Cathay Industrial Halts Listing Process | Chemical & Engineering News
Volume 89 Issue 33 | p. 16 | Concentrates
Issue Date: August 15, 2011

Cathay Industrial Halts Listing Process

Department: Business
Keywords: biocatalysis, IPO, China

Cathay Industrial Biotech, a Chinese company that produces chemicals by fermentation, has dropped plans to list its stock in the U.S. by means of American Depositary Shares. HBM BioVentures, a Swiss private equity fund that invested $28 million in Cathay, says Cathay decided to halt the listing process because of poor conditions in global stock markets. In 2010, Cathay recorded a loss of $2 million on sales of $125 million. The company produces diacids by biocatalysis for clients including DuPont and AkzoNobel. It also makes biobutanol.

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