China's securities regulator has asked China Railway Construction Corp to postpone its Shanghai and Hong Kong dual listing worth as much as US$4 billion due to poor market conditions, sources familiar with the situation said on Monday.
The company had originally planned to post IPO schedules including roadshows and fund scriptions on the Shanghai Stock Exchange Web last weekend.
It failed to announce its IPO plans after Beijing suggested the firm should delay its listing until after the Lunar New Year holiday, which begins on Wednesday.
There is no plan yet for a listing after the Lunar New Year, said the sources, who declined to be identified because they were not authorised to speak to the media.
The company, which built the Qinghai-Tibetan railway, originally planned to list in Shanghai and Hong Kong in mid-February after it finished roadshows before the Lunar New Year, the sources said.
The Shanghai stock market has became very volatile in the past few weeks amid concerns about the U.S. credit crisis and upcoming major IPOs such as for China Railway Construction.
Officials at China Railway Construction could not be immediately reached for comment, while CITIC Securities, the underwriter for the company's Shanghai listing, declined to comment.
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