HONG KONG: China's XCMG Construction Machinery Co Ltd has postponed its planned $1.2 billion Hong Kong stock offering, IFR reported on Saturday, citing four sources with direct knowledge of the matter.
XCMG's decision came only a few days after bigger rival Sany Heavy Industry Co Ltd pulled its $3.3 billion Hong Kong share offer due to market turmoil.
IFR did not indicate a reason for the delay. Bookbuilding of the offering was originally scheduled to start on Sept. 26, the report said.
The original size of the IPO was $1.5 billion. XCMG recently added six more banks to the underwriting team, taking the total number of banks on the deal to 12, according to IFR. ABC International, BOC International, BoCom International, Essence Securities, Goldman Sachs Group Inc and ICBC International will join BNP Paribas SA , China International Credit Corp, Credit Suisse Group AG , HSBC Holdings Plc , Macquarie Group Ltd and Morgan Stanley to arrange the float.
On Thursday, Sany Heavy delayed a planned up to $3.3 billion Hong Kong offering . Xiao Nan Guo Restaurants Holdings also decided to call off its $95 million Hong Kong IPO because of market volatility.
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