Stx blamed rocky market conditions. The Hang Seng Index is down 24% since April, and tech, media and telecommunications stocks have been particularly hard hit amid a changing regulatory environment. Even with the backing of local investors and production partners such as Tencent and Alibaba, the money-losing studio’s Ipo may have appeared a risky bet.
If the studio succeeded in being listed, Stx would have been the first U.S. entertainment company to appear on the Hong Kong exchange.
“Given that we have a strong balance sheet, we have the benefit of time to wait out the volatility and unpredictability, and accordingly, have allowed our application on the Hkex to lapse,” said Stx Chairman and