Chinese tech giant says its IPO is on track to go ahead despite cyber attack

Chinese technology giant CITIC Technology Group Inc. said its IPO has been delayed by a cybersecurity incident in Hong Kong, delaying the filing of its first securities filing in the Chinese market.

The Shanghai-listed company, which has been trying to raise capital since 2016, said in a statement it expects to file its first filing in Hong and will be in Hong for a week or two.

It said it will hold a second filing in Beijing in late July.

The cyberattack that disrupted the first listing of the IPO in January affected the filing and filing of the new filing.CITIC said the company’s filing to Hong Kong’s Securities Commission was delayed due to the breach of an internal firewall.

The company said it had “further tightened security procedures” in the past two months and “regularly updated the security controls” on its website.

The attack disrupted the IPO on January 21 after hackers used the stolen data to disrupt CITC’s website and spread the stolen material to other websites and social media.

The stolen data was then used to disrupt the company, causing its shares to drop in price.

Citi is a unit of Chinese conglomerate Tencent Holdings Ltd., which is China’s largest social networking platform.

Tencent, which also owns popular gaming site WeChat, has been under fire from Beijing over its role in an investigation into the alleged theft of data from a number of firms, including the World Wide Web giant Google.

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