Delay in trading debut
Source: Bloomberg News |
July 15, 2011, Friday
|
Print Edition
Print Edition
SUN Art Retail Group Ltd, China's largest hypermarket operator, will delay its trading debut in Hong Kong by about two weeks because of an error in its share sale prospectus, two people with knowledge of the matter said yesterday.
The retailer, which raised HK$7.97 billion (US$1 billion) this month in an initial public offering, plans to list around July 27 instead of today as originally scheduled, said the people, who declined to be identified because no announcement has been made.
Historical earnings-per-share figures in the prospectus failed to reflect a stock split that had taken place before the IPO, one person said.
Sun Art, which is backed by France's Groupe Auchan SA, sold shares at HK$7.20 each in the IPO, the high end of a range.
The retailer, which raised HK$7.97 billion (US$1 billion) this month in an initial public offering, plans to list around July 27 instead of today as originally scheduled, said the people, who declined to be identified because no announcement has been made.
Historical earnings-per-share figures in the prospectus failed to reflect a stock split that had taken place before the IPO, one person said.
Sun Art, which is backed by France's Groupe Auchan SA, sold shares at HK$7.20 each in the IPO, the high end of a range.
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