AAG Energy postpones Hong Kong IPO

The Chinese natural gas producer blames a challenging IPO market, while Zhengzhou Coal’s stock slides nearly 9% in its trading debut.

AAG Energy, a Chinese natural gas producer, has decided to put off its initial public offering of $160 million to $200 million due to a difficult environment for IPOs in Hong Kong, a source said yesterday.

The company was expected to start the bookbuilding yesterday with the aim of listing on December 20, but after about a week of investor education it decided to postpone the launch. While there is no new timetable at the moment, the company will keep its options open, the source said.

AAG Energy was planning to use more than half of the proceeds for the development of coalbed methane in the...

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