More HK IPOs cancelled, but new offers keep coming

Seven small and mid-cap listing candidates published their retail prospectuses last week, as the deadline for using 2010 accounts overshadowed the continued volatility in the local equity market.
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Sun Art chief executive Bruno Mercier speaks via a video link to promote the company's IPO (AFP)
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<div style="text-align: left;"> Sun Art chief executive Bruno Mercier speaks via a video link to promote the company's IPO (AFP) </div>

Another two Hong Kong IPOs were called off on Thursday last week, bringing the total number of aborted deals in June to six. And that’s not counting those that chose not to launch after completing investor education.

Beijing Jingneng Clean Energy Group, which had been seeking to raise up to HK$4.9 billion $630 million, and CT Environmental Group, which was targeting up to $90 million, both citied market conditions as the reason for pulling their deals. CT Environmental specifically referred to the continued market volatility and said the decision was made with “the investors’ best interests in mind”.

Even so, eight other listing candidates...

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