Kasen shares on the Hong Kong stock exchange

Kasen, the huge Chinese leather and furniture manufacturer, plan to raise up to US$122.8 million in a Hong Kong initial public offering. The company are offering 304 million shares, 30% of their enlarged share capital. The expect to raise between HK$2.55 and HK$3.15 per share. That represents 10.3-12.8 times Kasen's 2005 earnings and 8-9.8 times the 2006 earnings forecast.