A Chinese mainland company will list on Taiwan's stock exchange for the first time in September, underlining improving economic ties.

Taiwan Stock Exchange spokesman Stanley Chu yesterday said Yangzijiang Shipbuilding Holdings Ltd plans to raise NT$4.08 billion (US$128 million) from a Taiwan Depository Receipt listing. Yangzijiang is one of China's top five shipbuilders.

Chu said the listing is scheduled for September 8 with price per share expected at NT$17-19.

"We see this listing as a strong future indicator and hope to attract more mainland companies," he said.

Taiwan's stock market gained almost 80 percent last year, largely on expectations of benefits to be derived from closer ties with the mainland, but is down this year about 5 percent.

While the mainland is the island's most important export market, many export items are electronic components assembled on the mainland and sold to the United States.