Chow Tai Fook bid to add luster with US$4b IPO

Date:2011-09-01lile  Text Size:

Thursday, September 01, 2011

Chow Tai Fook, the jewelry retailer owned by New World Development (0017) tycoon Cheng Yu-tung, has applied to launch a US$4 billion (HK$31.2 billion) local initial public offering by year-end.
The jewelry chain, which has over 1,300 outlets across Asia, will likely seek a dual- currency listing - in both Hong Kong dollars and yuan.

Meanwhile, mainland restaurant operator Xiao Nan Guo kicks off premarketing today for an IPO to raise up to US$200 million.

The Shanghai-based firm is due to start its roadshow on September 12.

Separately, the largest gas supplier to the capital - Beijing Jingneng Clean Energy - will likely revive its HK$4.9 billion IPO later this month at the earliest.


Also, Macau casino and and resort operator Melco Crown Entertainment will go ahead with its float next month to raise up to HK$3.9 billion.

The Nasdaq-listed company owns the City of Dreams hotel complex and casino.

Bourse newcomer China Kingstone Mining (1380), meanwhile, swung to a first-half profit of 9.77 million yuan (HK$11.9 million) from a 4.92 million yuan loss in the same period last year.

The marble producer, which listed in March, soared 6 percent to HK$1.43 yesterday after the results, but still trails its offer price of HK$2.25. GRACE CAO

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