FUJI goods distributor China-Hongkong Photo Products Holdings plans to raise $450 million from a flotation on the Hong Kong stock exchange, industry sources say. The firm will issue 250 million new shares at $1.80 each. That will give a prospective price-earnings ratio of 9.2 times on a fully diluted basis, and 8.4 times on a weighted average basis. Dividend yield is expected to be six per cent. The issued shares will account for 25 per cent of the enlarged market capital of $1.8 billion, made up of one billion shares. After-tax profit was $104 million for the year to March 31, and $108 million for the preceding year, compared with $154 million for the year to March 31, 1992. Pro forma profit was $182 million for the year to March 31 and $180 million for the preceding year, against $219 million for the year to March 31, 1992, according to sources. Turnover was $1.28 billion for the year to March 31, $1.29 billion for the year to March 31, 1993, and $1.26 billion for the preceding year. The subscription is scheduled to open on September 6, sources say. Wardley Corporate Finance is understood to be the sponsor of the issue.