Chinese clothing firm launches on Frankfurt stock exchange
(AFP) – 1 hour ago
FRANKFURT — Chinese fashion designer Kinghero launched on Friday its first international listing of shares in Frankfurt, a European stock market that is actively courting companies from the far East.
Kinghero placed one million shares and raised 15 million euros (20 million dollars) in the operation, the second by a Chinese firm here this year and the 23rd overall, market officials said.
“We are delighted that so many investors found our story convincing,” chief executive Yu Zhang said in a statement.
“As a fast growing company, the successful IPO (initial public offering) on the Frankfurt stock exchange gives us access to various financing options in the future,” he added.
Kinghero reported 2009 sales of 48.9 million euros, a gain of more than 50 percent. The firm forecasts double-digit sales growth this year.
At the value of the shares placed on Friday, Kinghero estimates its total market capitalisation at around 91.9 million euros.
The shares will trade on Deutsche Boerse’s Xetra electronic trading system.
Kinghero spokeswoman Zhao-Moll Xiaoping told AFP the company had chosen to list in Germany “because the Deutsche Boerse is very efficient, offers very quick access to the capital markets and is particularly well suited to fast-growing” small- and mid-sized companies.
“We could of course have registered in Hong Kong or on the Chinese mainland but that would take longer and cost more,” she said.
In addition, “an entry into the German market offers a very good reputation for our brand in China,” Zhao-Moll noted.
Christian von Dreising, executive director at the investment bank Silvia Quant, said the German stock market has actively courted Chinese companies which can find it hard to list on oversubscribed markets in their own country.
“Deutsche Boerse has done a first-class marketing job to attract Chinese companies,” von Dreising said.
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