HK jeweler eyes IPO
Source: Bloomberg News |
May 24, 2011, Tuesday
|
Print Edition
Print Edition
HONG Kong billionaire Cheng Yu-tung's Chow Tai Fook Group hired Goldman Sachs Group Inc, HSBC Holdings Plc and JPMorgan Chase & Co for an initial public offering of its jewelry retail unit that may raise as much as US$4 billion, two people with knowledge of the matter said yesterday.
The jewelry chain controlled by Cheng, chairman of New World Development Co, plans to start trading in Hong Kong as early as in the fourth quarter, said the people, who declined to be identified because the information is private.
The company has more than 1,000 outlets on the Chinese mainland, Hong Kong, Taiwan and Malaysia and plans to double its number of stores by 2020, according to the jeweler's website.
The jewelry chain controlled by Cheng, chairman of New World Development Co, plans to start trading in Hong Kong as early as in the fourth quarter, said the people, who declined to be identified because the information is private.
The company has more than 1,000 outlets on the Chinese mainland, Hong Kong, Taiwan and Malaysia and plans to double its number of stores by 2020, according to the jeweler's website.
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