China Auto Scraps IPO After Struggling to Lure Investors

25/04/2012 13:56 AST  Bloomberg

China Auto Rental Holdings Inc. (CARH) postponed what would have been the second U.S. initial public offering by a Chinese company this year after struggling to attract investors.

The IPO was delayed because of “the current capital market conditions” according to an e-mailed statement from Christensen Investor Relations Inc., China Auto’s public relations firm. China Auto had considered reducing the offering price after only about half the order book for the IPO was covered by early this week, according to people with knowledge of the matter.

China Auto, which calls itself the country’s biggest car- rental provider, pulled the offering as U.S. investors’ appetite for mainland Chinese companies evaporated since 2010 amid accounting scandals and share declines. Guangzhou, China-based online retailer Vipshop Holdings Ltd. (VIPS) slashed its IPO by 39 percent last month and slid by as much as a third once it started trading.

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