High Tech postpones GDR

Volatile global equity markets persuade the Taiwanese pocket PC manufacturer to cancel roadshows.

International equity issuance from Asia this autumn has got off to a highly inauspicious start, with the first deal from the pipeline withdrawn because of the highly uncertain state of global equity markets. Formal roadshows for a 30 million new share issue by Taiwan's High Tech Computer were scheduled to start in Asia today Wednesday, but were cancelled yesterday by lead manager UBS Warburg.

Some meetings that had already been set up in Hong Kong will still take place, but the company will not now proceed any further with the prospective GDR offering after investors pushed for a discount greater than 10%. This marks the second time that High Tech has postponed its debut...

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