Pursuits
Chow Tai Fook $2.8 Billion IPO May Top 2011 Hong Kong Offers
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Chow Tai Fook Jewellery Group Ltd. aims to raise as much as HK$22 billion ($2.8 billion) in what may be Hong Kong’s biggest initial public offering this year as luxury-goods companies tap growing affluence in China.
The jewelry chain with revenue greater than Tiffany & Co., set a price range of HK$15 to HK$21 for the 1.05 billion new shares on sale, according to a prospectus released yesterday. The proposed deal may give Chow Tai Fook a price-earnings ratio almost double Tiffany’s. The Hong Kong-based jeweler, controlled by real-estate billionaire Cheng Yu-tung, will set the price Dec. 9.