China Communications Construction Co Ltd, the state-controlled builder, has delayed a plan to raise up to 20 billion yuan ($3 billion) via a Shanghai listing due to volatile market conditions, the company said on Friday.
China's IPO market slowed by a fifth in the first half of 2011 amid a lack of mega deals that hit the market the year before, with fundraising dominated by small businesses, a trend that analysts said could last for a few more months. China Communications Construction originally announced plans for a Shanghai listing at the end of 2010, aiming to issue up to 3.5 billion A-shares in Shanghai, with part of the proceeds to be used to fund a 1.94 billion yuan take-over of an infrastructure firm.
A company spokeswoman confirmed to Reuters that the IPO plans had been pushed back, but did not give a date for when it was now expected to happen.
Bloomberg News earlier on Friday cited Chairman Zhou Jichang as saying in an interview that it had originally aimed to launch the IPO in July or August.
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