Unisplendour Corporation, a subsidiary of state-backed Tsinghua Holdings, has scrapped its Hong Kong listing plan that had been in the works for nearly a year. The Shenzhen-listed company said in an exchange filing on Wednesday that its board had voted to terminate the proposed share issuance on the Hong Kong stock exchange. The termination would not have any “significant impact” on its business operations, the statement added. Simultaneously, Unisplendour announced plans to raise up to 5.57 billion yuan (US$800 million) via a private placement of shares on the Shenzhen bourse to fund the acquisition of a further 7 per cent stake in H3C Technologies, buy research and development equipment and repay loans. Its subsidiary H3C, originally a joint venture between 3Com and Huawei, is a provider of digital infrastructure, including AI servers, networking and cloud products. Unisplendour acquired a 51 per cent stake in H3C for US$2.3 billion in 2015. Established in 1999, Unisplendour is involved in cloud computing, software development and manufacturing of servers and storage systems. Unisplendour first filed its listing application on May 29 last year and resubmitted it on December 3 after the initial application lapsed, according to the Hong Kong stock exchange. The company was expected to raise US$1 billion from the share sale this year, with BNP Paribas, China Merchants Bank International and CSC Financial lined up to work on the deal. The withdrawal is a rare setback for Hong Kong’s booming IPO market. The city was crowned the world’s top initial public offering venue in 2025 after 114 companies raised US$37.2 billion on the main board. A record 17 A+H listings were completed in 2025, according to KPMG. A+H listings refer to companies whose A shares trade in yuan on the mainland, while their H shares trade in Hong Kong dollars in the city. The momentum has shown no signs of slowing down, with more than 450 companies in the IPO pipeline. Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley, said it was quite possible that both the value and number of IPOs this year would exceed last year’s levels.