China Yongda Automobiles Services Holdings Ltd, China's biggest distributor of BMW cars, responded to decreasing stock prices by canceling its plans to raise as much as $430 million in an initial public offering in Hong Kong.
The issuance was withdrawn in response to "the recent deterioration of the equity market", Yongda said in a filing to Hong Kong's stock exchange on Monday. The benchmark Hang Seng Index has fallen 11 percent this month in reaction to concerns that China's economic slowdown and Europe's debt crisis are both worsening. Yongda said it may revive the IPO when economic conditions improve.
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