An already launched initial public offering in China has been cancelled due to lack of investor interest, destroying “the myth that an IPO could never fail” on the mainland markets.
Nanning Baling, a small producer of automotive radiators and heaters, has scrapped plans to issue 18.9m shares on the Shenzhen Stock Exchange to raise about Rmb300m ($46m), after failing to attract bids from the required 20 institutions during book-building, the official Shanghai Securities News reported on Wednesday. Baling did not comment.
The newspaper proclaimed: “The myth that an IPO could never fail has now been totally busted”, while analysts greeted it as a sign of the maturity of the mainland markets.
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