The Chow Tai Fook Group, which is controlled by Hong Kong tycoon Cheng Yu Tung, has mandated seven banks for the initial public offering of its jewellery unit, according to sources. The IPO, which is expected in the first quarter of 2012, could raise as much as $4 billion.
The sources said that Deutsche Bank, Goldman Sachs, HSBC and J.P. Morgan have been named as global coordinators for the offering, while Citi, Credit Suisse and UBS will join them as joint bookrunners.
Given the large size of the deal and the group’s high profile in Hong Kong, this was one of the more fiercely contested mandates...
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