Chinese Recycler Halts IPO Planned for Today After Toxic Fumes Kill Five

Chinese Recycler Halts IPO Planned for Today After Toxic Fumes Kill Five

Dou Shicong

Date: Wed, 12/13/2017 - 19:15 / source:Yicai
Chinese Recycler Halts IPO Planned for Today After Toxic Fumes Kill Five
Chinese Recycler Halts IPO Planned for Today After Toxic Fumes Kill Five

(Yicai Global) Dec. 13 -- Xin Guang Lvhuan Recycling Resource Co. suspended its CNY312 million (USD47 million) initial public offering scheduled for today after an accident at its hazardous waste treatment center killed five workers yesterday evening.

The employees died after inhaling toxic gases given off from waste they were unloading at a center in Yantai Economic and Technological Development Zone in Shandong province, Jiemian News reported today.

Xin Guang delayed the listing to protect investors’ interests, the Yantai-based company said this morning. It had planned to offer up to 40.1 million new shares.

The firm and its backer, Shenwan Hongyuan Group Co. [SHE:000166], will investigate the deaths and publish follow-up information on the IPO when possible.

Founded in 2004, Xin Guang provides environmental services, including recycling, processing, and waste treatment.

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Keywords: MSCI, Safety Accident, Employee Deaths, IPO