Haitong delays Hong Kong IPO - report

Sources close to the float told Reuters that the listing could take place in the first quarter of next year if market conditions are right.

Bloomberg additionally reported that Haitong was supposed to negotiate its price settings on December 9, but held off as it did not want to sell its stock at the low end of its marketed range.

Earlier this month, Warburg Pincus Private Equity emerged as a cornerstone investor in Haitong's IPO, buying $210 million worth of shares.

Haitong's reported delay comes after other Chinese financial services firms saw disappointing market debuts, attributed to the choppy economic environment. In October, Citic Securities, China's top brokerage, priced at the low end of its HK$13.30-15.20 range in its Hong Kong debut. And last week, New China Life Insurance, which is part-owned by several private equity firms, also priced at the bottom of its range to raise $1.9 billion in its dual Hong Kong and Shanghai listing. China's third-largest life insurer priced at HK$28.5 a share in Hong Kong - where it had set a HK$28.2-$34.33 range - and RMB23.25 in Shanghai - where it sought to garner RMB23-28 a share.

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• Topics
• Greater China
• Warburg Pincus Asia
• China
• Financial Services