Hopewell HK Properties pulls IPO amid falling markets

The company, which was seeking to raise at least $670 million, is the second Hong Kong listing to be called off in the past three weeks and raises questions about the potential demand for four other property deals in the pipeline.
Hopewell Centre
Hopewell Centre
June 12, 2013

Hopewell Hong Kong Properties has pulled its Hong Kong initial public offering after the market and its closest comparables fell significantly during the bookbuilding.

The company, which is a spin-off from Hong Kong-listed Hopewell Holdings, closed the order books on Tuesday and was due to fix the price yesterday. But due to a lack of demand, it decided to postpone the $670 million to $780 million transaction, sources said yesterday.

It is the second company to call off a Hong Kong IPO in the past three weeks after auto parts maker Mando China, which was seeking to raise at least $213 million. In an announcement to Hong...

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