“突发情况”延迟上市

Core Viewpoint - Baili Tianheng has announced a delay in its planned dual listing on the Hong Kong main board, which has sparked discussions in the market regarding the potential reasons, including poor market expectations [1] Company Summary - Baili Tianheng stated on November 12 that due to current market conditions and after consulting with overall coordinators, the global offering will be postponed and will not proceed according to the prospectus [1] - The company emphasized that the decision to delay the global offering does not affect its current business operations, and it remains committed to developing and expanding its business [1] - The application funds will be refunded on November 17 [1] Industry Context - Baili Tianheng is a company listed on the A-share Sci-Tech Innovation Board and had previously announced plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - The company has submitted its prospectus to the Hong Kong Stock Exchange three times, with the latest submission on September 29 and the prospectus published on November 7 [1] - The IPO pricing is set with a discount of only up to 12% compared to A-shares, which typically see discounts of 20% to 40%, leading to market expectations that the stock may face a decline upon listing [1]