Chinese sportswear maker Xdlong pulls HK IPO

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HONG KONG, July 3 (Reuters) - Chinese sportswear maker and retailer Xdlong International Co Ltd said it would not proceed with its Hong Kong initial public offering as the company needs additional time to consider new circumstances.

The company will refund subscription money to those who have applied to buy its shares, it said in a statement on Thursday.

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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.

Investors are increasingly wary of IPOs after sharp corrections in Hong Kong and China's stock markets amid record oil prices and inflation fears.

(US$1=HK$7.8)

(Reporting by Kennix Chim and Alison Leung; Editing by Keiron Henderson)