Redhorse Corp (紅馬), which operates the largest supplier of imported souvenir products in Japan, plans to raise ￥600 million (US$5.76 million) in Taiwan through a primary listing on the local bourse.
The Hong Kong-based company is scheduled to file its application with the GRETAI Securities Market today and is likely to start trading its shares on Taiwan’s over-the-counter market next year.
The company will use part of the proceeds to further develop its business in China, Redhorse China operations chairman Lucas Fu (傅祿永) said.
“Eyeing the huge domestic market and strong momentum in the tourism sector, China has become the company’s focus market in the future,” Fu said yesterday.
The listing in Taiwan will help raise the company’s brand awareness in China, Fu said.
Redhorse acquired Traveler Corp — a listed company in Japan in charge of importing and selling food and traditional handicrafts — in 2009 and renamed the Japanese unit RH Traveler Corp, which enjoys a leading market share of more than 50 percent in Japan.
Fu said Redhouse plans to reach beyond Japan to China and has set up three subsidiaries in Beijing, Shanghai and Guangzhou this year.