Coach to be first US company to list in HK
Updated: 2011-12-01 10:02
HONG KONG - Coach, a well-known marketer of modern classic American accessories, will list in Hong Kong Stock Exchange on Dec 1, making it the first company incorporated in the United States to list in Hong Kong, the company said.
The listing of the company's Hong Kong Depositary Receipts on the Hong Kong Stock Exchange by way of introduction was approved on Wednesday.
The company also said no additional common stock would be issued, nor capital raised through this listing.
However, the primary listing for the company will continue to be the New York Exchange, on which Coach's shares are traded under the symbol COH.
Lew Frankfort, the chairman and chief executive officer of Coach, said "the listing is intended to raise awareness of the Coach brand among investors and consumers in the Chinese market as well as throughout Asia."
He added that it also clearly signals the importance of China to Coach, saying China is the company's largest geographic opportunity. Based on our rapid growth, it is clear that the Coach proposition is resonating with Chinese consumers, who are participating in this category in increasing numbers.
Coach, founded in 1941 and headquartered in New York, is a well-known American marketer of fine accessories and gifts for women and men.