KUALA LUMPUR (May 13, 2012): Malaysian listed XiDeLang Holdings Ltd, a China-based shoemaker, is eyeing a dual listing on the Hong Kong Stock Exchange, the company said, in an apparent bid to raise its valuation in line with regional peers.

XiDeLang, voted by Forbes as one of Asia’s best companies with under US$1 billion in revenue in 2011, has been quoted as saying it was disappointed with the valuation it had fetched on the Malaysian bourse.

One of XiDeLang’s peers, Anta Sports Products Ltd is getting about 8 times price-to-earnings ratio (PER) in
Hong Kong, whereas XiDeLang is getting only around 2 times PER in Malaysia.

“The company has engaged Dow-Capital, a financial advisory company in Hong Kong, to evaluate the possibility of the dual listing,” XiDeLang said in the filing.

Business Times reported on Friday that the China’s second largest running and skateboard shoemaker was exploring a primary listing on Hong Kong, and that it could be delisted from the Malaysian bourse within the next 18 months.

XiDeLang dismissed the report it would delist from the Malaysian bourse in its filing to the local bourse.

The stock closed 2.04% higher on Friday, outperforming the Malaysian benchmark stock index that ended the day 0.24% lower. – Reuters