Tingyi (Cayman Islands) Holding Corp (康師傅控股), China’s biggest maker of instant noodles and ready-to-drink tea, yesterday priced its 380 million Taiwan depositary receipts (TDRs) at NT$45 (US$1.40) each, expecting to raise NT$17.1 billion from the issuance.
Tingyi’s TDR offering is the biggest such offering by a Taiwanese-owned, China-focused company since the government eased restrictions to encourage overseas firms to list on the domestic bourse to stimulate local capital markets.
“Based on the market sentiment and investors’ preference in Taiwan, the public offering price for the TDRs is now determined at NT$45 per TDR or HK$10.73 [US$1.40] per TDR,” Tingyi said in a statement.
The 380 million TDRs account for about 24 percent of the share capital originally owned by Tingyi’s parent Ting Hsin (Cayman Islands) Holding Corp (頂新). Each Tingyi Hong Kong-listed share represents two TDRs, whose issuance is set for next Wednesday.
The price is a 6 percent premium on the Tingyi closing price of HK$20.2 on Monday, the base day it set the TDR price, the deal’s underwriter SinoPac Securities (永豐金證券) said.
There were 277,000 applications for the 34,200 TDRs that were opened to public ballot, translating to over-subscription of 8.09 times, with one application standing a 12 percent chance of buying a TDR, the securities firm said.
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