Regulator Seeks to Reclaim HK$1b from Hontex's IPO

Hong Kong's Securities and Futures Commission has sought a court order to earn back the HK$1 billion raised by sportswear-fabric maker Hontex International Holdings in its initial public offering several months ago, reports the South China Morning Post.

 

If the regulator succeeds, the money raised in the share sale will be given back to initial subscribers and those who purchased the stock since the Fujian-based company listed on Christmas Eve, says the Post.

 

The newspaper notes the regulator on Tuesday ordered the suspension of trading of Hontex, just three months after the company listed in Hong Kong, the shortest period on record.

 

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