sportswear hub. The company has access to the entire production chain for sports and leisure apparel in China, according to the company’s Web site.
The textile company has been listed on the Singapore Stock Exchange since 2008.
China Taishan is the fifth company listed overseas to seek to issue TDRs so far this year, the Taiwan Stock Exchange said.
The exchange said if the review process proceeds smoothly, the listing could take place in October.
A total of 18 foreign-listed companies have issued TDRs on the local bourse.
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