China Water placement sinks

摘要

Rising volatility forced china water affairs to cancel its share placement last week, becoming the first to pull a follow-on offering in Hong Kong since the city's stock market rally began in mid-April. China Water launched the placement of new shares last Tuesday, targeting up to HK$805m (US$104m) on a challenging day amid heavy sell-offs in Hong Kong and China stocks. The Shanghai market plummeted 4.06% for its biggest loss in nearly four months, with more IPOs coming to market and media reports that some Chinese brokerages had tightened their margin-financing requirements. The Hang Seng Index fell 1.31%, in keeping with the slump in Shanghai.