China Crystal New Material Holdings Co Ltd (中國晶體新材料控股), a mica powder producer in China, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing on the main board.
The company, which is registered in the Cayman Islands, was the seventh foreign one so far this year to seek a primary listing in Taiwan, according to a statement issued by the TWSE.
Through its flagship subsidiary, Youjia Pearlescent Mica Co (友佳珠光雲母) in Jiangsu Province, China Crystal manufactures synthetic mica power, synthetic mica flakes and synthetic strips that are used for the production of pearlescent pigments or fire-proof materials.
China Crystal, which is currently capitalized at NT$600 million (US$20.48 million), sells its products mainly in China, but also to Japan and Europe.
According to the parent company’s prospectus, Youjia produced 4,163 tons of synthetic flakes last year, accounting for 62.1 percent of total global production. It manufactured 3,627 tons of synthetic mica powder, making up 69.4 percent of the global total.
The prospectus showed that China Crystal is planning to issue 10.6 million new shares for the listing and expects to raise NT$689 million in funds as working capital.
The company said the issue price has been tentatively set at NT$65.00, and it expects to complete its fund raising activities in the second quarter of next year.
China Crystal said it will use the funds to meet the demand for production capacity expansion, purchase production equipment, and improve its financial structure.
Last year, China Crystal posted NT$287 million in pro forma consolidated net profit on sales of NT$567 million. In the first half of this year, it registered NT$135 million in pro forma consolidated net profit on sales of NT$297 million.