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Business

Cathay Industrial Halts Listing Process

by Jean-François Tremblay
August 15, 2011 | APPEARED IN VOLUME 89, ISSUE 33

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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