News Summary: Graff Diamond puts IPO on hold

AP News
Posted: May 31, 2012 2:51 PM

IPO LUSTER DIMS: London jeweler Graff Diamonds is putting its $1.5 billion Hong Kong initial public stock offering on hold because of the steep sell-off in global stock markets.

ASIA APPEAL: The jeweler would have been the latest in a line of foreign brands to go public in Hong Kong, following Italian fashion label Prada SpA and luggage maker Samsonite International SA.

CONTEXT: Foreign companies are seeking to cash in on rising investor interest in China, the world's second biggest economy, and to raise their brand profiles with the country's rapidly expanding pool of newly wealthy consumers.