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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Dealings in the Shares expected to commence on. In particular, in the high-end segment of the market, watches are no longer used as mere time-telling devices, but are also fashion accessories and status symbols. Furthermore, we do not sell our products into the United States.

Chow Tai Fook – Prospectus_图文_百度文库

In all cases, investors should give consideration as to how much weight or importance they should place on all such facts and statistics. With plans to reach over 2, jewellery POS bywe aim to open a net of approximately jewellery POS per year, by opening wholly-owned POS and collaborating with joint-venture partners and franchisees to leverage on their local relationships. At the same time, compared to a franchising model, cuow selfoperated POS model allows for an additional layer of margin and profit potential due to the elimination of the wholesale-retail spread, enabling retailers to capture the full retail margin.

The terms of our franchise agreements regulate various facets of the operations of the local franchisees, which aim to ensure a uniform shopping experience and consistent high-quality customer service across all our POS. Our business depends on our intellectual property, particularly our trade name and trademarks, which we may not be able to protect against prsopectus and unauthorised use in counterfeit products.

In addition, PRC tourists constitute the largest single customer group for our sales in Hong Kong and Macau, as evidenced fooj the fact that approximately 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 In the past few years, the overall cost of securing prime locations in the PRC through leasing or acquisition arrangements has increased significantly.


These related purchase decisions are generally inelastic to economic conditions and commodity prices. Toward the end ofthe price of platinum was negatively affected due to the global financial crisis, as demand from industrial use decreased.

A majority of our jewellery products are processed and produced in our production facilities located in Hong Kong, Shenzhen and Shunde, which are all located in the Pearl River Delta. On a daily basis, a comparison is made between the long position being our gold inventory balance and short position being our gold loan balance and outstanding bullion forward contracts.

Or Ching-Fai, Raymond Dr. PRC tourists constitute the largest single customer group for our sales in Hong Kong and Macau, as evidenced by the fact that approximately Those facts and statistics may not be consistent with other information compiled within or outside the PRC, Hong Kong and Macau and may not be complete or up-to-date.

In addition, the increasing business complexity of our operations due to our growth strategies may place additional requirements on our systems, controls, procedures, and management and, as a result, may strain our ability to manage our future growth.

Investor FAQ

Demand for authenticity and quality Due to the attractive margins and imitable semblance of certain jewellery, prospedtus PRC jewellery market has attracted fraudulent market players retailing imitation jewellery that is falsely advertised as real, authentic products made from precious metals and stones.

For example, in addition to conducting market research, our customer choa programmes enhance our ability to understand the spending behaviour of our customers, which in turn helps us gain customer loyalty as well as gauge market trends and customer preferences. Gold products are estimated to maintain their leading position by both growth rate and market share, with a CAGR of Please click on ” Dividend History ” for the details.

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: We have an award-winning in-house design team, two specialised procurement departments and a total of twelve factories, nine jewellery factories and three diamond cutting and polishing factories.

We are a retailer of a broad range of discretionary products and our sales and profitability are not affected by the prices of gold and platinum alone.


In addition, fopk durability and tangibility of the aforementioned jewellery products carry a pragmatic and sentimental value as both preservation and transfer of wealth across generations. If we issue additional Shares in the future, purchasers of our Shares in the Global Offering may experience further dilution in their ownership percentage.

Our purchases of gold, diamonds and platinum together represents the largest component of our cost of sales, and fluctuations in the prices of these raw materials can have fooo significant effect on our business, results of operations and financial condition.

As a result, our core management team, which has cooperated for over 20 years, is able to work efficiently and seamlessly as a team and execute, using modern corporate management methods, many of our development and expansion plans successfully over the years.

As a result, these host department stores may attempt to transfer such increases to us by increasing our concessionaire fees as we seek to renew our concessionaire agreements. However, we cannot predict U. As a result, our sales are subject to seasonal fluctuations.

Our new POS may not achieve our expected level of profitability within our desired time frame, or at all. Cheng Chi-Heng, Conroy Mr. Net cash from used in financing activities. Although recent data have not shown any deterioration in consumer purchases, we cannot assure you that consumer demand will not be impacted by the continuing weakness in the global economic condition or any future deterioration of economic condition in the PRC.

If our PRC subsidiaries cannot pay dividends due to government policies or regulations, or because they cannot generate sufficient cash flow, we may not be able to pay dividends, service our debt, or pay our expenses, which may have a material adverse effect on our business, results of operations and financial condition. In particular, we may be required to relocate such operations temporarily or permanently, and such business interruption could adversely affect our business, results of operations and financial condition.

You should read the prospectus in its entirety before you decide whether to invest in the Offer Shares.