Chinese herbal medicine manufacturer Shanghai Xing Ling Science and Technology Pharmaceutical confirmed yesterday that it has temporarily postponed its Growth Enterprise Market listing due to poor market conditions and denied other reasons reported by local media.
Shanghai Xing Ling announced its decision to abort the listing of its H shares on the GEM board in a two-sentence statement to Hong Kong Exchanges and Clearing on Tuesday.
'On the day that our company's H shares start trading, all of our company's employees will watch its performance so we hope to list in better market conditions. On August 5, we watched how the market opened,' said Shanghai Xing Ling chairman Tang Qiqing.
The Hang Seng Index opened Monday morning 106.92 points lower at 9,884.8 which was enough to convince Shanghai Xing Ling's management they should postpone the listing.
'We didn't notify the Hong Kong stock exchange until 2pm that afternoon, after holding a board of directors meeting at noon to decide to postpone the listing,' Mr Tang said.
After the Shanghai-based company's announcement on Tuesday, the Hong Kong media speculated that there were other reasons why Shanghai Xing Ling did not want to list.
