A Chinese wind turbine-maker confirmed Monday that it has axed a 1.2 billion-US-dollar share sale in Hong Kong due to "excessive market volatility", the latest in a series of ditched listings.
Xinjiang Goldwind Science and Technology said it would be "inadvisable" to press on with the listing on June 22, in what was billed as the city's second-largest initial public offering (IPO) this year after Russian metals giant UC Rusal raised 2.2 billion US dollars in January.
Earlier media reports suggested the sale would be put on ice, but the company did not confirm the decision until Monday afternoon.
"In light of the deterioration in market conditions and recent unexpected and excessive market volatility, the company… has formed the view that it would be inadvisable to proceed with the global offering at this time," it said in a statement to Hong Kong's stock exchange.
Hong Kong's IPO market — the biggest in the world last year — has seen a string of companies hit the brakes on listings in the last month.
In May, Swire Properties, a major real estate developer in the city, cancelled its planned 3.09 billion-US-dollar share sale, just two days after Giti Tire, China's largest tyre maker, shelved a 500 million-dollar initial public offering.
Iron ore producer China Tian Yuan also halted its 522 million-dollar issue last month.
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