Ocean Family cancels IPO as Chinese market continues to sink under gloomy outlook
The continually worsening Chinese economy, amid increased scrutiny toward companies listed on stock exchanges, has prompted the cancelation of an initial public offering (IPO) listing from Ocean Family, one of the country’s most ambitious tuna and squid fishing and processing firms.
Zhejiang-based Ocean Family, also known by its Mandarin name Da Yang Shi Jia, recently canceled its listing on the Shanghai Stock Exchange after the listing’s sponsor, Caitong Securities, backed out of the CNY 1.6 billion (USD 220 million, EUR 202 million) offering. This was partly due to China’s securities regulator focusing greater scrutiny and responsibility on the sponsors of IPOs in recent months, causing the number of IPOs on the country’s stock exchanges to fall by one-third compared to the same time last year.
The IPO cancelation also places financial strain on ...
Photo courtesy of Wanxiang Sannong Group