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Wong Man Li, Chairman of Man Wah, is 5th from the left. Independent non-executive director from Singapore, Robson Lee, is second from the left.

MAN WAH HOLDINGS, which delisted from Singapore in Sept 2009, has re-listed on the Hong Kong Stock Exchange yesterday (Apr 9).

Man Wah, a furniture manufacturer and retailer, started trading at HK$7.50, translating into a historic PE of 12x compared to 4x when it delisted in Singapore.

The stock ended the day at HK$6.70, yielding a market capitalisation of about HKD 6.5 billion, or S$1.2 billion, for the business.

Man Wah Chairman, Mr Wong Man Li, was quoted saying, "I am really pleased to list in Hong Kong as the authority and investors have a better understanding of my business and future prospects."
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Wong Man Li is jubilant at the start of trading in HK. Photo by Mark Lee

He noted that Man Wah’s
presence in the PRC had grown steadily from three “Cheers” specialty stores in Shanghai, Beijing and Shenzhen in 2002 to 296 “Cheers” specialty stores in over 20 provinces throughout the PRC.

Spotted among the guests at the listing ceremony was the CEO of China Lifestyle F&B Group, Mr Zhang Yulong. The company is in the process of de-listing from Singapore – and is likely to be headed for HK.

The departure of Man Wah from Singapore seems to show that there are good S-chips around. If Singapore investors don't cherish the good ones, they will go away to seek greener pasture.

Listing is a two-way traffic. Companies must perform as a business, and investors must show their gratitude and support by giving the stocks a fair valuation.

Note: Man Wah Holdings was the subject of a well-read thread in the NextInsight forum, A multi-bagger in the making

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