Latest IPO victim Maoye shelves debut

By Kennix Chim and Nathan Layne

HONG KONG/TOKYO (Reuters) - Chinese department store operator Maoye International Holdings Ltd postponed its US$905 million Hong Kong IPO due to poor market conditions, becoming the latest listing hopeful to pull its deal amid poor risk appetite.

This week alone, more than $2.2 billion worth of initial public offerings planned for Asia have been delayed or cancelled as a result of turbulent global markets.

On Thursday, Japanese real estate firm Mid Urban Development cancelled its 19 billion yen (US$176.4 million) IPO planned for February 14, becoming the first Tokyo Stock Exchange-approved IPO to be pulled this year.

"The market has gone cold and we didn't think we would be able to get a proper valuation," said Mikio Yamamoto, a spokesman for Mid Urban, which is owned by U.S. investment firm Aetos Capital.

Mid Urban's deal was to be managed by Nomura Securities, a unit of Nomura Holdings (8604.T).

Maoye had planned to price its IPO on Friday, selling 1.25 billion shares, or 25 percent of its enlarged share capital, at a range of HK$4.35-HK$5.65 each in a deal handled by Goldman Sachs (GS.N).

Instead, the firm opted to delay the deal, a source familiar with the offering said, even though Hong Kong's Hang Seng Index .HSI has gained nearly 16 percent from Tuesday's intraday low.

Another Hong Kong hopeful, SFK Construction, was due to price its IPO worth up to US$155 million on Thursday but had not done so by Friday afternoon, sources familiar with the deal said.