Weak demand scuppers Shanghai Forte

The city''s largest private sector property developer pulls its IPO rather than price below the indicative range.

A prospective $114 million to $149 million IPO for Shanghai Forte was withdrawn by lead manager HSBC this Sunday, the very day the 455.9 million share deal was scheduled to price. In a statement to the Stock Exchange of Hong Kong, the company cited weak market conditions as the reason for the cancellation, although investors say this was compounded by an aggressive valuation.

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