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Silk apparel maker China Ting Group raised HK$1.01 billion after pricing its shares at HK$2.025 each. The company sold 500 million shares.

China Ting is owned and operated by a Hangzhou family (in China's Zhejiang province), which has been resident in Hong Kong for decades.

The company starts trading on December 15.

"The valuation is fair because [China Ting's] profit margin is higher than peers like Glorious Sun," said Phillip Securities director Louis Wong.

"In addition, over 10 percent of sales come from its retail [outlets] and may benefit from China's economic growth."

With those stores, he said, "it should command a better valuation."

The company runs 292 shops in 26 mainland provinces, selling under its brand names Finity, Elanie, Dbni and Riverstone and licensed brand name Max Studio. China Ting exports 80 percent of its silk products to the United States, where it makes products for Macy's department store.

Proceeds from the sale will be used to boost capacity in its apparel and textile home furnishing divisions, repay bank loans and fund expansion of its retail network. The company plans to open 163 stores by the end of 2007 and establish a retail network in the SAR and other Asian markets.