ColbyNet postpones IPO; could ditch investment bank

Frustrated ColbyNet, forced to postpone its IPO for the second time amid poor investor takeup, may ditch its investment bank, HSBC, as it prepares for a third attempt in the fall.

ColbyNet is rapidly turning into a laughing stock with its on-off plans to list its shares on the Hong Kong Stock Exchange. The company has called off its offering for a second time, barely a week after announcing it was on again, citing extreme volatility of global stock markets. It's planning a third attempt this autumn, but may ditch investment bank HSBC before going ahead.

Hong Kong-based ColbyNet, which sources supplies for overseas retailers, first tried to list in April, when it priced the 1.03 billion shares on offer at between HK$2.68 and HK$3.88. On 30 May it said it would list again, this time offering the shares at...

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