China Everbright defers $6bln Hong Kong listing

Delay resulted from growing volatility in global markets even as the lender planned to price deal on July 8.

China Everbright Bank Co Ltd has delayed meetings with investors to promote its planned $6 billion Hong Kong share listing, three sources with direct knowledge of the deal said on Friday, underscoring shaky sentiment in global markets and weak IPO performances in Asia.

The mid-sized lender, which planned to start roadshows with investors on Monday and price the deal on July 8, now aims to have the share sale wrapped up by the end of summer, said IFR, a Thomson Reuters publication, citing two sources.

A separate source added China Everbright was still reviewing the market to decide on a time to launch the offering.
The sources couldn't be named because details aren't yet public.

The delay for the investor roadshow comes as volatility in global markets and a steep decline in stocks in Hong Kong reduces investors' appetite for offerings in Asia.

The region had a record $58 billion in withdrawn initial public offerings (IPOs) in the first six months of the year, giving investors the upper hand in demanding lower valuations for companies looking to go public.

View the full story in Reuters.