Xtep International Holdings Ltd. (1368.HK) said Monday it submitted an application to the Taiwan stock exchange and Taiwan's central bank to issue Taiwan depositary receipts.

The Chinese sportswear manufacturer and retailer said in a statement it plans to issue 250 million TDRs to raise funds to finance its business development in Taiwan and expansion plans for its production facilities.

The company said the issue price for the TDRs has yet to be decided.

Xtep joins other China-focused firms that are registered and listed outside China, including Yangzijiang Shipbuilding Holdings Ltd. and Digital China Holdings Ltd., in seeking to tap flush liquidity in Taiwan.

-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; joanne.chiu@dowjones.com
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