Honma Golf, the Japanese maker of gold-plated golf clubs whose customers include Donald Trump, the presidential hopeful, went public on the Hong Kong stock exchange a few days ago, raising proceeds of HK$1.26 billion (€147.5m-$162.4m), but its stock market capitalization fell to HK$5.5 billion (€643.7m-$708.9m) in early trading. The shares were sold by Liu Jianguo, a Chinese businessman who bought the company in 2009. Founded 50 years ago, the brand is still sold mainly in Japan, which accounted for 53 percent of its sales last year, followed by South Korea with 13 percent and Greater China with 19 percent. Founded 50 years ago, Honma already went public in 1995 on Jasdaq, the former Japanese over-the-counter stock market, but had to file for bankruptcy protection ten years later.

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