CJ Land, the Chinese luxury property developer that was aiming to raise up to HK$4.8 billion $618 million from a Hong Kong initial public offering, has scrapped the deal citing tougher market conditions on the Chinese mainland. The company made the announcement yesterday the same day as the shares were expected to be priced.
CJ Land is the first company to call off a listing plan in Hong Kong for months, and the move puts it in sharp contrast to the otherwise sizzling hot IPO market, where heavy subscription rates and allocation clawbacks have been commonplace over the past couple of months.
The latest issuer to delay a sizable transaction was Shenzhen-based...
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