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Serial System scraps Hong Kong IPO of subsidiary

IPO

Serial System scraps Hong Kong IPO of subsidiary

Chan Chao Peh Published on Fri, Nov 09, 2018 / 6:55 PM GMT+8

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SINGAPORE (Nov 9): IT parts distributor Serial System has scrapped plans to spin-off a subsidiary via a Hong Kong listing. The application to list, made six months ago, has lapsed.

“In allowing the application to lapse, the board considered various factors, including the overall weakening market sentiment of the Hong Kong capital markets,” the company states on Friday.

“The board believes that the lapse of the Application has no material adverse effect on the group’s business,” the company adds.

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