Hong Kong IPO debut delayed in rare move over missing regulatory data: sources
DKE, a maker of e-paper display modules, says more time needed to finalise its exchange announcement and obtain clearances from regulators
On Tuesday night, just before its scheduled listing on Wednesday, DKE Holding Company postponed its IPO ceremony after it failed to provide investors with an offer price and results of its bookbuilding.
The maker of e-paper display modules said more time was needed to finalise the exchange announcement and obtain clearances from regulators, with the event now postponed to Thursday, according to a filing issued on Tuesday night.
A brokerage firm submitted share purchase documents via Hong Kong Exchanges and Clearing’s (HKEX’s) FINI digital IPO platform, but was asked by the regulatory authority to provide additional client information, resulting in the delay, according to a source who requested anonymity as they were not authorised to speak publicly on the matter.
The brokerage firm was probably not familiar with the process, the source added.
The shares offered by DKE were sold out during the bookbuilding period, said another source familiar with the matter.