Oil company Sino Australia Oil and Gas, the holding company in Australia of Zhaodong Huaying Drilling (Huaying), sought to extend its initial public offering (IPO). This extension would give more time for Asian-based fund managers to invest. Fund managers, from Hong Kong and Singapore, specifically, expressed interest in the IPO but held back due to market volatility.

The IPO was closed last July 5. If the extension would be granted, the company will have an additional 6 to 10 weeks for completion of the IPO process. Afterwards, the company's shares will be listed on the Australian Securities Exchange.

"The board is of the view that ... it would be in the best interests of the company and its investors if the offer were to close either close to, or fully, subscribed," Wayne Johnson, Australian-based director, said. Johnson also expressed his confidence that Sino would be able to meet its AUD$20 million target, provided that the positive momentum in the market would continue as happened earlier in the year.