Hong Kong investors are to get their second 'Christmas-chip' when plastic tree-maker Boto Co lists in March, giving investors nine months to buy early and avoid the Christmas rush. The latest yuletide play comes hot on the heels of rival Christmas tree-maker FT Holdings, which went public on January 3, but has since failed to give investors much Christmas cheer. Its shares plummeted almost immediately from the $1 issue price to 89 cents and struggled to reach Friday's close of 98 cents. Boto managing director Michael Kao Cheung-chong has ignored the travails of his competitor, arguing Boto has much stronger fundamentals than FT. He says the company has registered year-on-year sales growth of between 10 and 15 per cent since the company's establishment in 1966. Last year, sales were about $700 million, 90 per cent of which was generated from the sale of Christmas trees. He said this compared very favourably with FT's sales of $150.74 million. 'We have a lot to sell [to investors].' We squeeze operating costs to a minimum by making all the materials and by owning most of the machinery ourselves,' he said. 'We have also widened our customer base so that even our largest customer's contribution to total sales is less than 15 per cent.' Mr Kao said most of the proceeds from the listing would be used to boost capacity. 'We're investing between $60 million and $80 million on building a PVC plant in Shenzhen and it should be operational soon,' Mr Kao said. He said a new $150 million production complex had been finished and was expected to boost capacity by 25 per cent.