HK Stock Market Move | SAMSONITE (01910) rose more than 3% during midday trading, seeking a dual listing in the United States, planning to issue up to 138 million shares in ADR form.

SAMSONITE (01910) rose more than 3% in midday trading, and as of press time, it had risen 2.41% to 20.36 Hong Kong dollars, with a turnover of 82.6361 million Hong Kong dollars. On the news front, SAMSONITE announced that it is proposing to issue new shares for a dual listing, and to cancel unexercised treasury shares. The group stated that it is seeking a dual listing of shares on the US stock exchange, but the listing method and timing are not yet determined. The proposed dual listing may involve issuing no more than approximately 138 million shares, excluding treasury shares, representing 9.97% of the total issued shares. The shares are expected to be issued in the form of American depositary shares, with a price per share discounted by no more than 15% from the last closing price before signing the underwriting agreement for the issuance of shares. The net proceeds from the fundraising are expected to be used for operational funds and other general corporate purposes, including operating expenses, capital expenditures, repayment of existing debts, share repurchases, and providing funds for potential acquisitions.