Photo: Wikimedia Commons
Hong Kong based jewelry retailer Chow Tai Fook, the world’s largest by market value, is getting crushed on the Hong Kong Stock exchange after disclosing weak sales and lower margins last night. The FT reports that shares are down 9 per cent after same store sales fell 1 per cent in Hong Kong and Macau and rose only 10 per cent in mainland China.
That’s weak compared to 40 per cent growth in the last fiscal year. Weakening Chinese demand and a possible hard landing is of particular concern as the company plans to open 2000 outlets on the mainland over the next couple of years.
Read the full article at the FT
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