Nexteer Automotive postpones Hong Kong IPO

The US-based auto parts supplier becomes the latest company to call off a Hong Kong listing attempt, as wild swings in global stock markets continue to erode investor confidence.

Nexteer Automotive postpones Hong Kong IPO

Nexteer Automotive, a Michigan-based steering and driveline supplier, has decided to postpone its Hong Kong initial public offering of between HK$1.83 billion and HK$2.52 billion $236 million to $325 million, citing “adverse market conditions and significant market volatility”.

The company kicked off the management roadshow and institutional bookbuilding on June 14, braving a tough environment for IPOs, and the deal was scheduled to price yesterday. The Hang Seng Index shed 5.3%...

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