The downturn in the Hongkong stock market has affected investors' confidence and also blocked the pace of mainland enterprises going to Hong Kong to go public.

In July 3rd, the Fujian footwear enterprise Limited (Hongkong stock exchange code: 977, hereinafter referred to as: Xi Long) issued a notice that the company and its sponsors had decided not to carry out the global sale according to the original timetable as the company needed more time to consider the new situation that has been observed.

Xi Long lung originally planned to offer 500 million shares, the price of which was between HK $1.38-1.98 and 6.9-9.9 HK $100 billion.

The Hongkong public offering began in June 27th and ends in July 3rd. It plans to start trading on the main board of HKEx in July 11th.

Goldman Sachs (Asia) Limited and Kai Ji finance are listed sponsors.

The company originally planned to use the net proceeds of 33% of the global sale for the brand and publicity activities; 24% of the net proceeds were used to expand the sales distribution network, including natural growth and selective acquisition distributors, through the company's distributors; 15% of the net proceeds were used to expand production facilities and purchase production equipment; 6% of the proceeds were used for the implementation of the information management system; 15% of the net proceeds were allocated to long-term R & D expenditure, including the purchase of research and testing equipment, recruiters, salaries and training for R & D centers, and the development of new products, and the remaining funds would be allocated as general working capital.

However, the Hongkong stock market is not as good as it imagined. During the stock market, Xi Long lung has not been favored by investors. As of now, the amount of margin subscription is still millions of dollars.

And the new shares in the same period with the new stock, Tianyi fruit, Zhuo Zhi holdings and so on also failed to win the market admiration.

Analysts believe that the continued downturn in Hong Kong stocks is the main reason why Hongkong's new shares are not welcomed by investors.

Was founded in 2001, mainly engaged in "joy dragon" brand shoe development and wholesale business, in China's two or three line city rapid growth, in the southwest of China and the northwest region, in 2007 sales revenue of 1 billion 296 million 400 thousand yuan.

As of June 20, 2008, the company has established more than 3000 retail outlets through 24 distributors.