Digital China Holdings Ltd (神州數碼), a Chinese integrated IT service provider, tentatively plans to list its Taiwan depositary receipts (TDRs) on the main board on Nov. 24, underwriter KGI Securities (凱基證券) said yesterday.
KGI said the company would offer up to 260 million TDRs at a subscription price of NT$29 to NT$33, with each TDR representing 0.5 shares of Digital China, which has been listed in Hong Kong since 2001.
The public subscription plan has been warmly welcomed by the market, KGI said.
After the listing, Digital China will become the first “red chip” to sell shares in Taiwan, the Taiwan Stock Exchange said.
A red chip refers to a Hong Kong listed company that is incorporated outside China, but is under the control of Chinese shareholders, largely generating revenue in China.
Digital China operates regional centers in 19 major cities in China, with a network of more than 10,000 agents and strategic partnerships with more than 100 leading IT vendors worldwide.
It is the largest software service provider to the Chinese government, the second-largest provider to the Chinese financial sector and the fourth-largest provider to the Chinese telecoms industry.
In the six months from April to September, Digital China posted HK$537 million (US$69 million) in net profit, up 30.42 percent from a year earlier.
The company said it would continue to take advantage of a booming Chinese IT sector, which is expected to see a 13.7 percent increase in sales this year from the US$77.1 billion recorded the previous year.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last