Evergrande IPO Cancelled

March 2008 | IPO News Alert

Evergrande Real Estate Group on March 18 extended the subscription period for its initial public offering. The company's chairman Hui Ka Yan said the extension was made to allow potential investors to make a decision. Evergrande is hoping to raise between US$1.3bn and US$2.1bn amidst market weakness. The Hong Kong stock market, the Hang Seng Index, has lost 7.5% of its value during the Evergrande marketing and 23% since the start of 2008. However, the extension was not enough to save the IPO. According to local reports, it was cancelled after it failed to attract enough interest. Evergrande is not

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