Digital China Holdings Ltd (神州數碼控股), a Chinese integrated information technology (IT) service provider, is expected to list its Taiwan depositary receipts (TDRs) on the local bourse by the end of this month, underwriter KGI Securities (凱基證券) said yesterday.
The underwriter said that Taiwanese financial authorities had already approved the TDR sales, and that the Chinese company was gearing up for the listing.
KGI Securities said Digital China, which has been listed in Hong Kong since 2001, is planning to issue 240 million to 260 million TDRs, each of which will represent 0.5 common shares of the company.
The brokerage said that funds raised from the listing could exceed NT$7 billion (US$232 million), which would make it the largest TDR listing on the main board this year.
The company will use the proceeds to build a technology development park and a distribution center, and to repay some of its debts, according to its prospectus.
Digital China operates regional centers in 19 major cities in China, with a network of more than 10,000 agents and strategic partnerships with more than 100 leading IT vendors worldwide.
It is the largest software service provider to the Chinese government, the second-largest provider to the Chinese financial sector and the fourth-largest provider to Chinese telecoms businesses.
The company expects to continue riding on the wave of China’s fast-growing IT market, which is expected to see a 13.7 percent rise in sales this year.
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