Ying Han Technology Co Ltd (穎漢), which mainly manufactures tube and pipe-bending machines, yesterday said it is to make its debut on the Taiwan Stock Exchange by the end of next month.
The company, which has paid-in capital of NT$600.4 million (US$19.75 million), plans to raise NT$75.06 million in new capital through the issuance of 7.506 million new shares in its initial public offering on the main board.
Ying Han distributes its products to customers from more than 30 countries through its 11 subsidiaries worldwide, company data showed.
Ying Han’s machines produce a wide range of components for clients in the automotive, aviation and semiconductor industries.
The Tainan-based company’s customers include Tenneco Group and Faurecia Group, one of the largest automotive parts manufacturers in the world.
Ying Han aims to reposition itself as a “smart” machinery service provider, company vice president Hu Chun-chia (胡峻嘉) told investors at a pre-inital public offering presentation in Taipei yesterday.
The firm is to allocate more resources to research and development of robotic arms to expand its market presence in the machinery industry, Hu said.
Traditional pipe-bending machines remained the largest revenue contributor last year, company data showed.
Ying Han said it hopes to raise revenue contribution of its all-electric pipe-bending machines from its current level of nearly 30 percent.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
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