The operator of Japanese cheap-chic clothing chain Uniqlo said yesterday that it is planning a secondary share listing in Hong Kong, as the retailing company expands its brand across Asia and beyond.
Fast Retailing said that it is on track to issue depositary receipts on the semi-autonomous territory’s bourse on March 5, pending approval from the exchange.
Depositary receipts are often used by firms to let investors trade their shares on a foreign exchange.
Photo: Reuters
HONG KONG DOLLARS
Investors would be able to buy and sell Fast Retailing stock in Hong Kong dollars, instead of trading the yen-denominated shares in the Japanese capital.
Fast Retailing said the move is meant to “demonstrate the company’s commitment to, and focus on, Asia,” as well as boosting its exposure to investors and customers “in the rapidly growing Asian market, including China.”
The firm added that it has no immediate plan to issue new shares or raise additional funds, with its primary listing to remain in Tokyo.
Uniqlo, which has more than 800 outlets across Japan, has been expanding rapidly in the international market to compete with the likes of Spain’s Inditex, which is the operator of Zara and Pull & Bear, Sweden’s Hennes & Mauritz AB and US-based Gap.
Despite recent political tensions between Japan and China, Fast Retailing had 259 stores in China by the end of last year, with plans to add 80 more by August, it said.
ASIA’S BIGGEST
In a drive to become the top fashion retailer in Asia, the company also opened its biggest Uniqlo store in Shanghai in September last year.
Fast Retailing’s Tokyo-listed shares closed 1.6 percent lower at ￥37,600 as the broader market fell 2.51 percent.
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