Shanghai restaurant drops IPO

PUBLISHED : Thursday, 22 September, 2011, 12:00am
UPDATED : Thursday, 22 September, 2011, 12:00am


Shanghai restaurant chain Xiao Nan Guo is pulling its HK$737 million initial public offering because of 'excessive market volatility', according to an announcement yesterday.

Xiao Nan Guo is the latest company to shelve a listing amid the global economic downturn and the sovereign debt crisis in Europe.

It had planned to sell 335 million shares at an indicative price range of HK$1.65 to HK$2.20 each.

Elsewhere, English Premier League soccer champions Manchester United is said to have put on hold a US$1 billion flotation in Singapore.