HONG KONG May 24 Mando China Holdings Ltd,
controlled by South Korean auto parts maker Mando Corp
, said on Friday it decided to postpone an initial
public offering in Hong Kong because of "adverse market
conditions" and "significant market volatility."
Mando China and its controlling shareholder Mando Corp last
week launched the IPO, offering 243.4 million shares
in a range of HK$6.8 to HK$8.6 each, putting the total deal at
HK$2.09 billion ($270 million).
The decision to suspend the IPO comes a day after a sharp
selloff in global markets on concerns about growth in China and
reduced econonomic stimulus in the United States.
Mando China said in a securities filing it plans to proceed
with the listing and will monitor conditions for an appropriate
time to bring back the deal.
Deutsche Bank was hired as sole sponsor of the
IPO, with Morgan Stanley also acting as a joint global