Sany Heavy Industry, a Chinese machinery maker, has postponed its planned Hong Kong IPO of up to HK$25.9 billion $3.3 billion, citing the extreme market volatility.
The decision means the Hong Kong listing prospects for Sany's smaller domestic rival, XCMG Construction Machinery, are also looking gloomy. XCMG originally planned to go head-to-head with Sany and launch the institutional bookbuilding this week, but a lack of investor interest made the company delay the offering. XCMG is aiming to raise up to $2 billion from its Hong Kong IPO.
This is the second public offering that has been cancelled this week. On Wednesday, Xiao...
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