Having attracted investment from global giants in the luxury market, including France’s LVMH, Chinese women’s footwear manufacturer Belle International has broken Hong Kong’s record for an initial public offering (IPO) after the flotation of its retail segment was more than 500 times oversubscribed.

The total IPO raised HK$8.68 billion ($1.1 billion) with the final pricing for the 1.4 billion shares sold at 34.1 times the company’s forecast earnings for the year.

Belle, which operates over 2,800 retail stores and outlets and more than 1,000 athletic shoe stores, intends to use 55% of the proceeds from the share offering to acquire companies, form partnerships and expand its retail presence.