Czech Tycoon’s Company Cancels $1.5 Billion Hong Kong IPO

Lender cites market conditions for scrapping share sale
Decision comes one day after Alibaba’s $11 billion offering

Budweiser Brewing Company APAC Ltd. Trading Debut As AB InBev's Asia Unit Rises in World's Second-Biggest IPO of 2019 — Photographer: Kyle Lam/Bloomberg

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By Peter Laca and Krystof Chamonikolas

November 21, 2019 at 9:58 AM UTC

Updated on

November 21, 2019 at 12:52 PM UTC

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Home Credit NV, the consumer lender owned by Czech billionaire Petr Kellner, scrapped a $1.5 billion share offering in Hong Kong, where authorities are keen to demonstrate that months of street protests haven’t disrupted business.

Amsterdam-registered Home Credit, the majority of whose loan book is in China, said Thursday that “due to market conditions it has decided not to proceed with a global offering” on the Hong Kong Stock Exchange. The company gave no more details.