The Korea Exchange (KRX) today announced the listing of United Technology Holdings Company Ltd (United Technology), a synthetic leather, dyeing and printing firm based in Fujian, China. Trading in United Technology shares on the KRX began Thursday.
United Technology is the first non-Korean company to list their shares directly on the Korea Exchange (previous foreign company listings were in depositary receipt form) and the fourth foreign company to be listed after 3 Node Digital, Huafeng Textile Int'l Group Ltd. and Cowell e Holdings. The listing of United Technology represents KRX’s strategy to become a leading regional equities and derivatives exchange. In addition to attracting foreign companies, KRX is also pursuing alliances with and technology sales to other exchanges.
The offering, priced at KRW2,200 (US$1.5) per share, comprised six million newly issued shares, approximately 30% of United Technology’s total issued share capital. Daewoo Securities was the lead manager.
On its debut trading day in South Korea, United Technology recorded an intra-day high of KRW2,700 and closed at KRW2,500, an increase of 13.6% from the initial offering price KRW2,200.
Commenting on the listing, Lee Jung-hwan, Chairman and CEO of KRX, said: “We are delighted to welcome United Technology to the growing family of Chinese companies listing on the KRX. We strive to ensure access to capital, liquidity and a sound corporate governance environment for our listed companies and are confident that the KRX listing will enable United Technology to continue to grow and achieve its long-term financial goal.”
Total asset of the United Technology is RMB1,058 million (US$153.96 million) and sales is RMB260 million (US$37.90 million) as of the first half of 2008.
