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Ta Yang aims to raise HK$1b for plant boost

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Ta Yang Group, one of the world's top three elastomeric keypad makers, plans to raise at least HK$1 billion by listing shares in Hong Kong to upgrade its production capacity on the mainland, market sources said.

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The company is expected to apply to the stock exchange this month, and hopes to float its shares before the end of the first half.

Ta Yang originally hired Nomura International to sponsor the deal but had switched to Cazenove Asia, a source said. The firm would invite a Taiwanese investment bank to join the syndication later, he said.

'[Ta Yang] initially planned to float its shares in Hong Kong to raise around US$100 million at the end of last year but the plan was delayed. Higher than expected financial figures as well as booming demand for [audio visual] products allowed the company to raise its proposed fundraising target,' the source said.

Established in 1991, Taiwan-based Ta Yang produces a wide range of silicone and plastic-related products for global electronics and telecommunications manufacturers including Philips, Casio and Microsoft.

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The firm was the first Taiwanese company in its field to establish manufacturing facilities on the mainland. Ta Yang operates two plants in Dongguan and Huzhou with more than 5,000 workers.

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