Chinese jewellery firm Shuibei could be Hong Kong’s first dual-currency IPO

South China Morning Post 3 June 2013
Shuibei Jewelry, a mainland retailer of mass-market jewellery and accessories, is preparing to raise as much as 500 million yuan (around $81.55M) in what could be Hong Kong’s first Initial Public Offering to raise both yuan and Hong Kong dollars in one tranche of shares.
The Shenzhen firm submitted a listing application to the Hong Kong stock exchange earlier this year and is preparing to attend a listing hearing next week after a recovery in Hong Kong’s IPO market last month, according to people involved in the deal.
The yuan IPO can be conducted as either a “dual tranche single counter” or “dual tranche dual counter” model, according to Hong Kong Exchanges and Clearing. The former structure allows companies to issue shares in yuan only, while the latter allows shares to be issued in both Hong Kong dollars and yuan.
Read more…