Chinese retailer ITAT Group has stalled plans to raise $1bn through an
initial public offering on the Hong Kong stock exchange amid allegations of
Banking sources familiar with the issue told The Wall Street Journal
allegations included inflating sales figures.
Bankers involved in preparing ITAT’s IPO noted a discrepancy between the
company’s impressive sales figures and the lack of activity seen by analysts
visiting some of its stores.
Accounting firm KPMG is investigating claims made in an anonymous letter to
the stock exchange that the group misreported its earnings.
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