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.

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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