Sun Art's trading debut delayed due to prospectus error

Sun Art will need to issue a supplementary prospectus and give retail investors a chance to withdraw their orders after overstating its earnings per share for the past three years.
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP</div>
July 14, 2011

One week ago, Sun Art Retail Group was making headlines as one of the most popular IPOs in Hong Kong this year, having just priced its $1.06 billion offering at the top end of the range after attracting significant oversubscriptions from both retail and institutional investors. Now, it looks like the company might be be remembered for something else entirely.

According to sources, the megastore operator will have to postpone today’s trading debut by a couple of weeks after it emerged it had made a mistake in its listing prospectus. While Sun Art hadn’t yet made an official statement last night, people familiar with the issue said the company...

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