HONG KONG (AP) — Coach Inc. shares have started their first day of trading in Hong Kong as the U.S. luxury handbag maker completes its dual listing in the southern China financial center to raise its Asian brand profile.
Coach, which already trades in New York, issued Hong Kong Depositary Receipts instead of new shares and won't raise any money through the secondary listing. They were at 48.5 Hong Kong dollars in light trading.
Company executives say the listing is aimed at raising awareness among investors and consumers and a sign of its long-term commitment to China.
Other Western brands such as Prada have gone public in Hong Kong this year as they aim for greater exposure to China's luxury market.