Yangzijiang Shipbuilding to Launch Secondary Listing on TWSE

With Taiwan`s TDRs (Taiwan depository receipts) quickly rising in the Asian capital market, the China-based Yangzijiang Shipbuilding (Holdings) and Japan-based DRAM (dynamic random access memory) chipmaker Elpida have expressed interest to apply to launch TDRs on the Taiwan Stock Exchange (TWSE). Yangzijiang, listed on the Singapore Stock Exchange, will soon submit applications to Taiwan authorities.
The listing of Yangzijiang TDRs will be enormously meaningful to Taiwan`s TDR market as Yangzijing a leading shipbuilder in China, and the TWSE has no 100% China-capitalized firm.
Yangzijiang Shipbuilding was incorporated in Singapore on December 21, 2005 under the name of Yangzijiang Shipbuilding (Holdings) Pte. Ltd., producing a broad range of commercial vessels including mini bulk carriers, bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels and lifting vessels.
The company has a new shipyard currently under construction, located within the Jiangyin Economic Development District in Jiangjiang city in the Jiangsu province. Upon completion, the new shipyard will have 1,200 meters of deep-water coastlines suitable for construction and mooring of vessels of up to 300,000 DWT (deadweight tonnage).
Yangzijiang scored 554 million renminbi in earnings, up 28% year-on-year, on sales of 2.6 billion renminbi in the third quarter of 2009. It is expected the company will see earnings hit an all-time high of 2.3 billion renminbi in 2009, up 45% year-on-year.
In addition to listing TDRs on the TWSE, Yangzijiang is considering to form strategic cooperation with Taiwan`s shipbuilder and shippers to further drive development of relevant industries across the Taiwan Strait.