evergrande-and-wing-fat-fail-to-complete-ipos

Evergrande and Wing Fat fail to complete IPOs

The Hong Kong deals become the latest victims of the difficult market, while Solargiga and Xingfa Aluminium are able to attract enough buyers to their smaller offerings.
March 24, 2008
As projected, Evergrande Real Estate Group became the latest victim of the volatile market conditions as it was forced to withdraw its Hong Kong initial public offering last week. The property developer, which had been aiming to raise between $1.3 billion and $2.1 billion, failed to attract sufficient demand both from institutional and retail investors, sources say.

Wing Fat Printing suffered the same fate, which was somewhat more surprising given its much smaller size at $78 million to $88 million and the fact that it was a spin-off from well-known red-chip conglomerate Shanghai Industrial Holdings. That it too was pulled shows how nervous investors are about committing money to IPOs at the moment and...
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