After days of waiting, Mingfa downsizes its IPO

The Chinese property developer ends two days of speculation over the fate of its deal, saying it will relaunch the IPO at a revised price range that could make it up to 34% smaller than first targeted.

Mingfa Group (International) has revised down the price range for its initial public offering, reducing the maximum deal size to HK$2.6 billion ($335 million) from HK$3.4 billion, according to a stock exchange filing posted on Friday.

"In view of current market conditions for initial public offerings and having regard to the best interests of the investors, the company and the joint bookrunners... decided not to proceed with the global offering under the original timetable," said the statement. It added that the company has, however, "agreed to relaunch [the deal] at a ...