Cheng Yu Tung
Hong Kong's third-richest man owns 89.5 percent of Chow Tai Fook Jewellery Group, the largest jeweler in China and Hong Kong. Through Chow Tai Fook Enterprises, his closely held investment company, Cheng also controls New World Development Co., a land developer with holdings in hotels, retail, infrastructure and public transportation.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Chow Tai Fook Jewellery Group Ltd. may raise as much as HK$22 billion ($2.8 billion) in what could be Hong Kong’s biggest initial public offering this year as luxury-goods companies tap growing affluence in China.
Billionaire Cheng Yu-tung ’s Chow Tai Fook Group hired Deutsche Bank AG, Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase & Co. for an initial share sale of its jewelry unit that may raise as much as $4 billion, two people with knowledge of the matter said.
Chow Tai Fook Jewellery Group Ltd., the world’s largest listed jewelry chain, and other gold shops in Shanghai are being probed by Chinese regulators for price manipulation amid increased scrutiny of consumer-goods prices.
Chow Tai Fook Jewellery Group Ltd., the company with revenue greater than Tiffany & Co., raised HK$15.8 billion ($2 billion) after selling shares at the bottom of a price range marketed to investors, said two people with knowledge of the matter.
Chow Tai Fook Jewellery Group Ltd., the world’s largest listed jewelry chain, forecast “steady” growth for the rest of the fiscal year after first-half profit almost doubled on a surge in Chinese demand for gold.
Chow Tai Fook Jewellery Group Ltd., a Hong Kong-based chain with more revenue than Tiffany & Co., said profit jumped 79 percent last fiscal year as it expanded and benefited from higher luxury spending in China.
The world’s richest people lost a combined $17.1 billion this week as concern over JPMorgan Chase & Co.’s $2 billion trading loss and the weakening euro pushed the Standard & Poor’s 500 Index to a two-month low.