COACH DISAPPOINTS IN HONG KONG DEBUT

US luxury handbag maker Coach dropped in its trading debut in Hong Kong yesterday as thin volumes in its depositary receipts limited their appeal to local investors. The company’s Hong Kong depositary receipts (HDR), each representing one tenth of Coach’s common stock, closed at HK$48.50, a decline of 0.5 per cent, while the Hang Seng Index surged 5.6 per cent.