Jeweler's public float increased

Chow Tai Fook (Holding), controlled by Henry Cheng Kar-Shun's family, distributed its 89.3 percent stake in Chow Tai Fook Jewellery (1929) in specie, raising the company's public float.

Cheng Yu-wai, the brother of the late founder Cheng Yu-tung, will own 5.07 percent.

The related shares have been transferred to Chow Tai Fook Capital, another Cheng family-controlled company, which holds around 72.4 percent of the total issued shares in the listed jeweler.

Of the remaining 16.9 percent of total shares held by Chow Tai Fook (Holding) prior to the distribution, around 5.2 percent is now held by core connected persons of the company.

According to Hong Kong Stock Exchange listing rules, shares held by core connected persons will not be regarded as public holdings, said the company. Hence, Chow Tai Fook Jewellery's public float will be raised from 10.7 percent to not more than 22.4 percent, it said.

Shares of Chow Tai Fook Jewellery once reached a one-month high of HK$7.14 before they fell to HK$6.73 yesterday, a 4.4 percent decrease.