The Taiwan depository receipts of Yangzijiang (911609.TW), China’s No.4 shipbuilder, rose by the daily limit on their debut on Wednesday, raising some T$4.8 billion ($203.5 million) for the company.

The TDRs opened at T$20.10, 6.9% above their offer price of T$18.80, with a surfeit of buy orders.

 

Singapore-listed Yangzijiang (YAZG.SI) had issued 240 million TDRs, becoming the first mainland Chinese firm to list in Taiwan as relations between the two former political foes warm and trade links expand. 

 

Every two TDRs represent one share, and the company had originally estimated it would raise 153 million dollars.

 

The company said in August it had won 28 shipbuilding contracts worth US$915 million ($1.23 billion) and analysts said its fundamentals looked sound.

 

“The worst for the global shipbuilding industry is over. Yangzijiang’s capacity has been booked through 2012,” said Teresa Huang, a fund manager at Shin Kong Financial’s (2888.TW) fund arm.

 

“We expect its TDRs to rally to T$25 in short term, about a 30% upside potential from its listing price.”

 

Yangzijiang's Singapore shares slipped 0.6% in early trade.