There’s bad timing and then there’s wasting an opportunity. The listing plans of Malaysia’s Top Glove (TPGC.KL) puts it firmly in the latter category. The world’s biggest maker of protective handwear has revived plans read more to sell stock in Hong Kong four months after U.S. evidence of forced labour stalled an earlier effort. Had its governance been up to scratch from the start, it could have got at least half as much again for its shares. Top Glove shareholders this week approved its plan to seek a dual-primary listing in Hong Kong that would sit alongside its Kuala Lumpur home and a secondary ticker in Singapore. It first applied to do so in February when soaring pandemic demand for its products sent its shares up 300% in six months to an October 2020 peak. In February, it said it hoped to raise almost $2 billion for expansion. That attempt was derailed for the most part by a U.S. ban in March on all the company’s glove imports after it found evidence of forced labour. In January, shareholder BlackRock (BLK.N) voted against reappointing six directors and withdrew support from the other board members over Top Glove’s “severe shortcomings” in improving labour conditions. Indeed, the crowded quarters Malaysia’s migrant workers were forced into contributed to its biggest Covid-19 outbreak. The lifting of the ban read more in September has set the stage for the new listing attempt but the delay has cost Top Glove dearly. This time, subject to regulatory approvals and market conditions, it is likely to raise something much nearer to $500 million. Instead of highlighting supply shortages and desperate customers, investors will be more worried about the balance between Top Glove’s capacity and post-pandemic demand, which, while above pre-Covid levels, has declined more quickly than some expected. Prices for some products, which once quadrupled, have now halved from their peak as countries including China, have aggressively added production. Few companies can time the market precisely, and they should avoid claiming credit when they pull it off. Top Glove, however, has only itself to blame for this missed opportunity. Follow @JennHughes13 on Twitter CONTEXT NEWS - Malaysia’s Top Glove said on Dec. 8 it had won shareholder backing to list its shares in Hong Kong. The deal, expected to launch early next year, would be a dual primary listing alongside its Kuala Lumpur home. Its stock also trades in Singapore. - The world’s largest maker of protective rubber handwear had wanted to list earlier in 2021 but dropped the plans after the United States banned imports of its products in March citing evidence of forced labour. - The ban was lifted in September following changes made by the company. - Shares in Top Glove soared in the early stages of the pandemic, but have fallen 60% this year and are down 75% from their October 2020 peak. Editing by Pete Sweeney and Katrina Hamlin Our Standards: The Thomson Reuters Trust Principles.