28 Nov '11, 4am

Hong Kong jeweller aims to raise US$2.8b in IPO

HONG KONG: Hong Kong-based Chow Tai Fook Jewellery Co. told investors Monday it is seeking to raise up to $2.8 billion in an initial public offering that would create a new publicly listed giant in luxury goods. The company controlled by Hong Kong real estate tycoon Cheng Yu-tung started booking orders for 1.05 billion shares, or 10.5 percent of its enlarged capital, at HK$15-HK$21 each ($1.92-$2.69), according to Dow Jones Newswires. The world's biggest jewellery chain with more than 1,300 outlets throughout Asia is hoping investors will snap up the offering to capitalise on the growth in personal wealth in China, where Chow Tai Fook is a market leader. Analysts said demand for luxury goods looked set to remain strong despite a slowdown in Chinese economic growth and falls on local stock exchanges linked to concerns about domestic inflation and the eurozone crisis. "We st...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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