Xinyi Glass postpones Hong Kong offering

Xinyi Glass Holdings (0868.HKG, X19.ETR) will postpone the listing of its solar-glass manufacturing unit, the latest in a series of IPOs by companies including Zhong Da Mining, Sany Heavy Industry (600031.SH) and XCMG Construction Machinery (000425.SH) that have been put on hold in Hong Kong due to market volatility, The Wall Street Journal reported. Xinyi Solar, which manufactures the ultra-clear glass used in photovoltaic cells, began informal meetings with investors last week in preparation for its roughly US$150 million offering. The company planned to sell 520 million new shares and offer an overallotment option that would raise up to US$172.5 million. Other companies, including PCCW’s (TH3B, TH3C.FRA, TH3C.ETR) telecom trust HKT Trust & HKT (6823.HKG) and jewelry-retailer Chow Tai Fook are forging ahead with their Hong Kong listings. The benchmark Hang Seng index dropped 0.8% on Thursday to 18,817.47, down 5.3% from the beginning of the month and 18% from the beginning of 2011.