LEATHER garment trader Dah Hwa Leather and Trading Co plans to list on the Hong Kong Stock Exchange to fund expansion. Director John Lee yesterday said the company sought to raise about $50 million from the initial public offering, expected this year, with Dao Heng Securities as financial adviser. The company generates 80 per cent of its sales from the trading of leather garments, which Mr Lee said had a higher vulnerability to market fluctuations due to the ever-changing nature of fashion. Dah Wah claims to be one of the two major leather garment traders in Hong Kong, with stock running at one million square feet. He said a new warehouse would be needed to accommodate the new products for trade. The new facility, of about 1,000 to 2,000 square feet of gross floor area, would require an investment of about HK$10 million. The company has applied to set up representative offices in Guangzhou and Shanghai. Mr Lee said the company had a turnover of $155 million for the year to March 1991, $156 million in 1992 and $175 million in 1993. Profit was about 10 to 15 per cent of the turnover, he said.