The company that makes Stella Artois and Budweiser has scrapped its planned listing in Hong Kong, cancelling what would have been the world's largest initial public offering this year. Anheuser-Busch InBev, the world's biggest brewer, had hoped to raise almost $10 billion from listing its Asia Pacific subsidiary Budweiser Brewing Company APAC Ltd.
"The company is not proceeding with this transaction due to several factors, including the prevailing market conditions," Belgium-based AB InBev said in a statement Friday. "The company will closely monitor market conditions, as it continuously evaluates its options to enhance shareholder value, optimize the business and drive long-term growth, subject to strict financial discipline." The move is a blow to Hong Kong, which has been battling to win listings by big international firms at a time of trade tensions between China and the United States.