DRAM manufacturer Nan Ya Technology rode on the back of the tremendous liquidity pouring into the Taiwan market yesterday Wednesday with the pricing of a $200 million convertible. Having risen 8.5% in the two trading days since Chinese New Year alone, the stock is now up 19.7% on the year. This sudden upswing follows a protracted decline over the second half of 2003, when Nan Ya fell from its July peaks around the NT$30 level to the NT$19 mark in December.
Timing has therefore taken advantage of a new bull run propelling the Taiwan tech sector and the deal has consequently been able to secure aggressive terms.With ABN AMRO and Citigroup...
