HONG KONG: Apparel producer Crystal International Group, which has UNIQLO and H&M among its major clients, plans to raise HK$4.48 billion from a public offering on Hong Kong’s main board. The company, which produces lifestyle wear, denims, sweaters and sportswear, will issue a total of 509.3 million shares at an indicative price from HK$7.30 to HK$8.80 per share. Chief financial officer Ernest Lee King-fai said Crystal International plans to spend about US$400 million (HK$3.12 billion) between 2017 and 2019 to increase its production capacity by more than 50 percent. Chief executive Andrew Lo Ching- leung said production of Crystal International’s facility in Vietnam has surpassed that in mainland China, and the company will mainly focus on increasing further overseas production capacity in the long term. He said Crystal International has received a warm response to its IPO’s roadshow.
Crystal International’s shares will start trading on November 3. Morgan Stanley Asia and HSBC Corporate Finance (Hong Kong) are joint sponsors. Meanwhile, Shanghai-based coworking space start-up Naked Hub said it plans to list in Hong Kong after a fresh round of fundraising next year. The start-up, backed by Hong Kong private equity firm Gaw Capital, said it expects to close its third round of financing of up to US$200 million by the end of this year. Naked Hub has a presence in over 35 locations across Asia.
