Today, for the first time ever, a Chinese company's shares are trading on the Warsaw Stock Exchange.
Peixin, a machinery manufacturer, issued 1 million shares at zł.16 apiece. At its debut, its share price rose by some 10 percent.
The flotation is less spectacular than previously planned. Initially, the company expected to sell 4 million shares at up to zł.25 apiece and raise zł.100 million in the process.
In 2012, Peixin had a net profit of €46.5 million and in the first half of 2013 it recorded a €27.4 million net profit. The company, which produces machines manufacturing hygiene products such as tissues and diapers, wants to build an R&D center, and expand its production lines.
In an e-mail sent to WBJ, Peixin CFO Hongyan Dai explained that the company chose the WSE because the standard waiting period for listing on some Chinese stock exchanges is three to five years – far too long for the company to wait.
Others such as the Hong Kong Stock Exchange, the NYSE or NASDAQ “are good for pharmaceutical, medical, real estate, consumer products, IT and clean energy. Our industry is not their preference,” added Mr Dai.
Peixin has not been very active on the Polish market, having only sold its machines to Bella, which manufactures hygiene products such as tissues.
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