Jinjiang IPO may be delayed

A logjam of IPO approvals may hold back an offering by Jinjiang International Hotels Development, the largest hotel operator in the mainland. Regulators have been busy with the giant Industrial and Commercial Bank of China and now have an approvals backlog that may push the hotel offering into next year, market sources said. Jinjiang planned to go before the listing committee of the Hong Kong Stock Exchange this month but had to wait because it does not yet have the green light from the China Securities Regulatory Commission, the South China Morning Post reported. A final decision could be made within two weeks. The company manages about 250 four and five star hotels in Beijing, Shanghai, Zhejiang and Jiangsu and the Jinjiang Inn chain of three-star hotels across 10 provinces.