AirTac Launchs IPOs on TWSE

Taipei, Dec.14, 2010 (CENS)--AirTac International Group (stock code: 1590) yesterday (Dec. 13) launched initial public offerings (IPOs) on the Taiwan Stock Exchange (TWSE) with Yuanta Securities as underwriter, becoming the fifth foreign enterprise listed on the Taiwan bourse.

On the first trading day, the company saw its share price jump 69.31% to close at NT$138, with an intraday high of NT$149. The company is currently the largest manufacturer of pneumatic tools in the global Chinese community.

Over the past few years, the TWSE has been striving to meet local investors' diverse needs and increase the internationalization and competitiveness of Taiwan's capital market by promoting foreign enterprises to list their shares on the local bourse. The TWSE anticipated the number of foreign firms applying for listing on the TWSE will markedly grow in the year to come.

AirTAC, established in 2009, is a Cayman Islands-based holding company with stock capitalization of NT$1.5 billion as of the end of the third quarter of 2010. AirTAC primarily manufactures pneumatic actuators and control valves which are key partsof automation system and a wide range of automated machinery. Its main products are mainly applied to manufacturing for automation in various industries, including electronics, automotive, construction, printing, packaging and textiles.

Compared to other major competitors in China, AirTAC has deep vertical integration from manufacturing to sales. It has three manufacturing bases each in Taiwan, Ningbo of Zhejiang province, and Guangzhou of Guangdong province.

As of the end of the third quarter of 2010, AirTAC has set up 31 branches, 23 branch offices and 500 distributors throughout China that deal with approximately 40,000 clients from various kinds of industries.

AirTAC scored NT$550 million in net income, or NT$7.1 in consolidated earnings per share, on consolidated sales of NT$2.862 billion in 2009. In the first three quarters of 2010, the company has seen consolidated sales surpass 2009's total to reach NT$3.462 billion.