Travelsky grounded

Deteriorating market sentiment has led to the postponement of an H share offering for Travelsky Technology.

Lead manager Goldman Sachs has decided not to launch the $150 million offering for Travelsky Technology this year, despite receiving positive market feedback about the company from investors during pre-marketing last week. Key to its decision has been the share performance of China Mobile, which has shed 10.06% over the past two days.

The PRC's dominant wireless operator has come under increasing pressure following indications by China's Ministry of Information Industry MII that it is planning tariff cuts across the sector. In Wednesday's trading, the stock fell 6.26% to close at HK$47.10 $6.04 and today Thursday, hit a low of HK$43 before closing down 3.8% at...

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