UPDATE 1-Chinese sportswear maker Xdlong pulls HK IPO
(Adds details and stock market performance)
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HONG KONG, July 3 (Reuters) - Chinese sportswear maker and retailer Xdlong International Co Ltd withdrew its $127 million initial public offering, the third IPO pulled in Asia in two days, as global stock markets continue to reel lower.
Xdlong said on Thursday it would not proceed with its Hong Kong IPO as the company needs additional time to consider new circumstances and will refund subscription money to those who have applied to buy its shares.
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Hong Kong-based bulk cargo shipping firm, Maritime Capital Shipping, also on Thursday axed a $300 million IPO plan in Singapore as investors have become increasingly reluctant to put new funds into the stock market. [ID:nSGC002100]
The news followed a move on Wednesday by SK C&C, a technology outsourcing arm of South Korean conglomerate SK Group, to delay its IPO plan to raise up to $1.2 billion due to unfavourable market conditions. [ID:nSEO332414]
Record oil prices, concerns over high inflation and a global economic slowdown sent Hong Kong's benchmark Hang Seng Index HSI down 20.5 percent in the first six months, its worst first half-year performance since 1994.
Xdlong, which designs, manufactures and distributes sports shoes and apparel in second- and third- tier Chinese cities, plans to raise as much as $127 million by selling 500 million shares at HK$1.38-HK$1.98 each.
Goldman Sachs (GS.N) and Deutsche Bank (DBKGn.DE) are the joint bookrunners for the deal.
(US$1=HK$7.8)
(Reporting by Kennix Chim and Alison Leung; Editing by Keiron Henderson)
