Soured investment sentiment in the stock market following Beijing's heightened macroeconomic tightening, persistent worries about European nations' debt troubles and a possible war in the Korean Peninsula have hit Hong Kong's booming initial public offering market.
Three listing candidates aiming to raise a total of US$3.2 billion in the next two weeks have cancelled or postponed their listing schedules.
Bluestar Adisseo Nutrition Group, an animal nutrition company that is majority owned by China National Chemical Corp, said in a statement it has decided not to proceed with its up to US$1.56 billion global share offering 'in light of the deterioration in market conditions and the continued and excessive market volatility'.
China Datang Corp Renewable Power, the nation's second-largest wind power generator by installed capacity, has delayed indefinitely its US$1.5 billion global share offering and listing in Hong Kong, people familiar with the deal said.
The management of the subsidiary of the nation's second-largest power generator China Datang Group has been meeting analysts and fund managers informally to discuss its offering and gauge market appetite since last week.
A formal launch of the offer with an indicative share price range was originally set for next Monday but has been delayed indefinitely, one of the people familiar with the deal said.