Shipbuilder to be first mainland firm listed in Taiwan

Yangzijiang Shipbuilding (YZJ.SP) will become the first mainland Chinese company to list on Taiwan’s stock exchange, the Financial Times reported. The firm, China’s fourth-largest shipbuilder, hopes to raise US$116 million from its planned listing on September 8. The Taiwan exchange is trying to attract more foreign listings; an exchange spokesman said that many mainland Chinese firms listed outside China have inquired about joining the Taipei bourse, and that it expects 10 despositary reciept listings this year from companies currently trading in Singapore. While analysts remain skeptical as to whether Taiwan’s exchange will be able to compete successfully against regional competitors such as Singapore and Hong Kong, most agree that the listing is an important milestone following the signing of the China-Taiwan Economic Cooperation Framework Agreement (ECFA) in June.