24 APRIL 2012Forbes.com
Yechiu Metal Soars 14% As It Joins Taiwan Listings In China
Edited by : AL CIRCLE
1 min read
Shares in Yechiu Metal Recycling (China), an aluminum products and scrap company with operations in China, the U.S. and Malaysia, soared by 14% in early trading today as it joined the growing ranks of Taiwan-controlled businesses listed at mainland bourses.
Yechiu sold 105 million new shares at 13 yuan, or $2.06, each in an initial public offering earlier this month.
Yechiu’s customers include Toyota, Philips, Bosch and Delphi. Sales last year totaled 5.4 billion yuan, or $857 million, an increase of 47% from a year earlier. Net profit totaled 305 million yuan, or $48 million, up 11%.
Chairman Huang Chung-sheng and his wife, both Taiwan nationals, own a 55% stake that was worth $463 million at the start of trade today.
Yechiu is one of up to eight Taiwan-controlled companies the may list on mainland exchanges this year, according to Taiwan media.
The family of Tsai Yung-lung, who controls Shanghai-listed Gem-Tech, was the first to make our Taiwan Rich List last year on the basis of their wealth from a mainland-listed company. Tsai ranked No. 33 with wealth of $1.25 billion.
Yechiu sold 105 million new shares at 13 yuan, or $2.06, each in an initial public offering earlier this month.
Yechiu’s customers include Toyota, Philips, Bosch and Delphi. Sales last year totaled 5.4 billion yuan, or $857 million, an increase of 47% from a year earlier. Net profit totaled 305 million yuan, or $48 million, up 11%.
Chairman Huang Chung-sheng and his wife, both Taiwan nationals, own a 55% stake that was worth $463 million at the start of trade today.
Yechiu is one of up to eight Taiwan-controlled companies the may list on mainland exchanges this year, according to Taiwan media.
The family of Tsai Yung-lung, who controls Shanghai-listed Gem-Tech, was the first to make our Taiwan Rich List last year on the basis of their wealth from a mainland-listed company. Tsai ranked No. 33 with wealth of $1.25 billion.
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