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Thursday, May 31, 2012

Graff pulls Hong Kong IPO, latest victim of weak markets | Reuters

Another victim of the bear...

Graff pulls Hong Kong IPO, latest victim of weak markets | Reuters

(Reuters) - London luxury jeweler Graff Diamonds has pulled its planned $1 billion Hong Kong initial public offering, the fourth major IPO to be called off in Asia this week, as tumbling stock markets threaten to claim yet more casualties in the region.

Graff had been due to price its IPO on Friday, putting it on the verge of becoming Asia's biggest completed flotation so far this year, but investors baulked at the issue amid market-wide fears over the euro zone crisis and China's economic slowdown.

"Consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," Graff said in a statement. Graff was due to list next week.

Read the whole article online here: Graff pulls Hong Kong IPO, latest victim of weak markets | Reuters

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