Zijin Gold delays US$3.2 billion listing as Super Typhoon Ragasa hits Hong Kong

Zijin Gold International has delayed the closing of its US$3.2 billion initial public offering (IPO) – the second-largest in Hong Kong this year – to Thursday noon, a day later than previously scheduled, because of the impact of Super Typhoon Ragasa.

“As there is a tropical cyclone warning signal No 8 or above in force, and due to extreme conditions caused by the bad weather … the expected timetable of the global offering as set out in the prospectus and the formal notice will be accordingly postponed,” the company said in a stock exchange filing on Wednesday.

Share allocation results would now be revealed on Monday instead of Friday, and the stock would debut on September 30 instead of September 29, the Chinese mining giant said.

Similarly, Shenzhen Hipine Precision Technology, a gold-case watchmaker aiming to raise up to HK$313.76 million (US$40 million) via its IPO, will delay its book close by a business day to Thursday and its trading debut to Tuesday, the company said.

The Hong Kong Observatory issued the highest-level No 10 typhoon signal on Wednesday morning, as hurricane-force winds and heavy rain brought traffic and business to a standstill. The weather forecaster indicated that the No 10 signal would remain in force for some time.

While Hong Kong abolished its long-standing rule requiring the stock market to close during a No 8 or higher typhoon warning last September, companies still have the discretion to alter their share offering timelines due to adverse weather.

Floods hit the Hong Kong residential neighbourhood of Heng Fa Chuen on Wednesday. Photo: AP
Floods hit the Hong Kong residential neighbourhood of Heng Fa Chuen on Wednesday. Photo: AP

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