what happens? Wilmar China Postpone HK IPO (Finance Asia)

And in one of the clearest signs yet that companies -- and bankers -- feel
the market has become less sure-fire, Wilmar China yesterday chose to delay
its Hong Kong IPO, which was scheduled to kick-off next Monday. The company
is a spin-off of Singapore-listed palm oil producer Wilmar and is involved
in oilseed crushing, edible oil refining and the production of edible oils,
feed meal, oleochemicals and specialty fats in China. It was expected to be
the largest Hong Kong IPO year-to-date at about $3 billion to $4 billion.
It has attracted a lot of interest both because of its well-known parent
and its leading market position and strong cashflows.

The company has been pre-marketing for a couple of weeks but will hold off
on launching the actual deal until the markets become more stable,
according to a source. This could happen as early as mid-October, or later
-- there is no need to rush, the source said. An official announcement from
the company said: "Wilmar China is assessing market conditions and other
considerations relevant to the evaluation of its Hong Kong IPO. The actual
timing of its IPO will be dependent on conditions which are deemed to be in
the best interest of the company."

A banker not involved in the Wilmar offering said the delay may be a smart
move if the company doesn't need the money at this particular point. The
withdrawal of that large a deal may also be helpful for other listing
candidates as the competition for investor attention just got a little less
intense. Wilmar China's offering is led by BOC International, Goldman Sachs
and Morgan Stanley.