Sunfonda and Hanhua Financial postpone HK IPOs

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By Clare Hammond
13 Mar 2014

A steep discount in valuation was not enough for auto-dealer Sunfonda Group Holdings to push through its HK$683m ($88m) IPO. The Xi’an-based company has delayed the proposed float, which was due to price on March 6, citing difficult market conditions.

“In the long term, investors really like the story especially since Sunfonda is in the luxury car segment, which is the most profitable segment,” said a banker close to the trade. “But in the short term, investors were looking at how poorly its comps were trading, which really ...

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