Deals
Alibaba-Backed Huitongda May Delay $1 Billion Hong Kong IPO
- Rural e-commerce firm filed for Hong Kong share sale in June
- Equity offerings in financial hub have cooled since summer
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Huitongda Network Co., an e-commerce platform that serves rural China, is considering delaying its planned Hong Kong initial public offering to next year, according to people familiar with the matter.
The company, which counts Alibaba Group Holding Ltd. among its backers, filed in June for a listing that Bloomberg News earlier reported could raise as much as $1 billion. However, Beijing’s crackdown on businesses and the resulting volatility in stocks may prompt Huitongda to postpone the share sale, the people said, asking not to be identified as the information isn’t public.