IMPORTANT: If you are in any doubt about the contents of this prospectus, you should seek independent professional advice. CHOW TAI FOOK. FUTURES ORDINANCE (CHAPTER OF THE LAWS OF HONG KONG) ARE CONTAINED IN THE PROSPECTUS OF THE COMPANY. CHOW TAI FOOK. HONG KONG) WILL BE CONTAINED IN THE PROSPECTUS OF THE COMPANY. Chow Tai Fook offers 1,,, shares for up to HK$ billion (Hong Kong, 4 December ) Chow Tai Fook Jewellery Group.

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As a result, each of our PRC subsidiaries is restricted in its ability to transfer its net profit to us in the form of dividends.

Investor FAQ

A significant portion of our customers from the PRC who make purchases in Hong Kong and Macau are tourists, and the travel industry is highly susceptible to certain kinds of events that can negatively affect demand for travel to Hong Kong and Macau, including changes in PRC government policies on granting tourist visas to enter Hong Kong and Macau; outbreaks of contagious diseases such as SARS, avian flu, swine flu or similar epidemics; or natural disasters.

We intend to continue using gold loans and bullion forward contracts to hedge gold price fluctuations in the future. The obligations of the Hong Kong Underwriters under the Hong Kong Underwriting Agreement are subject to termination by the Joint Global Coordinators on behalf of the Underwriters if certain grounds arise prior to 8: Cheng Kar-Shun, Henry Mr.

The Securities and Futures Commission and the Registrar of Companies in Hong Kong take no responsibility as to the contents of this prospectus or any other documents referred to above. This perception shift has stimulated jewellery retailers to focus not only on quality, but also on the design and production of fashionoriented jewellery ornaments. As a pioneer in the industry, we started our operations in Guangzhou in and opened our first POS in Hong Kong in Relocation of any POS may cause disruptions to our business and may require significant expenditures, and we cannot assure you that in such a case, we will be able to find alternative premises that are suitable or on commercially acceptable terms, in a timely manner, if at all.

In addition, if any of our PRC subsidiaries incurs debt in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

Changes in the fair value of gold loans and bullion forward contracts affect the cost of goods sold as they reflect our methods to hedge the risk of price changes in our gold inventory. We face strong competition from national and local competitors in jewellery, while we face competition from retailers of all scales with respect to watches.


We have an effective vertically integrated business model that gives us centralised and tight prospects over our processes, from raw material procurement, design, production and marketing to sales through our extensive retail network.

Trade names that are identical or similar to our trade name may have been registered or used by third parties in other markets we may decide to enter. In addition, customer preferences differ across and within each of our regions, and shift over time in response to changing aesthetics and economic circumstances. The warehousing of our raw materials and finished products are concentrated in a select number of warehouses in the Pearl Fooi Delta. There can be no assurance that the Controlling Shareholders will always take actions that will benefit our other Shareholders.

pfospectus Gold prices may also be affected by factors resulting from how gold markets are structured, such as non-concurrent trading hours of gold markets and, at times, rapid short-term changes in supply and demand because of speculative trading activities. For example, in May and Aprilthe PRC experienced earthquakes with reported magnitudes of 8.

Dealings in the Shares expected to commence on. We enter into hedging transactions in order to protect against movements in the price of gold.

A significant portion of our turnover is derived from the PRC. Overthe average price of polished diamond decreased by You should read the prospectus in its entirety before you decide whether to invest in the Offer Shares. Or Ching-Fai, Raymond Dr. Such efforts, such as more aggressive promotions, or reduction of our retail prices to respond to price competition, may materially and adversely affect our business, results of operations and financial condition. Accordingly, you should not place undue reliance on any forward-looking information.

If the relevant PRC tax authorities hold that our overseas holding company to be transferred does not have substance or the Indirect Transfer does not have any bona fide commercial purpose and was conducted for the purpose of avoiding PRC tax, or any such transfers are otherwise taxable under the Circular, we may be required to pay enterprise income taxes for the Indirect Transfers.

If they leave or become unable or unwilling to fulfil their roles, this may have an adverse effect on our business and future growth. Wong Siu-Kee, Kent Mr. Further, we cannot assure you that they are stated with the same degree of accuracy as may be elsewhere.

An active trading market in our Shares may not develop, which could have a material adverse effect on our Share price and your ability to sell your Shares.

Relationship with our Controlling Shareholders. Our ability to purchase or lease suitable properties on terms acceptable to us is critical to the success of our business and expansion strategy.


Chow Tai Fook – Prospectus_图文_百度文库

Accordingly, prospective investors are cautioned to make their investment decisions on the basis of the information contained in this prospectus only and should not rely on any other information. As part of our growth strategy, we plan to establish more POS within the geographical areas where we currently operate and in new areas where we currently have no presence. In 1HFY, retail revenue contributed approximately Going forward, as we open more POS, we will need to secure more retail locations through leases or ownership, as determined on a case-by-case basis.

Information about the Global Offering.

We purchase watches from suppliers of international brands on an order-by-order basis, and foook a result we rely on their continuing cooperation with us. We may not be able to renew all of our existing leases or concessionaire agreements for our POS when they expire, or if they are terminated, on terms acceptable to us.

The urban population of middle-income class people in the PRC is expected to increase from approximately Vook unauthorised use of our trade name and trademarks in counterfeit products could harm our market image and reputation, which could have a material adverse effect prospecths our business, financial condition, results of operations and prospects. Appendix V — Statutory and General Information.

Based on our performance for 1HFY, we expect to be able to meet our growth rate as reflected in our profit forecast for the year ending 31 March During the Track Record Period and up to the Latest Practicable Date, there has not been any litigation against us arising from the use of any of our trademarks or trade name. Fung Kwok-King, Victor Mr.

If it foko determined that any of our transactions violated the OFAC regulations, we could be subject to penalties, and our reputation and ability to conduct future business in the United States or with United States persons could be adversely affected. On what stock exchange are Chow Tai Fook’s shares traded ta what is the ticker? As a result, jewellery retailers with trusted brands are expected to gain market share and experience strong repeat purchases.

In either instance, our business and results of operations could be adversely affected.

Going forward, the retail sales of consumer goods in Hong Kong and Macau is forecasted to grow at an even faster pace with a CAGR of We may not be able to successfully identify, acquire or integrate businesses in pursuing our growth prospecus expansion plans.