XCMG Construction Machinery has decided not to go ahead with its Hong Kong IPO today as initially planned, according to sources. The company, which had already delayed the launch of its institutional bookbuilding by a week, told investors on Friday that it would proceed with a smaller offering today.
The terms were never finalised, but sources said, the aim was to raise approximately $1 billion to $1.2 billion down from an earlier target of $1.5 billion to $2 billion worth of shares. The size of the deal would also be reduced from 20% of the enlarged share capital to about 15%.
But, over the weekend,...
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