Sportswear Maker Hosa Pulls Hong Kong IPO Amid ‘Adverse' Market Conditions
Hosa International Ltd., a sportswear maker, said it won’t proceed with its planned Hong Kong initial public offering because of “adverse market conditions” and volatility.
China Outfitters Holdings Ltd. is also likely to shelve its planned listing, Hong Kong’s South China Morning Post newspaper said today, citing an unidentified person. The company didn’t immediately respond to an e-mail after normal business hours, and has no phone number on its website or listed with Hong Kong directory inquiries.
Xing Yuan Power Holdings Co. also said yesterday morning that it won’t proceed with an initial sale because of market conditions. The city’s benchmark Hang Seng Index entered a so- called correction last week, dropping more than 10 percent from its April high.
Hosa will refund application money paid by investors on June 29, according to a filing to the city’s stock exchange yesterday. Hosa had planned to sell 400 million shares for as much as HK$4.10 each, the company said on June 17.
China Outfitters had planned to raise as much as HK$2.33 billion ($299 million) selling 931.8 million shares in the range of HK$1.90 to HK$2.50 each, according to a June 20 filing.
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