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在线翻译:
szdaily -> Markets
HK IPOs head for worst year since 2012
    2017-October-19  08:53    Shenzhen Daily

HONG KONG’S market for initial public offerings (IPOs) is heading for its worst year since 2012 as a combined US$20 billion in mega-deals are being pushed to next year.

State-owned China Tower Corp. was slated to be one of this year’s biggest deals, with a fundraising goal of as much as US$10 billion, according to sources with knowledge of the matter.

The wireless infrastructure owner, which was initially pushing to list at the end of this year, is now targeting the first quarter of 2018, the sources said.

An executive at one of China Tower’s main shareholders expressed confidence as recently as August that the deal was on target for this year. Preparations, including asset valuation and regulatory approvals, have been going more slowly than initially expected, according to one of the sources.

The need to get signoffs from the three phone carriers that jointly own China Tower also means that decisionmaking takes more time, the sources said.

Waiting until next year could mean the companies risk missing out on the optimism driving a rally in Hong Kong’s benchmark index, which hit a decade high this month. The China Tower delays follow similar hiccups at fellow State-owned enterprise China Petroleum & Chemical Corp. (Sinopec), which is working to spin off its retail business through a US$10 billion IPO in the city.

“It’ll be very difficult for the Hong Kong IPO market to return to its heyday,” said Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd. “The big mainland firms that are viable for listing are already listed.”

Hong Kong has hosted US$11.1 billion in IPOs so far this year, down from US$19.5 billion during the same period in 2016. This will be worst year for new offerings in the city since 2012, unless US$11 billion more deals are completed over the next two and a half months. (SD-Agencies)

 

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