Sign up | Log in



 Home  >>  Daily News  >>   Singapore News   >>  Capital Markets  >> Chinese firm withdraws Singapore IPO due to turbulent markets

5 May 2010

Chinese firm withdraws Singapore IPO due to turbulent markets

Related Stories

May 4, 2010
Singapore’s state firm takes 5% stake in India’s NSE

April 22, 2010
Singapore to put hedge, PE funds under review

December 25, 2009
Singapore bourse expects low volumes

China's New Century Shipbuilding withdrew its planned $560 million Singapore initial public offering less than a week after volatile markets had forced it to slash the size of the offering by less than half, Reuters reported.

The company said in a statement it plans to review the situation and may plan to relist on a date in the near future.

The move came as US stocks slumped on Tuesday, with the Nasdaq falling more than 3 percent, as fears grew that a financial rescue package for Greece might not be enough to prevent a sovereign debt crisis from spreading.

New Century initially wanted to list in Singapore in 2008, but a market meltdown ahead of the collapse of Lehman Brothers forced it to step back.

When New Century revived its IPO a few weeks ago, it was looking to raise as much as $1.24 billion through the sale of new and existing shares, which would have been the biggest IPO in Singapore by a Chinese company. The deal had to be downsized last Friday. The IPO was managed by UBS and Morgan Stanley.


Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below 





1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand