Wah Kwong's listing hopes sink as deal is cancelled

The shipping company blames market conditions, but strong demand for another IPO candidate suggests sector concerns and company specific issues may have played a bigger role in keeping investors away.

Small-scale shipping firm Wah Kwong Marine Transport Holdings has cancelled its initial public offering amid a lack of investor interest, becoming the eighth company to call off a Hong Kong listing attempt mid-way this year and the first in a month. Wah Kwong was aiming to raise between HK$972.5 million and HK$1.28 billion $125 million to $164 million and had pre-arranged commitments from two cornerstone investors for about 14.4% of the deal, based on the minimum price.

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