Summary Peixin International seeks funding for a planned production facility in Poland.
WARSAW (AFP) - Peixin International on Wednesday became the first Chinese firm to conduct an initial public offering of its shares on the Warsaw Stock Exchange (WSE), seeking funding for a planned production facility in Poland, the exchange said.
The company, which makes manufacturing equipment for the production of personal hygiene items like diapers and sanitary napkins, will trade exclusively on the WSE, central Europe s largest exchange, it added.
Worth 16 million zloty (3.8 million euro, $5.2 million), Peixin joins 45 other foreign companies traded on the WSE, including from Ukraine, the Czech Republic, Lithuania and Israel.
Peixin, which posted 11.4 million euros in net profit last year, plans to begin construction of its new plant in February, financial director Hongyan Dai said at the Wednesday debut.
"We hope that step by step we will be able to build confidence in our company," said Kaida Xie, Peixin s marketing director.
"We want to be an example for other Chinese companies intending to raise capital on the Warsaw exchange," he added.
Chinese investment is still low in central Europe, but in April of last year Premier Wen Jiabao pledged $10.5 billion in credit lines and funds aimed at boosting Chinese business in the region.
