Sun Art listing delayed due to prospectus oversight
The Hong Kong listing of China’s largest supermarket operator Sun Art Retail Group has been postponed nearly two weeks due to an error in its IPO prospectus. The company, which recently priced its offering at the top end of the range to raise $1.1 billion, apparently overstated its historical earnings per share (EPS).
Sun Art negated to change earnings per share (EPS) figures on its prospectus following a stock split late last month. This resulted in higher EPS given that the company's net profit was divided by fewer...
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