Tai Fook first gave a buy rating to Imperial Furniture (1198.HK) with a target price of HK $3.82.

Imperial Furniture specializes in all kinds of furniture, from wood boards and solid wood products to sofas, interior decorations and mattresses. The company has a series of products to meet the needs of middle and high-end customers. Imperial Furniture has the largest sales network in the industry. As of the end of June, the company had 1538 franchise stores and 100 self-owned stores in Beijing, Shanghai, Shenzhen, Hangzhou and other big cities.

The stock fell 3.95 per cent to HK $2.92.