HONG KONG, Dec. 13 (Xinhua) -- Chinese mainland's leading brokerage Haitong Securities announced Tuesday that it had decided not to proceed with the global offering in the Hong Kong market at this time "in light of the change in market conditions and recent unexpected and excessive market volatility".

In a statement filed to the Hong Kong stock exchange before the beginning of Tuesday's trading, Haitong said it would closely monitor the market conditions and may revisit the market when the market condition improves.

Investors' application money will be refunded in full without interest. Refund checks will be dispatched by ordinary post on Wednesday, said the securities firm which was listed in Shanghai in July, 2007.

Haitong, based in Shanghai, had originally planned to sell some 1.23 billion new shares and raise as much as 13 billion HK dollars (1.67 billion U.S. dollars) through the global offering in Hong Kong.

Source:news.xinhuanet