Footwear maker Xdlong International scrapped its plans yesterday for a HK$900 million (US$115.4 million) Hong Kong initial public offering amid a dismal market, the South China Morning Post reported. A source told the paper that Xdlong failed to draw enough orders from both institutional and retail investors in what one investment banker called "a disastrous year for the IPO market." In addition, two other Hong Kong listing candidates, Macau casino operator SJM Holdings, and mainland advertising firm SinoMedia Holdings were forced to price their IPOs at the bottom of their offering ranges. SJM fixed its shares at HK$3.08 (US$0.39) while SinoMedia fixed its shares at HK$2.63 (US$0.33). SinoMedia Holdings is unrelated to Sinomedia, the parent company of China Economic Review.
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