Coach Plans To Seek Approval Early Nov. For Depository Receipts Issuance In Hong Kong - Sources

Date : 10/13/2011 @ 4:43AM
Source : Dow Jones News
Stock : Coach, Inc. (COH)
Quote : 39.39  -0.43 (-1.08%) @ 4:02PM

Coach Plans To Seek Approval Early Nov. For Depository Receipts Issuance In Hong Kong - Sources

Coach (NYSE:COH)
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Coach Inc. (COH) plans to seek approval from the Hong Kong stock exchange by the first week of November for its planned issuance of Hong Kong depositary receipts, or HDRs, people familiar with the situation said Thursday.

The company aims to list on the exchange in November if it gets approval, one of the people said.

Coach couldn't immediately be reached for comment.

The planned Hong Kong listing would make it the latest luxury brand to seek a spot on the territory's stock exchange as they seek to boost their profile among China's rapidly growing affluent.

The U.S.-based company said in May--when it revealed it planned a secondary listing in Hong Kong--that it doesn't plan to raise extra capital via the issuance of HDRs, underscoring that the exercise is more about marketing than finance.

Coach's shares currently trade on the New York Stock Exchange.

J.P. Morgan Chase & Co. is handling the deal, people familiar with the situation said earlier.

-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com




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