HONG KONG: Trinity Ltd., the luxury menswear division of Li & Fung Group, jumped 49 percent on its first day of trading in Hong Kong.

The retailer rose to HK$2.46, compared with its initial public offering price of HK$1.65. Li & Fung Group, parent of Wal-Mart supplier Li & Fung Ltd, and a shareholder had raised HK$745.7 million ($96 million) through Trinity's IPO.

Trinity sells luxury menswear and accessories in greater China under brands including Gieves & Hawkes, Cerrutti 1881 and Kent & Curwen, and has a joint venture with Salvatore Ferragamo in South Korea and Southeast Asia. Managing Director Sunny Wong Yat-ming last month said the company's earnings have been growing at 25 percent annually in the past few years and that he expects future growth of about 17 percent.

Closely held Li & Fung (1937) Ltd is the controlling shareholder of Li & Fung Group. Li & Fung (1937) is owned by William Fung and a trust set up by his brother, Victor Fung. Victor Fung is chairman of Hong Kong-listed Li & Fung Ltd. while William Fung is managing director.

William Fung in April 2008 said the group may publicly sell shares in Trinity as well as in Toys"R"Us Asia within four years.

Li & Fung Ltd. is the third-best performer on the benchmark Hang Seng Index this year, gaining 141 percent. The stock rose 0.8 percent today to HK$31.95.

Bloomberg News

(HK Edition 11/04/2009 page4)