Haitong Securities postpones Hong Kong IPO

The Chinese brokerage calls off its IPO of up to $1.67 billion blaming market conditions, while Beijing Jingneng kicks off the roadshow for a revived IPO of up to $256 million.

Haitong Securities, which is already listed in Shanghai, yesterday postponed its initial public offering in Hong Kong due to volatile market conditions, sources said. Haitong, China’s third largest brokerage in terms of revenues, had been seeking to raise between HK$11.53 billion and HK$13 billion $1.48 billion to $1.67 billion from the listing.

The news came after the pricing was delayed from Friday, when global financial markets became increasingly choppy ahead of the European Union meetings on the debt crisis. Hong Kong’s benchmark Hang Seng Index ended down 2.7% on Friday. It finished almost unchanged yesterday, but has lost nearly 20% this year.

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