HONG KONG (Reuters) - Household appliances maker JS Global Lifestyle Company Ltd (1691.HK) pulled its initial public offering of up to $464 million on Saturday, the third shelved float in Hong Kong so far this year, two sources told Reuters.
JS Global, which owns Chinese kitchen-appliances maker Joyoung and U.S. home-appliances maker SharkNijia, informed investors on Friday that it planned to price the IPO at the bottom of the indicative range of HK$5.55 to HK$7.25 a share, sources added. That meant the company could raise about $355 million by selling 500 million primary shares at HK5.55 apiece.
Backed by Chinese private-equity firm CDH Investments, JS Global, however, could not secure enough solid orders and had to cancel the IPO, sources said.
“The company has been trying to sell a story about U.S.-China synergy, but several investors are concerned that trade tensions would weigh on its business prospects in both countries,” said one of the sources.
JS Global did not immediately respond to a request for comment. The sources declined to be identified as they were not authorized to speak on the matter.
Reporting by Julie Zhu; Editing by Stephen Coates