Yuen Foong Yu Paper Manufacturing Co (永豐餘), one of Taiwan’s leading paper makers, is planning to list subsidiary TaiGen Biotechnology Co (太景生技) on the local bourse in two years, the biotech firm said yesterday.
TaiGen, established in 2001, said it would register in the Cayman Islands before launching a primary listing as a foreign company in the local stock market.
As part of its preparations for listing, TaiGen will restructure its capital and revise internal rules on incorporation at its annual general meeting scheduled for next month, the company said.
An exact timetable for the listing will depend on market conditions and the progress it makes developing new drugs, it said.
Riding the wave of stem cell research worldwide, TaiGen has stepped up efforts in developing a new drug named TG-0054, a stem cell mobilizer for stem cell transplantation and tissue repair.
The company has completed the first phase of trials on healthy subjects of the stem cell mobilizer and is undertaking a second trial on cancer patients.
Market analysts said TaiGen is a research-based biotech company that focuses on developing new drugs and caters to the global medical sector. It is different from many of the other local biotech firms that only sell food supplements in the domestic market.
TaiGen is financially strong, given its numerous rich shareholders in addition to Yuen Foong Yu, according to analysts.
On Taigen’s Web site, the National Development Fund (國發基金), Shin Kong Life Insurance (新光人壽), China Development Industrial Bank (中華開發工業銀行) and Taiwan Sugar Corp (台糖) are listed as shareholders.
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
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RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the