Chris Oliver
Chinese iron-ore producer China Tian Yuan Mining Ltd. has cancelled its $450 million Hong Kong initial public offering, becoming the latest company to abandon capital raising plans in the city amid market tumult, according to reports. Tian Yuan launched marketing activities for its IPO on Tuesday and had been planning to debut on the Hong Kong stock exchange May 25. If the company had exercised an option to expand the offer by 15%, the total deal would have been worth $522 million. Tian Yuan becomes the second company to scrap its IPO in recent days following Swire Pacific Ltd.'s (HK:19 85.20, +4.15, +5.12%) HK:87 15.74, +0.30, +1.94%) decision Thursday to halt efforts to list its wholly-owned property unit, which was expected to have fetched up to $3.1 billion.
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