Lane Crawford proposes to delist amidst crisis in Hong Kong

Joyce Boutique’s owner proposes to delist from Hong Kong Stock Exchange. The retailer, owned by the Lane Crawford group, has received cash price offer of 0.28 Hong Kong dollars per share to delist the company. The offer has been made by the Woo Family, owner of fashion and real state empire Wheelock and Company.  

The company stated that the offer comes after the unresting uncertainty environment in Hong Kong. “This financial year, on top of soft economic performance, the outbreak of social unrest has seriously impacted inbound tourism and customer sentiment in Hong Kong.”

The stock of the company has lost nearly 65 percent of its share price since listing and last paid a divided in August 2015. The company also pointed out it had no plans to fundraise and could save costs from forgoing the expense of maintaining its listing on the Hong Kong Stock Exchange.

Joyce, founded by Joyce Ma in 1971, was a pioneer in bringing designer labels to Hong Kong, introducing new brands to the emerging economy. The company is owned by Lane Crawford group, one of the biggest fashion companies to sell luxury goods in Hong Kong and Mainland China.