NEW YORK -- Big U.S. banks have pulled out of multiple Chinese companies' initial public offerings in Hong Kong as international investors' appetite for them wanes amid China's slow economic recovery and worsening geopolitical tensions.
Goldman Sachs withdrew on Monday from its appointed role in the IPO for Keep, a mobile fitness platform that counts Tencent Holdings and SoftBank Group as investors, a filing with the Hong Kong stock exchange shows. Last week Bank of America Merrill Lynch backed out of an offering by Tencent-backed social networking app Soulgate.
