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Chinese retailer puts Hong Kong IPO on hold: newspaper



2008-08-14 00:18:11


A Chinese retailer has postponed plans to raise a billion US dollars on the Hong Kong stock exchange amid allegations of improper accounting, the Wall Street Journal said Thursday.

The Hong Kong-incorporated clothing retailer ITAT Group announced the planned initial public offering a year ago.

The Wall Street Journal said ITAT’s accounting firm KPMG was investigating claims in an anonymous letter to the stock exchange that the group misreported its earnings.

ITAT told the paper its IPO was “currently under way” but declined to comment further, citing Hong Kong listing rules.

The listing, planned for March, would have been one of the biggest so far this year in Hong Kong.

Several companies have dropped plans to list in Hong Kong this year following a slump in global markets.

ITAT officials could not immediately be reached for comment. The Hong Kong exchange said it did not comment on individual cases.

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