Hong Kong’s initial public offering market, which has been rattled by plummeting share prices, is “almost dead” as companies continue to pull their offerings.
上周，中国的恒大地产(Evergrande)与永发印务有限公司(Wing Fat Printing)成了近期股市大跌的最新受害者。它们已经撤回了在香港上市的计划，而它们原计划的融资总额高达30亿美元。
Evergrande, the Chinese property developer, and China’s Wing Fat Printing this week became the latest casualties of the recent stock market stumble after they pulled listings in Hong Kong that together could have raised as much as $3bn
The postponements came as a record number of companies have withdrawn or delayed their IPOs in Hong Kong, and are likely to cast a further shadow on the market.
“（香港IPO市场）还没有死亡，但肯定离死不远，”香港当地券商——凯基证券亚洲公司(KGI Asia)首席运营官邝民彬(Ben Kwong)称，“我看不到任何因素会在短期之内改善市场人气。”
“[The IPO market] is not dead yet but it is definitely almost there,” said Ben Kwong, chief operating officer of KGI Asia, a local brokerage. “I don’t see any catalyst for sentiment to improve in the short term.”
The Hong Kong market has plunged in the last few weeks following a string of bad news from the US, including the collapse of Bear Stearns. The benchmark Hang Seng Index has dropped 24.1 per cent since the start of the year.
In view of dim investor sentiment, many companies have delayed their planned listings as they search for better opportunities to sell stocks.
According to Dealogic, eight companies in Hong Kong have withdrawn or postponed their offerings so far this year, bringing the number of scrapped IPOs to the highest level ever. Only 14 companies have pulled their listings in the previous five years combined.
作为恒大地产IPO的联合簿记行，瑞信(Credit Suisse)、高盛(Goldman Sachs)及美林(Merrill Lynch)均拒绝置评。
Credit Suisse, Goldman Sachs and Merrill Lynch are joint book-runners on Evergrande’s IPO. They declined to comment.
Wing Fat, a Chinese packaging paper manufacturer, was hoping to raise up to $89m in a sale arranged by UBS and BNP Paribas. The banks declined to comment.