Fri, Sep 15, 2017 - Page 11 News List

Horng Shiue to debut on Taiwan Stock Exchange

By Kuo Chia-erh  /  Staff reporter

Horng Shiue Holding Co Ltd (宏旭), which makes stamping die and checking fixtures mainly for Chinese automakers, said it is to debut on the Taiwan Stock Exchange on Sept. 27.

The company, which has paid-in capital of NT$369.77 million (US$12.28 million), plans to raise new capital through the issuance of 4.623 million new shares in its initial public offering on the main board.

Incorporated in the Cayman Islands, Horng Shiue priced the new shares at NT$33 apiece, the firm said in a filing with the Taiwan Stock Exchange on Wednesday.

Horng Shiue chairman Lin Wei-yuan (林維源) said at a news conference last month that the company follows a business strategy of diversifying its customer base to reduce risks and sustain margins.

The Shanghai-based firm has more than 50 car brand customers worldwide, including Volvo Car Corp and Ford Motor Co, as well as China’s Great Wall Motor Co Ltd (長城汽車) and Geely Automobile Holdings Ltd (吉利汽車).

Horng Shiue can produce 12,000 tonnes of stamping die and 235 sets of checking fixtures per year, its Web site showed.

Horng Shiue reported a 14.78 percent year-on-year decrease in net profit for the first half of this year, which the company attributed to the New Taiwan dollar’s appreciation against the yuan.

Net profit dropped 14.8 percent from NT$67 million a year earlier to NT$57.09 million, or earnings per share from NT$2.23 to NT$1.54, company data showed.

Cumulative revenue in the first six months totaled NT$982.24 million, a 4.3 percent fall from the same period last year.

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