FMR LLC raise stake in Ports Design to 5.05%

Sep. 4, 2008 (China Knowledge) - Fidelity Management and Research LLC (FMR LLC), a fund unit under Fidelity Investments, has increased its shareholdings in Ports Design Ltd<589>, a Hong Kong-based high-end international fashion and luxury goods retailer, to 5.05% from the previous 4.99%.

According to FMR's statement filed with the Hong Kong Stock Exchange (HKEx), the fund manager had purchased 300,000 million shares in the Chinese fashion retailer at an average price of US$2.499 per share, involving total investment of about US$749,700.

FMR LLC had submitted the application for regulatory approval on Aug. 29.

Ports Design announced last month that the profit attributable to shareholders amounted to RMB 183.4 million for the first half of this year and declared dividend of RMB 0.21 per share. Earnings per share were RMB 0.32 during that period.

Chan Kai Tai, CEO, Managing Director and Executive Director of Ports Design, noted he is confident about the company's development for the rest of the year. Ports Design will keep on setting up more new stores in the future, said Chan, adding that a new store that will sell products under Armani brand is scheduled to open in September this year.