Move over, Tiffany. Hold on to your jewels, Graff Diamonds. There is an even bigger kid on the block. Chow Tai Fook has priced its initial public offering in Hong Kong to make it the world’s most valuable listed jeweller, worth US$19.2bn. The company is a household name in China; its shares begin trading next week under the code 1929, the year it was founded. Chinese companies love a corporate narrative as much as anyone. The question is whether investors should back its current story.
蒂芙尼(Tiffany),請讓一讓。格拉夫鉆石(Graff Diamonds),收起你的珠寶。更有實(shí)力的新起之秀來了。周大福(Chow Tai Fook)已為其香港首次公開發(fā)行(IPO)完成定價(jià),以192億美元市值成為世界上估值最高的上市珠寶商。該公司在中國家喻戶曉,其股票從本周開始交易,代碼為1929,這也是該公司成立的年份。中國公司跟海外企業(yè)一樣,都熱衷于敘述企業(yè)自身的故事。但問題是投資者是否應(yīng)該支持其當(dāng)前的故事。