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But on Thursday, one of Taiwan's biggest investment banks, SinoPac Securities, warned that the TDR market Jimmy Choo Shoes in danger of becoming overcrowded and that companies should do some soul-searching before climbing on the bandwagon. A TDR is a certificate traded in Taipei by firms listed on another bourse. Investors Christian Louboutin Trottinette ankle boots Brown 14 TDRs own shares and receive dividends paid out by the firm. Executive vice-president of the underwriting marketing division at SinoPac Securities, Mr Alan Chuang, highlighted the fact that only two of the seven Singapore-listed firms that have launched TDRs are seeing their Taiwan-listed units trading Christian Louboutin Trottinette Boots Suede Black 15 water today -- Yangzijiang Shipbuilding and Super Group. 'Towards the end of the year, with the increase in the number of Taiwanese initial public offerings and TDRs, markets began to experience overcrowding,' said Mr Chuang. He and a number of other TDR experts from Taiwan were in Singapore to give a seminar on the issues and challenges surrounding TDRs to local lawyers, auditors and business leaders. Mr Chuang believes that too many firms view TDRs as just another quick way to raise funds, without reflecting on Christian Louboutin Turbella black their growth story will appeal to Taiwanese investors. To stem the overcrowding and ensure that future TDRs are more well-received by the Taiwanese market, SinoPac has devised a checklist for aspiring TDR issuers. Firstly, a company hopeful of a successful TDR must have rapid growth potential in China and Greater China. Secondly, it has to be comparatively undervalued in its original market. To determine this, SinoPac compares a firm's current valuation in its original market to those of firms from the same industry trading on the TSE. In Yangzijiang's case, for example, the shipbuilder was trading at eight times price-to-earnings on the Singapore market before it announced plans to seek a TDR. Today in Taiwan, it is trading at 13 times price-to-earnings. The third and final test is that the company must be able to use Taiwanese assets and resources to create new business and use the country as a gateway to grow in China. On the basis of SinoPac's checklist, Osim's upcoming TDR will likely do well, said Mr Chuang.