The Zhitong Finance App learned that Jefferies released a research report stating that it gave Giordano International (00709) a “buy” rating, with a target price of HK$3.6. Chow Tai ?$#@$ Holdings and Giordano's management will each present their business plans to shareholders before the special shareholders' meeting.

The bank believes that Chow Tai ?$#@$ Holdings, as Giordano's largest shareholder, is willing to participate more in the company's operations and business strategy by appointing Colin Currie, who has worked at Adidas for over 16 years, as the new CEO. It also said that Chow Tai ?$#@$ Holdings may want to transform and expand its business.

According to the report, Giordano's current management is a team headed by Liu Guoquan (about 70 years old). They focus on: 1) ensuring good operating cash flow with the aim of returning all excess cash to shareholders; 2) expanding into new markets (such as development markets such as Africa) and making minimal investments (such as franchises/joint ventures) to avoid affecting its free cash flow.