Reuters: Financial Services and Real Estate: Graff Diamonds pulls Hong Kong IPO

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Graff Diamonds pulls Hong Kong IPO May 30th 2012, 22:32 Wed May 30, 2012 6:32pm EDT May 31 (Reuters) - London luxury jeweller Graff Diamonds has pulled its planned $1 billion initial public offer on the Hong Kong stock exchange due to adverse market conditions, a spokeswoman said on Thursday. Famous for its giant and rare gems, Graff had been scheduled this week to price what was set to be Asia's biggest IPO this year, but it withdrew the offering at the last minute on Wednesday as global markets tumbled. Some analysts and fund managers had already begun questioning the company's valuation before Wednesday's global market sell-off, citing a slowdown in luxury spending in China. The benchmark Hang Seng index has fallen heavily since Graff started meeting investors, with stocks in the luxury goods sector hit hard. On Wednesday, U.S. stocks and pan-European and global share indices all lost more than 1 percent as fears over the euro zone crisis gripped investors.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions