Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Esprit Surges After Rights Offer Is Oversubscribed

Esprit Holdings Ltd. climbed in Hong Kong trading after the apparel retailer said its rights offer of shares was about seven times oversubscribed.

The clothier jumped as much as 10 percent before closing 2.8 percent higher at HK$12.58. The benchmark Hang Seng Index dropped 0.2 percent.

Esprit in October said it planned to raise as much as HK$5.2 billion ($671 million) in a rights offer to fund efforts to revive its brand after posting a slump in first quarter sales. The Hong Kong-based company received applications that represented 7.7 times the rights shares available for subscription, according to a Nov. 23 statement.

“The oversubscription is definitely positive for the stock,” said Steven Leung, a Hong Kong-based institutional sales director at UOB Kay Hian Ltd.

Esprit last week confirmed that former chairman Michael Ying has increased his stake to 10.34 percent from 8.99 percent.

Ying’s move may give investors “some hopes that he would take more control of the company and direct the company to the right track,” UOB’s Leung said. Esprit has missed estimates in the last five years as competitors such as Inditex SA’s Zara have drawn customers away.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.