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Denise Tsang

JEWELLERY maker and distributor Rhine Holdings is seeking earlier listing on the NASDAQ Stock Market in the United States to launch its global expansion.

The US exchange usually takes about six months to process a listing application.

Managing director Bankee Kwan said: 'We will kick off the expansion programme once capital is raised.' The company aims to raise about US$20 million to finance its projects in Europe and the Asia-Pacific.

The US market, managed by the company's private arm IWI Holding, will remain its core sector.

More than US$10 million will be allocated to strengthen the company's operations in Europe. From its office in Frankfurt, set up last year, the group intends to tap into Switzerland, Belgium and Holland.

Mr Kwan said mainly high-valued and design-driven products would be sold in Europe, to meet the taste and demand of the market.

The company has secured contracts worth about US$3 million in the past three months despite the termination of business with the middle-man, Carrier Franco, in France this year.

The termination enabled the company to trade directly with the four former clients of Carrier.

It is estimated that profit in the next fiscal year would surpass the record in 1993.

In Asia, China would be the company's focal point.

Mr Kwan said the company was optimistic about prospects on the mainland because it was likely to be issued a licence to sell gold and jewellery products there early next year.

The company applied to the People's Bank of China for a licence last year.

It is believed the licence will help bring in sales of about HK$200 million a year.

 Rhine will spend US$5 million on its markets in Japan, the Philippines, Malaysia and Thailand.

As in the European market, the company will target upmarket customers in Japan because of their demand on design and quality.

To advance product design, Mr Kwan said the company's in-house team of designers had been reshuffled.



Rhine hoping for early listing in US before global expansion