The pipeline of Hong Kong initial public offerings keeps growing, with several key deals expected during the next couple of weeks. However, investor appetite for market newcomers has clearly abated, suggesting IPO candidates might be in for a challenge.
On Friday, the increasingly difficult environment for primary offerings claimed another casualty in the form of Yuanda China Holdings. The developer of curtain walls was due to fix the price of its $370 million to $537 million Hong Kong IPO on Friday, but instead it issued a statement after the market closed saying that it intends to “alter the terms” of the deal.
It went on to clarify...
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