Chow Tai Fook Jewellery’s trading debut yesterday failed to sparkle as a combination of eurozone woes and fears of a slowdown in China’s luxury retail sector sent the share price of the jewellery retailer down by as much as 9 per cent.
The disappointing first day performance by a well-known retailer in the region was further evidence of the long winter ahead for Hong Kong’s initial public offering market.
“Next year is going to be very quiet, especially in the first half of the year. Fund managers are going to be extremely cautious with so much uncertainty coming from the eurozone,” said Ben Kwong, director of local brokerage KGI Asia.
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