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Coach Creates a Path for Other U.S. Companies to List in Hong Kong



by Valerie Ford Jacob
Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office

Victoria S.T. Lloyd
Fried, Frank, Harris, Shriver & Jacobson LLP - Hong Kong Office

Joshua Wechsler
Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office

Guangqin Wei
Fried, Frank, Harris, Shriver & Jacobson LLP - Hong Kong Office

January 16, 2012

Previously published on January 10, 2012

Fried Frank advised leading accessories brand Coach in connection with its December 1st listing of Hong Kong depositary receipts (HDRs) representing Coach common stock on the Hong Kong Stock Exchange. The listing makes Coach the first company incorporated in the United States to list in Hong Kong. In connection with the listing, Coach also obtained a no-action letter from the SEC Staff on November 28th which granted relief from certain of the requirements of Regulation S under the Securities Act of 1933 (the 1933 Act). Approval of the listing by the Hong Kong regulators, as well as the SEC Staff's decision, serve as important precedents for other U.S. companies considering following in Coach's footsteps.


 

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