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Gap supplier Crystal Group said to plan up to US$800 million IPO
[HONG KONG] Crystal Group, a garment supplier to Gap Inc and Hennes & Mauritz AB, is planning a Hong Kong initial public offering that could raise as much as US$800 million, people with knowledge of the matter said.
The Hong Kong-based company has hired advisers for the share sale, according to the people, who asked not to be identified because the information is private. Crystal Group could list in the second half of this year, the people said.
An IPO from Crystal Group could become the biggest on the city's bourse from a home-grown Hong Kong company in more than two years, as mainland Chinese firms have increasingly dominated fundraising on the exchange, data compiled by Bloomberg show.
The company employs more than 64,000 globally and has an annual revenue of more than US$1.7 billion, according to its website.
Hong Kong internet provider HKBN Ltd's 2015 listing in the city was the only first-time share sale above US$500 million over the past three years from a company that wasn't Chinese-controlled, the Bloomberg-compiled data show. Crystal Group didn't immediately respond to e-mailed questions.
Crystal Group Chairman Kenneth Lo founded the company in 1970, the company's website shows. He is the eldest son of Law Ting Pong, the late founder of Hong Kong apparel retailer Bossini International Holdings Ltd.