Zijin Gold delays $3.2 billion IPO as typhoon pummels Hong Kong

The delay comes because of Hong Kong exchange rules that require companies to extend an IPO’s subscription period by a day if there’s a storm warning No. 8 or above between 9 a.m. and noon of the last day for retail investors to place bids

Zijin Gold International Co. delayed its $3.2 billion listing after Super Typhoon Ragasa slammed Hong Kong, bringing the city to a standstill and disrupting the company’s ability to take orders for its initial public offering.

The company pushed back the listing, set to be the world’s second largest this year, by a day to Sept. 30, it said Wednesday, citing bad weather.

The delay comes because of Hong Kong exchange rules that require companies to extend an IPO’s subscription period by a day if there’s a storm warning No. 8 or above between 9 a.m. and noon of the last day for retail investors to place bids. That results in subsequent steps for the deal — including the listing — being delayed by an equivalent period of time.

The super typhoon also delayed the listing of gold-case watchmaker Shenzhen Hipine Precision Technology Co., whose IPO has a similar timeline to Zijin Gold’s. If the extreme weather persists through Thursday morning, automobile-software maker Pateo Connect Technology (Shanghai) Corp.’s IPO would also be at risk of being pushed back.