HONG KONG (XFN-ASIA) - Artini China Co (News) Ltd (789.HK), a Hong Kong-based fashion accessories supplier, opened below its initial public offering price on its first day of trading.

At 10:01 am, the stock was at 2.17 hkd, down 2.3 pct from the IPO price of 2.22 hkd. It opened at 2.20 hkd and moved in a 2.16-2.20 hkd range.

Its offer price was at the low end of an indicated range of 2.22-2.43 hkd.

The company raised 622 mln hkd from the sale of 280 mln shares.

Artini operates a retail distribution network to sell fashion accessories under the Artini and Q'ggle brands in China, Hong Kong and Macau.

As of end-March this year, it owned 33 stores and 97 concessions in China, Hong Kong and Macau.

Artini said it will use the IPO proceeds to expand its China retail network by opening 118 new retail points in China's first- and second-tier cities in 2009.

(1 usd = 7.8 hkd)

george.ng@xfn.com

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xfngn/xfjamesa

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