cheng yu tung

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

The jewellery retailer prices at the bottom and doesn't exercise the upsize option, while Haitong Securities delays the pricing of its H-share IPO until today.

Chow Tai Fook Jewellery, the largest jewellery retailer in Hong Kong and China, has an option to increase the deal by 20%.

At a reduced target of about $3 billion, the deal is set to become the biggest IPO in Hong Kong this year.

New World Development aims to raise HK$11.3 billion from a November rights issue and will also underwrite a HK$4.29 billion rights offering for New World China Land in December.

Cheng Yu Tung reduces his stake in Ping An Insurance to just 2.4% of the H-share capital after a $998 million block trade and at least two transactions where he used his remaining shares to cover short positions.