Authorities in China have slammed a major Chinese-operated Pacific tuna fishing company that was exposed by the Sunday Star-Times over a multi-million dollar cash-raising prospectus it issued.
China said an IPO to raise between USD 100 million and USD 200 million launched by China Tuna Industry Group Holdings (CTI) in Hong Kong "has gravely misled investors and the international community."
It is a startling admission of wrongdoing by China on a world stage.
The Hong Kong Stock Exchange ordered the suspension of the IPO after the Star-Times revealed CTI was significantly understating the risks it faced and saying international quotas were unlikely to have any affect on it.