Xinyi Energy Holdings Ltd., an owner and operator of solar farms in China, is postponing a Hong Kong initial public offering of as much as $582 million, according to people with knowledge of the matter.
The unit of Xinyi Solar Holdings Ltd. has no timetable for relaunching the deal, said one of the people, who asked not to be identified because the information is private. The firm expected to price an offering of 1.88 billion shares Dec. 13, according to terms for the IPO obtained by Bloomberg earlier.
Xinyi Energy is postponing the deal amid a broad equity selloff in Hong Kong, where the benchmark Hang Seng Index is down more than 20 percent since its January all-time high. Although the volume of first-time share sales in the city has more than doubled this year to $35.6 billion, three of the five largest listings are trading below their offer prices, data compiled by Bloomberg show.
An external representative for Xinyi Energy said she couldn’t immediately comment. Xinyi Energy marketed its shares at HK$1.89 to HK$2.42 each and expected to start trading Dec. 21, the terms show.
Xinyi Energy’s initial solar farm portfolio has aggregate approved capacity of 954 megawatts via locations in the Chinese provinces of Hubei, Anhui and Fujian, as well as Tianjin municipality, a deal prospectus shows.