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Deals falter as investors show prejudice

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Xiashun cancels its IPO, while casino operator A-Max relaunches its placement after cutting the size by one-third.

Aluminium foil producer Xiashun Holdings has decided to delay its initial public offering due to difficult market conditions only two days before it was due to kick off the retail portion of the deal, a source said yesterday.

The company, which was aiming to raise up to HK$2.13 billion ($273 million), is the first listing candidate in Hong Kong to call off an IPO during the roadshow since printed circuit board manufacturer 3Cems Corp pulled its $90 million IPO in December last year after a lawsuit was filed against one of its subsidiaries. Xiashun’s move is further evidence that ...

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