shui-on-land-calls-off-ipo-because-of-deteriorating-market-conditions

Shui On Land calls off IPO because of deteriorating market conditions

Property tycoon calls it quits after other mainland developers plunge 30% in a month, significantly eroding valuation, and Taiwanese DRAM maker pulls GDR offering also citing market conditions.
Mainland developer Shui On Land last night decided to call off its up to $989 million initial public offering in direct response to the ongoing stock market sell-off which has now lasted for more than a month.

The offer, which was due to close today, would have been Hong KongÆs second largest IPO this year after Bank of China. With the drop in share prices for other Chinese real estate companies, however, the deal struggled as it was getting less and less attractive - on a relative valuation basis - the longer the bookbuilding proceeded.

Deutsche Bank, HSBC and JPMorgan were joint bookrunners for the offering.

ôIn light of deteriorating market conditions, we have...
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