Long-term holder exits Chow Tai Fook Jewellery through $103 million block

The sale comes after the stock jumped 13% yesterday on the back of strong revenue growth in the three months to June.
July 10, 2013

An undisclosed institutional investor last night sold its remaining stake in Chow Tai Fook Jewellery Group, taking advantage of a 13% jump in the share price earlier in the day.

The block trade was well received and was able to price above the bottom of the range for a 7.2% discount to the close and a total deal size of HK$798.2 million $103 million.

The deal came after the jewellery retailer that is controlled by Hong Kong tycoon and New World Development chairman Cheng Yu Tung announced after the market closed on Tuesday that its revenues surged 63% in the three months to June compared...

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