September 22, 2014 — A large Chinese fishing company wanting to vastly increase its Pacific tuna operations has suspended a share float following revelations it under-stated risks.
China Tuna Industry Group, with the help of Frankfurt headquartered Deutsche Bank AG, last month launched a US$100 million to US$200m (NZ$120m to NZ$240m) IPO on the Hong Kong Stock Exchange to fund a massive and sophisticated expansion of South Pacific tuna fishing.
Fairfax Media earlier this month reported that China Tuna was significantly understating the risks it faced chasing bigeye tuna and that it was telling investors that international quotas were unlikely to have any affect on its operations.
Hong Kong based International Financing Review Asia today reported that China Tuna had postponed its IPO.
Quoting a source "familiar with the situation", the capital market magazine said the postponement came after environment organisation Greenpeace filed a formal complaint with the Hong Kong Exchanges and Clearing Ltd last week.