Mainland firm to list in Taiwan

Yangzijiang Shipbuilding Holdings may raise as much as $143 million

TAIPEI - The Taiwan Stock Exchange said a mainland-owned company will sell shares on the island for the first time next month, paving the way for mainland stock listings and underscoring improving ties between the two economies. Yangzijiang Shipbuilding Holdings Ltd, the mainland's fourth-biggest shipbuilder whose shares are traded in Singapore, may raise as much as NT$4.56 billion ($143 million) from listing Taiwan depositary shares, according to its main underwriter SinoPac Securities Co.

"This is definitely a milestone for Taiwan," Stanley Chu, a spokesman for the Taiwan Stock Exchange, said by phone in Taipei. "Our next step is to get red chips to list in Taiwan. Hopefully that will happen by the end of the year." Red chips are mainland companies incorporated overseas and traded in Hong Kong.