Graff delays $1bn Hong Kong listing as market declines

Graff diamond Even diamonds lose their sparkle in a falling market

Related Stories

Graff Diamonds has delayed its $1bn (£646m) share sale in Hong Kong citing adverse market conditions.

The firm was in the process of meeting investors and was expected to end its share offer later this week. It was set to be the biggest in Asia this year.

However, Hong Kong's main stock index, the Hang Seng, has been under pressure and is down 11% over the past month.

Investors have become increasingly cautious amid continuing concerns about the state of the global economy.

On Thursday, the Hang Seng index dropped by 1.6% to 18,390.48 in early trading.

Graff is the third company in the past week to pull its listing from the Hong Kong stock exchange.

China Nonferrous Mining, a copper producer, also delayed its planned $313m listing on Wednesday. China Yongda Automobiles Services pulled its $434m sale on Monday.

Earlier this week, Graff's chief executive Francois Graff said that there was a lot of interest in the company's share listing.

"We are building the book everyday, we have tremendous interest in the company across the board, we are very happy," he said.

Graff has been building its business in Asia and has stores in cities including Hong Kong, Shanghai, Taipei, Beijing and Tokyo. It is planning to open further outlets in Hangzhou and Macau later this year.

The London-based jeweller was founded in 1960, and its clients have included Imelda Marcus, Oprah Winfrey and the Sultan of Brunei.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Asia Business stories

RSS
  • BBC business news logoChanges to the business pages

    From Monday 15 April 2013 we will no longer be updating the Asia Business index. Instead we will be putting our efforts into covering Asian stories as part of the main business pages. Please follow the link to Business at the top of the page or on this story to see them.

  • Generation Asia

  • Global economy

Features

  • Mukesh SinghNo remorse

    Delhi bus rapist says victim shouldn't have fought back


  • Aimen DeanI spied

    The founder member of al-Qaeda who worked for MI6


  • Before and after shotsPerfect body

    Just how reliable are 'before and after' photos?


  • Lotus 97T driven by Elio de AngelisBeen and Gone

    A champion F1 designer and other notable losses


  • A poster of Boris Nemtsov at a rally in St Petersburg, Russia, 1 MarchWho killed Nemtsov?

    Theories abound over murder that shocked Moscow


Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.