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Hong Kong protests

Billion-dollar IPO shelved amid Hong Kong extradition bill turmoil

Businesses and economists voice concerns as protests turn violent

A woman at a protest in Hong Kong on June 13: Businesses there worry about the long-term fallout from the unrest.   © Reuters

HONG KONG -- A billion dollar IPO has been called off in Hong Kong in the latest sign that political unrest sparked by a controversial extradition bill is taking a toll on business sentiment in the city.

Property developer ESR Cayman said on Thursday that is canceling its HK$9.76 billion ($1.24 billion) listing "in the light of the current market condition," without elaborating further. The company, which had opened its books for subscriptions last week, was planning to start trading on June 20.

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