Timely excursion to China

Click to follow
The Independent Online
Dailywin Group, a designer and manufacturer of watches based in Hong Kong, is to raise £5m through a listing on the London Stock Exchange before the end of the month.

The new money is to be used to finance the company's expansion into China.

The company plans to place 30 per cent of its shares with institutions, giving the company a market value of £20m.

In the eight months to the end of November the company made £1.5m on a turnover of £18.9m. The company is forecasting profit before tax of £2.17m for the year to the end of March 1995.

More than 70 per cent of sales came from supplying watches and parts for well known brands such as Accurist, Casio and Timex.

The company also sells under its own brand, Saga, directly to China, where the company has concessions in 47 department stores.

Dailywin plans to open 33 more concessions and five more shops in China to capitalise on what it describes as a fast-growing consumer economy in that country.

The company also produces parts for famous up-market Swiss and French watch brands, but refused to say which.

Eddie Leung, executive chairman of Dailywin, said: "The listing will provide Dailywin with a strengthened capital base to take advantage of exciting retail opportunities in China.

"It will also fund further production facilities."

Established in Hong Kong by Mr Leung in 1978, the company manufactures in the Guangdong province of China.