A second Hong Kong stock heads for the exit this week as trading in Coach shares slow to a trickle

Coach, the New York luxury brand, will remove its shares from the Hong Kong bourse five years after listing them, as transactions slowed to a trickle

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The exterior of the former Coach Hong Kong flagship store at 36 Queen's Road Central, Central. Photo: Dickson Lee

Published: 1:15pm, 1 Nov 2017Updated: 11:50pm, 1 Nov 2017

New York luxury brand Coach has applied to delist from Hong Kong, reflecting the second international company this week to announce plans to exit from the local market owing to thin trading.

Swiss commodity trading and mining company Glencore on Tuesday said it will delist from the local stock exchange from January 31.

Both Coach and Glencore launched a secondary listing in Hong Kong in 2011, after the Hong Kong stock exchange ramped up its marketing campaign to promote the value of an expanded equity presence to multinational companies. The exits suggest the promised benefits of the secondary listing failed to materialise, hindering the stock market’s effort to become more international.

Coach has applied to the stock exchange to withdraw the listing of its depositary receipts in Hong Kong, but has not specified a timeline for the exit, according to a stock exchange filing in Hong Kong on Wednesday morning before the market open.

A Coach retail shop on Canton Road, Tsim Sha Tsui. Photo: Edward Wong

“Due to trading volume and to focus its resources on the company’s primary listing on the New York Stock Exchange, the company intends to withdraw its listing from the main board of the Stock Exchange of Hong Kong,” Coach said in the statement.

A second Hong Kong stock heads for the exit this week as trading in Coach shares slow to a trickle

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Coach, the New York luxury brand, will remove its shares from the Hong Kong bourse five years after listing them, as transactions slowed to a trickle

Coach, the New York luxury brand, will remove its shares from the Hong Kong bourse five years after listing them, as transactions slowed to a trickle