Graff Diamonds was forced to cancel its IPO last week, giving bankers another example of how tough the Hong Kong market is at the moment. But it was not just the market backdrop that forced the company to scrap its deal: Graff took an approach that would have been aggressive at the best of times.
Graff became the third company to cancel a planned Hong Kong IPO last week, after China Nonferrous Mining Corp and China Yongda Automobiles also aborted their attempts at a listing.
The company blamed market conditions for its lacklustre demand, and the poor secondary market undoubtedly had an impact.
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