HONG KONG: Sunshine Oilsands Ltd, a Canadian oil explorer backed by Chinese state-owned enterprises, has delayed the launch of a planned up to $700 million initial public offering in Hong Kong that was expected to be the biggest new listing in Asia this year, The Wall Street Journal said on Saturday.
The oilsands firm, which is backed by Chinese investors including insurer China Life Insurance (Group), was due to start taking orders on Monday, but had postponed its road-show indefinitely, the Journal said, citing two people familiar with the deal.
The delay was caused by a technical issue on the Canadian part of the IPO prospectus, with the road-show expected to start on Feb. 15 or possibly a week later, a source with direct knowledge of the IPO plans told Reuters on Saturday.
The IPO was set to consist of all new shares, representing 25 percent of the company's expanded capital, one source with direct knowledge of the plans told Reuters on Jan 31.
Six companies have gone public in Hong Kong since the beginning of the year, with small-sized deals that raised a combined HK$1.4 billion ($180.5 million).
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