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Will Belle Fashion Group step out in style for its second outing on the Hong Kong IPO runway? The fashion shoe giant certainly hopes so, aiming to raise $500 million to $1 billion from a new listing, according to sources cited in media reports, which could make it the largest Hong Kong IPO since 2020. But Belle’s new listing attempt is already off to a clumsy start, after an initial application to return to the Hong Kong Stock Exchange in March 2022 lapsed without an offering.

That said, the company’s latest results, disclosed in its new listing application last week, look broadly positive. It shows the company has laid the groundwork for its newer, slimmed-down format as a shoe seller focused on e-commerce and smaller stores based in shopping malls, shifting from its previous reliance on department stores.