Samsonite bags banks to assist in US listing

Bloomberg

Samsonite International (1910) has selected banks to help arrange its dual listing in the US, according to people familiar with the situation, as it seeks to improve liquidity and become more accessible to global investors.

Samsonite is working with JPMorgan Chase and Morgan Stanley on the listing, the people said. Other banks are also looking to join the lineup, they said.

Samsonite, which trades in Hong Kong, may consider making the US its primary listing venue as well, according to the people.

Representatives for the luggage maker declined to comment. JPMorgan and Morgan Stanley also declined to comment.

Samsonite's board approved the dual listing in August, saying the US was appropriate based on the company's "global footprint, growth drivers and strategic priorities."

In other news, Midea Group is preparing to take investor orders as soon as next week for its share sale to raise about US$4 billion (HK$31.2 billion) in Hong Kong, people familiar with the matter said, in what is set to be the biggest listing by a Chinese company in two years.

That represents roughly 6 percent of its market value in Shenzhen, where its shares already trade. Midea is considering pricing the shares at a discount of as much as 20 percent to its Shenzhen stock, one of the people said.