HSBC withdraws another IPO, frustrating clients

HSBC''s postponement of another IPO exposes the tensions between companies eager to race to the market and their sponsors, who can''t always sell the stock at a price their clients think they deserve.

HSBC has pulled the planned listing of online financial news company Quamnet.com less than a week after postponing for a second time its listing of ColbyNet, a company that sources supplies for overseas retailers.

Quamnet had planned to list its shares in an initial public offering on Hong Kong's Growth Enterprise Market. ColbyNet, which wants to raise money to establish an internet-based marketplace, had hoped to list on the region's main board. HSBC says the market is too volatile, and investor sentiment towards internet stocks too negative, to proceed with either listing.

Last week ColbyNet said it would be having discussions with HSBC and was evaluating whether to...

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