China's largest hypermarket operator, Sun Holdings, is planning an initial public offering of up to HK$7.8 billion ($1 billion) in Hong Kong and has hired four banks to manage the offer, the Apple Daily reported on Monday.

Sun Holdings, a 50:50 joint venture between the Taiwan-based conglomerate Ruentex Group and the privately held French retailer Groupe Auchan SA, aims to list in July, the report said, citing market sources.