Beijing Beida Jade Bird Universal Sci-Tech is the latest company forced to substantially scale down its offer size in order to proceed with its listing on the Growth Enterprise Market (GEM). The Peking University-controlled information security solution provider will cut its issue size by as much as 44.4 per cent to HK$264 million because of adverse market conditions. Jade Bird will next week sell 24 million new shares at HK$11 each - valuing the company at HK$1.03 billion. It originally planned to sell shares at between HK$17.80 and HK$19.80 to raise between HK$427.2 million and HK$475.2 million. 'We are just acting in accordance with market conditions. If we had listed three months earlier, people would have been willing to buy our shares at $25. The situation has changed and there is nothing we can do,' Jade Bird executive director and vice-president Zhang Wanzhong said. 'The price cut is to ensure our offering is successful. We want to complete the listing so management can devote its efforts to business development again,' he said. The plan was to sell shares this week, but the company last Friday said it was delaying the offering due to a disagreement between the company and its sponsor - Tai Fook Securities Group - on the issue price. The disagreement put back Jade Bird's listing by a week. Shares of the company have been rescheduled to begin trading on July 26, six days later than originally planned. The beleaguered state of the GEM market has forced a number of listing candidates to substantially cut their issue size in order to get their companies on the boards. Recruitment advertiser Panda-Recruit trimmed its offering by as much as 55 per cent from its original target in a bid to lure investors. Indonesia-based and Riady family-backed AcrossAsia Multimedia also slashed its issue size by 62.1 per cent raising HK$590.39 million, down significantly from its original target, which was to raise HK$1.56 billion on the GEM. Brokers said investors, many of whom had been burnt by second-board counters, were avoiding GEM companies. About two-thirds of the companies listed on the GEM have seen their share prices tumble to below their offer prices. As a result some potential GEM players have decided to defer or cancel their listing plans. Meanwhile, Hong Kong Exchanges and Clearing has given the nod to the listing plans of SAR-based semiconductor manufacturer Arcontech, which hopes to raise up to HK$300 million with a GEM flotation. Software applications-provider FlexSystem Holdings is also planning to raise up to HK$159.6 million through a GEM listing, according to sources. It will sell 120 million new shares in a target range of HK$1.23 to HK$1.33 each. Its pricing is expected to be fixed early next week, and shares should begin trading on July 24. Meanwhile, e-commerce-enabling software developer Epro is also planning to raise up to HK$286 million with about 24 million existing shares and 220 million new shares in a price range of HK$1 to HK$1.30.