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Wuxi Party Secretary Li Xiaomin (right) and Winston Wong, CEO of Grace THW Group, attend the opening ceremony of Wuxi Hongyi Polymer Materials Co in Wuxi National Hi-tech District on July 18. [Photo/wnd.gov.cn] |
Taiwanese-invested electronics and plastics producer Grace THW Group plans to list its polymer materials subsidiary company on the Shanghai stock market soon. The company, Wuxi Hongyi Polymer Materials Co, opened in Wuxi National Hi-tech District on July 18.
With a total investment of $90 million, the polymer materials company will produce new multifunctional plastic materials and is expected to achieve an annual output of 90,000 tons.
Grace THW, unlike its peers from Taiwan, invests entirely in the mainland market. It has built up several companies in Wuxi since 2002, producing electronic materials, glassfibers and polymer materials.
Wuxi Party Secretary Li Xiaomin attended the opening ceremony and expressed gratitude to Grace THW Group for its long-term support. Li said that Wuxi regards new materials as a key industry, and the cooperation between Wuxi and Grace THW Group will be a major boon to the city.
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Wuxi Hongyi Polymer Materials Co contracts Soochow Securities as a brokerage firm for the yuan-denominated A-share listing. [Photo/wnd.gov.cn] |
Wuxi Hongyi Polymer Materials Co has contracted Soochow Securities as a brokerage firm for the yuan-denominated A-share listing. It will become the first Taiwanese-invested business in Wuxi to trade their shares on the A-share markets in Shanghai.
Winston Wong, CEO of Grace THW and eldest son of Taiwanese plastics tycoon Wang Yung-ching, said they will continue to expand investment in Wuxi due to the city's efficient government services and quality business environment.
The second part of the electronic materials company in Wuxi is currently under construction, with an investment of 440 million yuan ($64 million), and is expected to double current production when it is put into operation in the first quarter of 2020.
