Fast Retailing indicated to open up 4.5pct in Hong Kong trading debut
HONG KONG, March 5
HONG KONG, March 5 (Reuters) - Fast Retailing Co Ltd, operator of Japan's Uniqlo clothing outlets, is set to rise 4.5 percent in its Hong Kong trading debut on Wednesday when Asia's biggest clothier by market value lists in the city.
Fast Retailing's Hong Kong depositary receipts (HDRs) are indicated to open at HK$28.60, with each HDR representing one hundredth of the Japanese company's Tokyo-traded stock.
Fast Retailing shares closed on Tuesday at 35,890 yen, or an equivalent of HK$27.36 per HDR, according to a securities filing. By comparison, Hong Kong's benchmark Hang Seng Index was set to start 0.8 percent higher and fashion peer Prada SpA up 2.3 percent.
Fast Retailing's Tokyo-listed shares were up 2.9 percent in early Wednesday trade.
The company is not raising fresh capital through its Hong Kong listing.