China’s Harbin Bank has delayed plans to begin taking orders on an initial public offering (IPO) that was expected to raise as much as US$1 billion, the Wall Street Journal reported Tuesday, citing people with knowledge of the matter. The bank had earlier planned to start selling shares Tuesday, and list in Hong Kong on March 31. But it has delayed the offer, and is now looking to go public before June, the report said. The postponement comes amid growing concerns about growing bad debt in China’s financial system and a slowdown in the country’s economy, the Journal noted.
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