Baring-backed Yongda abandons Hong Kong IPO
China Yongda Automobile Services, the leading BMW dealership in China, has shelved its $433 million Hong Kong IPO due to weak equities markets. It is the biggest listing to be withdrawn in Asia this year.
The motor-vehicle company planned to sell 312.2 million shares at HK$7.60-10.80 apiece on May 13 and extended order-taking from institutional investors by five days to May 28, before finally pulling the...
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