Business News
Want Want China starts trading in Taiwan, limit up
Apr 28, 2009, 10:36 GMT
Taipei - China-based Taiwanese food and beverage giant Want Want China Holdings started its debut trading in Taiwan Tuesday to raise 100 million US dollars through initial public stock offering, dealers and officials said.
The price rose by the daily limit of 7 per cent, from 15.5 Taiwan dollars (0.45 US dollar) to end at 16.1 Taiwan dollars, as investors expected the firm to continue doing well, dealers said.
Want Want, which registered a net profit of 262.7 million US dollars in 2008, up 30 per cent from 2007, has huge market share in China.
'I am happy with the decision to return to Taiwan for IPO,' company chairman Tsai Eng-meng said.
He said he would donate 1 billion Taiwan dollars to the island for charity.
The firm is already listed on the Hong Kong stock exchange, and was the first China-based Taiwanese firm to return to the island for listing.
Taking advantage of recently relaxed regulations for China-based firms to return to raise funds, the company's stock offering was the largest on the island this year.
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