(Yicai Global) Nov. 2 -- US luxury brand Tapestry Inc. [HK:6388; NYSE:TPR] -- formerly known as Coach -- applied to delist from Hong Kong Stock Exchange yesterday, the second international company to announce an exit from Hong Kong stock market after Glencore PLC.
The firm said it intended to withdraw its securities issued in Hong Kong from the main board due to trading volume and its need to focus its resources on the company's primary listing on the New York Stock Exchange, a day after the world's largest commodities trader Glencore announced its withdrawal from Hong Kong for the same reason.
Tapestry did not specify a timeline for its exit. Coach changed its name to Tapestry with effect from mid-October, but it is still listed under its former name on the Hong Kong Exchange.
It became the first US-based company to list secondarily on the main board of the Hong Kong Stock Exchange in December 2011.