Chow Tai Fook (06168) will be open for subscription from June 18 to June 23, and is expected to be listed on June 26.

Chow Tai Fook (06168) will open for subscription from June 18 to June 23, 2025, planning to issue 46.808 million shares, with 10% allocated for Hong Kong sales and 90% for international sales. The offer price is HK$24 per share, with a board lot of 100 shares. It is expected that the shares will start trading on the Hong Kong Stock Exchange on June 26, 2025. The company is a Chinese jewelry company that provides various jewelry products through its offline stores and online sales channels, mainly focusing on gold jewelry and diamond-set jewelry. According to Frost & Sullivan data, based on the number of stores in China, the company has maintained a spot among the top five brands in the Chinese jewelry market for eight consecutive years from 2017 to 2024. As of December 31, 2024, based on total merchandise trading volume and revenue from gold jewelry products, the company ranked sixth and tenth among all gold jewelry companies in China, with market shares of 6.2% and 1.0% respectively. The company has established a nationwide retail network. As of December 31, 2024, the total number of offline sales network stores is 4,129 (including franchised and self-owned stores), including (i) 4,125 stores spread across 31 provinces and 305 prefecture-level cities in China (including franchised and self-owned stores); and (ii) four franchised stores overseas, including two in Thailand, one in Laos, and one in Cambodia. According to Frost & Sullivan data, as of December 31, 2024, based on the number of stores in China, the company ranked fifth among Chinese jewelry brands. The company is also actively expanding its online sales channels. The compound annual growth rate of online sales revenue from 2022 to 2024 reached 46.1%, with online sales revenue accounting for 40.0% of total revenue in 2024. According to Frost & Sullivan data, in terms of the compound annual growth rate of online sales revenue from 2022 to 2024, the company ranked second among national jewelry companies in China. In terms of the proportion of online sales revenue to total revenue in 2024, the company ranked first among national jewelry companies in China. The company has entered into cornerstone investment agreements with cornerstone investors who have agreed to subscribe for a certain number of shares at the offer price, totaling approximately HK$573 million, subject to certain conditions. Assuming no exercise of the over-allotment option and additional share issuance, after deducting underwriting commissions and other estimated expenses related to the global offering, and based on an offer price of HK$24.00 per H share, the company estimates that it will receive net proceeds of approximately HK$1.024 billion from the global offering. Approximately 50.0% of the net proceeds will be used to expand and strengthen the company's sales network, which is crucial for enhancing the company's market position and driving performance growth through direct consumer interaction. Approximately 20.0% of the net proceeds will be used to enhance the company's brand to increase market awareness. Approximately 20.0% of the net proceeds will be allocated to improving the company's product supply and enhancing its product design and development capabilities. Approximately 10.0% of the net proceeds will be allocated for operating capital and general corporate purposes.