XCMG Construction Machinery Co. has dropped plans to sell shares worth nearly $1.1 billion in Hong Kong, Bloomberg reports. The China’s biggest crane maker decided not to go ahead with its initial public offering (IPO) plan as some underwriters backed out of commitments to purchase any unsold stock. The company had planned to sell stock amounting to about 15 percent of the enlarged share capital at $2.74 to $3.38 per unit. Banks arranging the sale included BOC International, Goldman Sachs Group, Morgan Stanley, China International Capital Corp., Credit Suisse Group, ABCI Securities Co. and BNP Paribas.
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