London's Graff Diamonds puts Hong Kong IPO on hold
HONG KONG, MAY 31 (AP/UNB) - London jeweler Graff Diamonds is putting its Hong Kong initial public offering on hold because of the recent downturn in global financial markets.
The company said Thursday in a brief statement that it's postponing plans to go public in the southern Chinese financial center. Graff blamed "consistently declining stock markets" that were a "significant barrier" to carrying out the IPO.
The jeweler would have been the latest in a line of foreign luxury brands to sell shares in Hong Kong.
Italian fashion label Prada and luggage maker Samsonite held Hong Kong IPOs last year.
Foreign companies are seeking to cash in on rising investor interest in China and to raise their brand profiles with the country's newly wealthy consumers.
The company said Thursday in a brief statement that it's postponing plans to go public in the southern Chinese financial center. Graff blamed "consistently declining stock markets" that were a "significant barrier" to carrying out the IPO.
The jeweler would have been the latest in a line of foreign luxury brands to sell shares in Hong Kong.
Italian fashion label Prada and luggage maker Samsonite held Hong Kong IPOs last year.
Foreign companies are seeking to cash in on rising investor interest in China and to raise their brand profiles with the country's newly wealthy consumers.
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