China Yongda Automobiles Services Holdings yesterday said it has aborted its initial public offering in Hong Kong set for tomorrow due to market volatility.
The deal, in which the car dealer planned to raise US$433 million, is the biggest IPO to exit in Asia this year.
The firm was due to price its 312.2 million shares yesterday after it gave institutional investors five more days to place orders. The proposed price range was from HK$7.60 to HK$10.80 (from 98 US cents to US$1.39) apiece.
Yongda is the second Chinese auto service firm to delay its IPO this year.
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