Samsonite (01910) fell more than 5% again in Hong Kong trading. At the time of writing, the stock was down 5.4% to HK$16.63, with a turnover of HK$115 million. The decline follows the company's recent announcement of its intention to pursue a dual primary listing in the United States via American Depositary Shares (ADS). Guotai Junan Securities highlighted that the price for the new shares to be issued will be at a discount of no more than 15% to the last closing price, and must not be discounted by 20% or more from a reference price. After accounting for the cancellation of treasury shares, the estimated net dilution effect on the share capital is approximately 4.0%. In a research note, UBS stated that based on investor feedback, Samsonite's weak share price performance since it announced progress on the US dual listing in mid-February is likely attributed to market concerns over the potential discount of up to 15% on the issuance price and the associated share dilution. The bank suggested these worries are overshadowing the potential for a valuation re-rating for the group post-listing in the US, which could bring its valuation in line with global peers.