Chinese Car Dealership Halts I.P.O. |
| New York Times - May 28, 2012 |
Because of deteriorating market conditions, China Yongda Automobiles Services decided to halt an initial public offering in Hong Kong intended to raise as much as 3.37 billion Hong Kong dollars, people with direct knowledge of the plan said.
The car dealership, based in Shanghai, failed to generate adequate interest in the $434 million deal despite extending its period for taking share orders four days, to Monday, said the people, who were not authorized to speak to the news media. Its decision to shelve the I.P.O. underscores the weak appetite in the market for new listings after a slump in stocks in Hong Kong and across the Asia-Pacific region.
The decision adds pressure on other companies that have lined up to sell shares in the Chinese territory, and on bankers arranging the deals, to consider alternatives to Hong Kong, the world’s biggest market for I.P.O.’s in the three years from 2009 to 2011.
Read Full Article from New York Times
- Posted: 2012-05-28 14:16:28
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