Date
24 September 2017
Green Peace has alleged that China Tuna Industry has failed to provide correct information in its IPO prospectus. Photo: Xinhua
Green Peace has alleged that China Tuna Industry has failed to provide correct information in its IPO prospectus. Photo: Xinhua

China Tuna Industry said to delay Hong Kong listing

China Tuna Industry Group Holdings Ltd. is said be putting off its Hong Kong listing due to some problems with its preliminary prospectus, the Hong Kong Economic Journal reported Thursday.

The purported move comes after environmental group Green Peace wrote to stock exchange authorities on Tuesday, calling for a halt of the initial public offering process, the report said, citing market sources.

In its letter, Green Peace claimed that there were serious errors in the preliminary listing documents of the tuna firm. Some important information had gone missing, and in some cases the company had given outdated data, the environmental group said.

Green Peace said in its press release that the tuna firm used obsolete data while assessing business risks with regard to sustainability and the environment, assuming that the Chinese government will not step up measures toward tuna protection.

Both the Securities and Futures Commission and the Hong Kong stock exchange declined to comment when reached by the newspaper.

China Tuna Industry Group was founded in 2000, with headquarters in Dalian. The group posted 138.9 million yuan (US$22.63 million) income for 2013, up 0.18 percent from the previous year.

For the first-quarter 2014, it showed revenue of 51.36 million yuan, 1.33 times the year-ago level. 

The company was reportedly seeking between 780 million yuan to 1.17 billion yuan from its IPO. The shares were supposed to open for public subscription on Sept 18 and debut on the stock exchange on Sept. 30.

Green Peace accused the firm of citing 2011 data from the western and central Pacific Ocean fisheries commission, distorting the truth that a major tuna type the group is fishing is actually on alert of being over-fished.

If the Chinese government moves to limit tuna fishery in its waters, it could affect the company’s operation, profitability and valuation, the environmental group said.

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