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Bloomberg
Chinese construction contractor New Headline Holdings Ltd. shelved a HK$340 million ($44 million) initial public offering in Hong Kong after a key executive, who is also the chairman’s wife, was put under police surveillance.
Executive Director Xie Birui is under “designated residence surveillance†by the Public Security Bureau of Lianyungang, the city in eastern China’s Jiangsu province where the company is based, according to an exchange filing Tuesday. Xie, the 45-year-old wife of New Headline Chairman Wei Hua, was responsible for strategic planning and overall business development, the IPO prospectus shows.