This as underwriters backed out of commitments to buy any unsold stock.
A Bloomberg report said, “XCMG pulled the sale after some underwriters backed out of an agreement to purchase any stock the company failed to sell, a commitment known as hard underwriting.”
A source, according to the report, said bankers on the deal may meet to try to restructure the offering.
In a statement in January XCMG said it planned to sell as much as a 20 percent stake in Hong Kong.
View the report here.
Do you know more about this story? Contact us anonymously through this link.