Shares in Sun Art Retail Group, which was due to make its debut on the Hong Kong Stock Exchange today (15 July), will start trading later this month after an error in the company’s IPO prospectus.
In a statement to the Hong Kong Stock Exchange, Sun Art, which is China’s largest hypermarket operator, said shares would start trading on 27 July.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Sun Art overstated its basic and diluted earnings per share for 2008, 2009 and 2010 and for the first quarters of 2010 and 2011.
The company, which is part-owned by French retailer Auchan, has published revised data.
The Sun Art IPO raised HK$8.21bn (US$1.05bn) after 1.14bn new shares in the company were sold. The retailer, which is a venture between Auchan and Taiwanese partner Ruentex Group, plans to use part of the proceeds from the IPO to build on its position as China’s largest hypermarket retailer.
A holding company called A-RT remains the majority shareholder in Sun Art. Auchan holds a 51% stake in A-RT.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
