Goldwind scraps $1.2 billion Hong Kong IPO

The Chinese manufacturer of wind turbine generators becomes the fifth major company to cancel or delay an Asian listing since the beginning of May.

Xingjiang Goldwind Science Technology, which was looking to raise up to HK$9.09 billion $1.2 billion from a Hong Kong initial public offering, has decided to scrap the plan, citing the recent unexpected and excessive market volatility.

The increasingly risk-averse sentiment and worries over the global economic recovery have prompted a series of listing hopefuls to either delay or cancel their deals. In the past month alone, four major IPOs have been pulled from the Hong Kong and Singapore stock exchanges.

Giti Tire, China's largest tire maker, put its up to $500 million share sale on hold on May 3. In the same week, New Century Shipbuilding aborted its already downsized $484 million...

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