China’s Sun Holdings is seeking to raise $1 billion in an initial public offering in Hong Kong, Reuters reports, citing Apple Daily. The hypermarket operator will use the proceeds to expand its business in China.

The company has appointed CICC, Citigroup, HSBC Holdings and UBS to manage the offering. Sun Holdings, a 50:50 joint venture between Taiwanese conglomerate, Ruentex Group and privately held French retailer, Groupe Auchan, aims to list in July.

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