China Hongqiao Group, the second largest privately owned aluminum producer in China, has pulled it's planned $2.2 billion Hong Kong IPO, IFR reported on Monday, citing poor market conditions.
The company had been scheduled to price the IPO on Monday night, according to IFR, a Thomson Reuters publication.
Hongqiao was offering 74 billion primary shares at a guidance price range of HK$7.10-HK$9.90 each, representing a 2011 price to earnings ratio of 7.23-10.08 times.
J.P. Morgan was the sold global coordinator. Barclays (BARC.L), BNP Paribas (BNPP.PA), Bank of Communications and ICBC were the joint bookrunners.