Bethel Automotive Safety Systems Co, a Chinese automotive braking system manufacturers, scrapped plans to issue Global Depository Receipts (GDR), citing changes in domestic and overseas capital market conditions.
The Shanghai-listed company decided to terminate the GDR plan after considering its financial and operational situations, according to a filing to the Shanghai Stock Exchange. The firm had in February planned to issue up to 61.8 million shares in SIX Swiss Exchange.
“The termination will not have a substantial impact on the company’s production, operation and sustainable development,” it said.