Going for Glitter, China's Top Jeweler Hiccups

Chow Tai Fook Jewellery Group raised about 15.3 billion yuan in a capital market splash December 5 that thoroughly underwhelmed investors on the Hong Kong Stock Exchange.

The stock debuted at about 12 yuan per share, which is the low end of the price range for shares offered by the company, China's largest jewelry retailer, as investors turned cautious toward major initial public offerings in Hong Kong.