The Taiwan Stock Exchange (TWSE) said yesterday it has approved an application filed by China-based property developer Sino Horizon Holdings Ltd (鼎固開發) to be listed on the main board.
Sino Horizon, which was set up by the family of Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) chairman Jason Chang (張虔生) and is registered in the Cayman Islands, is engaged in property development in major Chinese cities, such as Shanghai, Beijing and Chongqing, according to the company’s prospectus.
Its business includes the development and sale of both residential and commercial property, as well as property leasing and management in the Chinese market, Sino Horizon said in the prospectus.
The prospectus shows that Jason Chang owns a 30 percent stake and his younger brother Richard Chang (張洪本), who is the president of ASE, holds another 30 percent stake in Sino Horizon, which is capitalized at NT$16.8 billion (US$560 million).
Richard Chang currently serves as chairman of the property development firm. ASE, one of Taiwan’s leading integrated circuit packaging and testing services providers, declined to comment on the primary listing plan. According to the prospectus, Sino Horizon is planning to issue 40 million new shares for the stock listing and reserve 6 million shares for its employees.
Fubon Securities (富邦證券) will serve as the company’s underwriter for the primary listing, the Taiwan Stock Exchange said.
Sino Horizon posted NT$723 million, NT$461 million, NT$1.79 billion and NT$6.25 billion in pretax profit in 2008, 2009, 2010 and last year respectively.
In the first quarter of this year, its pretax profit was NT$1.72 billion, the exchange said. The property developer recorded NT$0.28, NT$0.12, NT$0.57 and NT$3.02 in earnings per share in 2008, 2009, 2010 and last year respectively, the exchange added.
In the first quarter of this year, the property developer recorded NT$0.49 in earnings per share, according to data from the exchange.