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Guangzhou Rural delays up to $1 bln HK IPO launch on technical issues-IFR
May 12, 2017 / 7:54 AM / in 7 months

Guangzhou Rural delays up to $1 bln HK IPO launch on technical issues-IFR

HONG KONG, May 12 (Reuters) - Guangzhou Rural Commercial Bank Co Ltd (GRCB) has decided to delay the launch of its up to $1 billion initial public offering in Hong Kong because of technical issues, IFR reported on Friday, citing people close to the deal.

GRCB had received approval from the Hong Kong stock exchange for the IPO last week and had been pitching the deal to investors since Monday.

It was slated to start taking orders for the IPO on May 15, but it won’t start bookbuilding as scheduled and has not set a new date for the launch, added IFR, a Thomson Reuters publication.

GRCB did not immediately reply to a Reuters request for comment on the IPO launch or reasons for the delay.

ABC International, CCB International, China International Capital Corp Ltd (CICC) and China Merchants Securities were hired as sponsors for the IPO, GRCB said in a preliminary IPO prospectus. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; editing by Simon Cameron-Moore)

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