Carpenter Tan Holdings may be a small firm making wooden combs, but it aspires to be the world's largest in its field. It plans to use part of the proceeds from its initial public offering to open shops in Asia, Europe and the United States. The Chongqing company, which also makes pocket-sized wooden mirrors and gift boxes and counts young women as its target customers, is tapping the equity market for up to HK$162 million. The shares are priced at HK$2.15 to HK$2.93 and will begin trading on December 29. The company's turnover dropped to 108.66 million yuan (HK$123.35 million) last year from 123.17 million yuan in 2007. Net profit fell to 25.87 million yuan from 41.47 million yuan. There is no profit forecast for this year in the listing prospectus. Unaudited net profit for the first half was 21.33 million yuan. But the company expects this year's results to be better than 2007's, according to executive director and deputy general manager Geng Changsheng. Apart from establishing an overseas franchise, net proceeds will be used to expand the firm's production capacity and set up high-end home accessories shops selling furniture on the mainland under the Tan's brand. A market survey indicates 30 per cent of mainlanders know the brand but only 2 per cent have bought its products. That is why the company says it believes there is room for growth for its comb sales. 'We are still a small company,' Tan founder and chairman Tan Chuanhua said. 'There's still a lot for us to learn.' Germany's Schramm Holding, which supplies paint coatings for handsets marketed by Samsung and LG and component manufacturers such as Flextronics, is also launching a share offering. The paint maker is raising up to HK$225 million and has priced its shares at an indicative range of HK$29 to HK$45. The shares are also scheduled to begin trading on December 29. Meanwhile, Sunac China Holdings has become the latest mainland company to delay its offering on the Hong Kong market. The Tianjin-based developer, which was due to float its shares last Friday, said yesterday it had decided not to proceed with the HK$2 billion sale. Separately, shares of mainland luxury department store operator PCD Stores (Group) were trading yesterday in the grey market at HK$1.97, 1.03 per cent higher than their offer price of HK$1.95, according to Phillip Securities. The firm raised HK$2.93 billion to buy premises for new stores and fund a retail, commercial and hotel complex in Xian.