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STX Entertainment has abandoned plans to list on the Hong Kong Stock Exchange.
The studio’s IPO filing lapsed on Thursday and is now listed as inactive. Asian markets have been particularly volatile this year due to political and economic headwinds, not least of which is the ongoing trade war between the U.S. and China. The Hong Kong Stock Exchange has fallen 20 percent in value since April.
The company has not ruled out returning to the Hong Kong markets when trading conditions improve.
STX, founded by chairman and CEO Robert Simonds in 2011, began the process of filing for an IPO on the Hong Kong Stock Exchange back in April. The studio had hoped to raise up to $500 million of new capital.
The Hong Kong offering was being jointly led by Goldman Sachs and J.P. Morgan. If it had been successful, it would have made STX the first U.S. entertainment company to be listed on the Asian financial center’s stock market.
STX was created to fill a gap in the market for mid-budget films, while bridging the massive U.S. and Chinese box-office markets. STX counts an influential group of shareholders on both sides of the Pacific, including Uber-backer TPG Growth, China-based Hony, Chinese internet giant Tencent and Hong Kong telecom firm PCCW Media. It also has commercial relationships with Alibaba, Huayi Brothers Media, Tang Media Partners and XG Media.
Best known for the Bad Moms comedy franchise, STX’s recent releases include Peter Berg’s Mile 22, starring Mark Wahlberg, and The Happytime Murders, a puppet crime-comedy starring Melissa McCarthy, Maya Rudolph and Elizabeth Banks.
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