A Japanese semiconductor maker has canceled what it claims to be the largest share offering of the year after previously saying US export restrictions on China's Huawei Technologies Co. are affecting its business.
Kioxia Holdings Corp., owned by a consortium led by Bain Capital, had planned to list its shares on the Tokyo Stock Exchange on October 6, at a price that would allow the company to value around $ 16 billion. It had already lowered the planned list price and warned of the Huawei problem.
Kioxia said Monday it had postponed its IPO indefinitely and was one of the biggest concrete examples of how the recent US-China battle over technology is affecting companies worldwide.
The company didn't mention Huawei in its press release. It offered the coronavirus pandemic and volatility in the stock markets as reasons for the decision, without giving details. The Japanese manufacturer of flash memory chips has stated that its sales to Huawei account for a significant portion of total sales and are likely to be subject to U.S. export restrictions.
An expanded version of this report is posted on WSJ.com.
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