TAIPEI — Lu Hai Holding Corp., a China-based and Cayman-registered tire valve maker, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing on the main board, the exchange said yesterday.

The TWSE noted that Lu Hai was the seventh foreign-registered company seeking a primary listing on the main board this year.

Currently, shares of 28 foreign registered companies are traded on the TWSE.

According to a prospectus filed by Lu Hai, which is capitalized at NT$601 million (US$20.03 million), the company is planning to issue 7.514 million new shares for the listing and aims to reserve 10 percent of those for subscription by its employees.

The company said it expects to raise NT$187.85 million from the new share sale, with the issue price tentatively set at NT$25.

Lu Hai said the fund-raising activity is scheduled to be completed in the fourth quarter of this year, adding that the funds will be used as working capital for future expansion.

SinoPac Securities, E. Sun Securities, and MasterLink Securities will be the underwriters of the new share issue, the tire valve maker stated.

Lu Hai has had production lines in the Chinese cities of Xiamen and Kunshan for more than 30 years, churning out tire valves for bicycles, motorcycles, automobiles, and trucks. In 2011, the tire vale supplier opened a production base in Indonesia.

The company said its major customers include Taiwan’s Cheng Shin Rubber Industrial Co., Kenda Rubber Industrial Co., and Hwa Fong Rubber Industrial Co., which have production bases in China.

Indonesia’s PT. Gajah Tunggal Tbk and South Korea’s Dong Ah & Rubber Co. are also on its customer list, Lu Hai stated.

In 2012, Lu Hai posted NT$92.47 million in net profit, or NT$1.54 in earnings per share (EPS), on consolidated sales of NT$2.16 billion, it continued.

In the first quarter of 2013, the tire valve maker recorded NT$35.89 million in net profit, or NT$0.6 in EPS on revenue of NT$589 million, Lu Hai added.