Chow Tai Fook offers 1.05 billion shares in Hong Kong
The luxury retailer aims to raise HK$22b in the initial public offering.
A Bloomberg report said Chow Tai Fook plans to start trading on 15 December.
The report said, “Cheng, chairman of New World Development Co. seeks to emulate the success of Prada SpA’s share sale in Hong Kong, where Chinese visitors splurge on high-end shoes, watches and jewelry, driving monthly retail sales to record highs this year. Sales of luxury items in China will more than double to about 180 billion yuan ($28 billion) in 2015 from last year, McKinsey & Co estimates.”
It added that the stock on offer will account for 10.5 percent of the company after the sale.
View the report here.