Renhe likely to delay IPO, may cut price -sources
HONG KONG, Oct 9 (Reuters) - China's Renhe Commercial Holdings Co Ltd, which is looking to raise as much as $658 million in a Hong Kong IPO, was likely to delay the pricing and trading of its shares by a few days amid a brutal global market for stocks, several people familiar with the deal said on Thursday.
The sources said that the listing was still moving forward, and one said that the company was in talks with the Hong Kong stock exchange over several proposals, including a lowered price range. Lowering the range would require stock exchange approval, the person said.
No final decision had been made, several people said.
The developer of underground shopping malls was originally scheduled to price its initial public offering on Thursday in the United States, ahead of a trading debut scheduled for Oct. 15 under the Hong Kong stock symbol 1387 (1387.HK).
Several sources have said investor demand has been weak given the harsh market environment. The company declined to comment.
The sources spoke on condition of anonymity because of the sensitivity of the matter.
Renhe began marketing its offer last week to sell 3 billion shares at a HK$1.40-HK$1.71 each. BOC International, HSBC (HSBA.L)(0005.HK), Morgan Stanley (MS.N) and UBS (UBSN.VX)(UBS.N) are handling the deal. (Reporting by Ruth Wong and Tony Munroe)
