The management of E-Land Fashion China decided yesterday to postpone its Hong Kong initial public offering even though the deal was covered at the bottom end of the price range. The decision disappointed investors and bankers, who had hoped that the first few deals in the second quarter would send a positive signal to the market and smooth the way for the numerous other IPOs in the pipeline.
However, observers say the fact that the offering was covered was encouraging and given that it was the issuer that chose to walk away, any negative sentiment arising from the cancellation shouldnÆt be that long-lived.
In a more positive development, fashion accessory and jewellery designer Artini...
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