UBS Appealing Against 18 Months IPO Lead Sponsor Suspension in Hong Kong

UBS Appealing Against 18 Months IPO Lead Sponsor Suspension in Hong Kong

UBS in Hong Kong is appealing against the 18 months suspension for IPO lead sponsors by Hong Kong’s securities regulator, Securities and Futures Commission (SFC).  This was disclosed in its annual report, and the Swiss bank is appealing against the decision.  The bank was also handed a fine of HK$119 million ($15.18 million) alongside the 18 months suspension.

“ UBS in Hong Kong Appeals against 18 months IPO sponsor suspension “

SFC had been investigating UBS role as a sponsor of IPOs listed on the Hong Kong Stock Exchange.  UBS and Standard Chartered had sponsored China Forestry IPO in 2009, but in 2011, the company has been suspended for possible accounting irregularities.  China Forestyy is in liquidation and has been delisted from the Hong Kong Stock Exchange.  In 2017, SFC had decided to drop lawsuit against Standard Chartered and UBS over the 2009 IPO.    Standard Chartered sponsorship desk had since shut down.

If the appeal fails, UBS is still able participate as joint global coordinator, though the lesser role will also means a significant reduction in investment banking fees.

Sources: Reuters, SCMP

 

Video:

 

About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

Royal Bank of Scotland (RBS) has agreed to pay $500 million in settlement for deceptive practices and misrepresentations of residential mortgage-backed securities (RMBS) leading up to the financial crisis in 2008.  The settlement includes $100 million in cash to New York State and $400 million worth of consumer relief for New York homeowners and communities, including funds to spur construction of more affordable housing and to purchase distressed properties to prevent predatory investors.

” RBS to Pay $500 Million in Settlements “

RBS admitted it continued to package and sell to investors RMBS backed by mortgage loan, despite being warned by due diligence vendors the mortgage loans did not comply with underwriting guidelines, and applicable laws and regulations.  RBS had also securitised a large numbers of loans for which no diligence was performed.  Reviews conducted after the defaults of the mortgage loans showed serious problems in the origination of the loans and the originator.

The settlement was led by Attorney General Schneiderman, a key figure in recovering billions of settlements.  He is the co-chaired of the collaboration that includes Department of Justice (United States)  and other federal entities to investigate those responsible for misconduct contributing to the 2008 financial crisis for the pooling and sale of residential mortgage-backed securities.

Sources: Reuters, AG NY

 

Video:

 

Video:

 

About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music streaming service Spotify has filed for a direct listing (SPOT) on the New York Stock Exchange (NYSE).  Based on recent private transactions, the Swedish based company is valued around $15 – $20 billion.  The direct listing on NYSE will allow investors and employees to sell shares and will not be raising new capital or hiring an investment bank or broker to underwrite the offering.   A direct listing will save hundreds of millions of dollars in underwriting fees.

” Spotify to be Listed on NYSE  “

Spotify was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.  Spotify has about 159 million monthly average users.

In 2017, the company generated 4.09 billion euros  in revenue and incur an operating loss of 378 million euros.  In 2016, the company raised $1 billion in convertible debt, which would convert to shares at IPO.  In December 2017, Tencent and Spotify announced they would buy minority stakes, helping increasing exposure to each other’s core markets.

Source: Reuters, CNBC, Mashable

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

2nd Largest Chinese E-commerce Firm JD.com Raises $2.5 Billion for JD Logistics

2nd Largest Chinese E-commerce Firm JD.com Raises $2.5 Billion for JD Logistics

JD.com, the second-largest Chinese e-commerce firm, has raised $2.5 billlion for its logistics arm, JD Logistics.  The $2.5 billion funding was led by Hillhouse Capital, Sequoia China, China Merchants Group and Tencent, and will be invested into automation, drones and robotics.  The financing is expected to close in the first quarter of 2018 and JD.com will remain the majority shareholder of JD Logistics with 81.4% stake.

” JD.com raises $2.5 billion for JD Logistics to invest into automation, drones and robotics “

In 2014, JD.com became publicly listed on NASDAQ with a market value of more than $26 billion.  In 2018 February,  JD.com is trading above $60 billion in market value, more than twice its IPO price.  JD.com is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  It has more than 266 million annual active customers, 405 warehouses and $37.5 billion revenue in 2016.  The company was founded in 2004 in Beijing by CEO, Richard Liu.

Sources: JD, Reuters, Caixing Global

 

Video:

 

Video:

 

About JD.com

JD.com (NASDAQ:JD) is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  The company was founded in 2004 in Beijing by CEO, Richard Liu.

Richard Liu is the founder of JD.com and Joybuy.com, China’s largest online retail sales company, and has been its Chairman and CEO since the company’s inception. Mr. Liu has over 15 years of experience in the retail and e-commerce industries.  In June 1998, Mr. Liu started a business in Beijing, primarily engaged in the distribution of magneto-optical products. In January 2004, Mr. Liu launched his first online retail website. He founded the company that eventually became JD.com later that year and has guided the company’s development and growth since.  Mr. Liu earned his Bachelor Degree in Sociology from Renmin University (Beijing, China) and an EMBA degree from the China Europe International Business School.

Visit: JD.com

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

Video:

 

Video:

 

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Credit Suisse Investigated in United States for Asian Hiring Practices

Credit Suisse Investigated in United States for Asian Hiring Practices

Credit Suisse is under investigation by the Department of Justice and the US Securities and Exchange Commission (SEC) in the United States for hiring children and relatives of influential Chinese policymakers.  The bank is being investigated if they had hired referrals from government agencies or state owned entities in exchange for investment banking business, which is violation of the US Foreign Corrupt Practices Act and related civil statutes.

“ Credit Suisse investigated for hiring children & relatives of influential Chinese policymakers “

The investigation was disclosed in Credit Suisse 2017 results announcement.  In 2016, JP Morgan Chase had agreed to pay US$264 million to the US government to settle allegations that it had hire relatives (sons & daughters) of officials and to increase their chance of gaining businesses.  In 2017, HSBC also disclosed that it was being investigated by SEC in its result announcement.

Sources: SCMP, Reuters, SEC

 

Video:

 

Video:

 

Video:

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Dalian Wanda Group to Sell 17% stake in Spanish Football Club Atletico de Madrid to Israeli Billionaire

Dalian Wanda Group to Sell 17% stake in Spanish Football Club Atletico de Madrid to Israeli Billionaire

Dalian Wanda Group has agreed to sell 17% stake in Spanish football club Atletico de Madrid to Quantum Pacific Group, owned by Israeli billionaire Idan Ofe.  Quantum Pacific’s stake in the football club will rise to 32 per cent after 17% acquisition.  In 2015, Dalian Wanda Group has acquired a 20% stake in the football club for $52 million.  Dalian Wanda Group will continue to remain a sponsor and the stadium will continue to be called Wanda Metropolitano.

” Dalian Wanda Group to Sell 17% Stake in Spanish Football Club Atletico de Madrid to Israeli Billionaire “

Dalian Wanda Group founder and Chairman Wang Jianlin has been reducing debts in the group by selling non-core assets and stake disposals.  Dalian Wanda Group was established in 1988 and in 1989, Wang Jianlin  become the Chairman of Dalian Wanda Group.  He is one of Asia’s richest man, with a personal fortune of around $25 billion.

Since late 2016, China has been scrutinising offshore investments.  Dalian Wanda Group had purchased AMC Theatres (largest American theatre) for US$2.6 billion in 2012 and Hollywood studio Legendary Entertainment for $3.5 billion  in 2016.  It also has international sports businesses such as World Triathlon Corporation, the company that organises global Ironman events, which was acquired for $650 million in 2015.

Israeli billionaire Idan Ofe, is the founder of Tanker Pacific, Pacific Drilling, Quantum Pacific Group and Israel Corporation, the largest public company on the Tel Aviv Stock Exchange.  Born in 1955, he has an estimated personal fortune of $3.5 billion.

Sources: SCMP, Reuters, CNN

 

Video:

 

Video:

 

Video:

 

Video:

 

 

About Wanda Group

Wanda Group was established in 1988 and has developed into a conglomerate of commercial management, culture, real estate and finance. It ranked 380th on the Fortune Global 500 List in 2016. In 2017, its assets amounted to 700 billion yuan with revenue of 227.3 billion yuan.  Wanda Commercial holds a combined 31.51 million square meters of property spaces. It has opened 239 Wanda Plaza projects in such Chinese cities as Beijing, Shanghai, Chengdu and Kunming. Wanda Cultural Industry Group is China’s largest cultural enterprise, with a revenue of 63.78 billion yuan in 2017.

Wanda Internet Technology Group, as China’s only Industry + Internet large open platform, has Ffan Technology, 99Bill, Credit Rating Company, Online Credit Company, Big Data and other companies. It uses big data, cloud computing, artificial intelligence, scene application and other technologies to realize digital upgrades of industrial entities and provide new consumer services for consumers.

Wanda Financial Group has investment, asset management, insurance and other companies, and aims to achieve a full-licensed financial operation in the future.

Visit: Wanda Group

 

About Wang Jianlin

Born in 1954, Wang Jianlin served in the Army between 1970 and 1986, at which time he was appointed Office Director of the Xigang District Government in Dalian. He has served as Chairman of the Dalian Wanda Group since 1989.

Wang Jianlin has previously served as a deputy to the 17th National Congress of the Communist Party of China. He was also a member of the 11th Chinese People’s Political Consultative Conference Standing Committee and has also served as a vice chair of the 11th Congress of the All-China Federation of Industry and Commerce. He currently serves as vice chair of the China Charity Confederation; vice chair of the China Folk Chamber of Commerce; vice chair of the China Enterprise Confederation and the China Enterprise Directors Association; vice chair of the China General Chamber of Commerce; vice-chair of the Gl

Visit: Wanda Group

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse had been fined $5 million (HKD 39.3 million) for numerous breaches including not separating clients’ assets and the bank’s assets, failed internal controls in multiple areas and mismatching product recommendations to clients.

“ Credit Suisse fined $5 Million and to Compensate Client of almost $1 Million “

The fine of around $5 million was determined after Hong Kong’s Securities and Futures Commission (SFC) took into account Credit Suisse co-operation in the investigation, implementing internal controls and to fully compensate clients of around $7.6 million (US$970K).  The breaches had occurred over between 2010 to 2017.

Source: Securities and Futures Commission

 

Video:

 

Video:

 

Video:

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Nomura Issues Apology to Investors after almost $300 Million Lost in Exchange Traded Note

Nomura Issues Apology to Investors after almost $300 Million Lost in Exchange Traded Note

Japanese Bank, Nomura has issued an apology to investors after almost $300 Million (96%) was wiped out on its Exchange Traded Note (ETN).   The ETN was early redeemed by Nomura at ¥1,144 per unit, valued at ¥1.3 billion (Tokyo 3 pm on 7th February 2018) , down from ¥32 billion (5th February 2018), a 96% in a few days.  Credit Suisse is also buying back a volatility ETN that has declined almost 95% from a peak of $2 billion in January 2018.

” Nomura Early Redeems ETN after 96% Loss in a few days “

The product is listed, and can be bought by individuals and institutional investors.  The ETN (Nomura’s Next Notes S&P500 VIX Short-Term Futures Inverse Daily Excess Return Index ETN) was structured to to track the opposite of the daily return of S&P Vix short-term futures index.

Source: Bloomberg, Japan Times

 

About Nomura Group

Nomura is an Asia-headquartered global investment bank with an integrated network spanning over 30 countries. By connecting markets East & West, we service the needs of individuals, institutions, corporates and governments through our three business divisions: Retail, Asset Management, and Wholesale (Global Markets and Investment Banking).

Visit: Nomura Group

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

HSBC has Agreed to Pay $101.5 Million to Resolve Fraud Charges

HSBC has Agreed to Pay $101.5 Million to Resolve Fraud Charges

HSBC Holdings has agreed to pay $101.5 million to resolve fraud charges with the US Department of Justice (DoJ).   The agreement to pay $101.5 million comprised of $63.1 million criminal penalty and $38.4 million in disgorgement and restitution to resolve charges in defrauding two bank clients through a multi-million dollar scheme commonly referred to as “front-running.”

“ HSBC to Pay $101.5 Million for Defrauding Clients “

On two separate occasions in 2010 and 2011, foreign exchange traders misused confidential information provided to them by HSBC clients to execute multi-billion dollar foreign exchange transactions involving the British Pound Sterling.  After executing confidentiality agreements with clients, the traders transacted in the Pound Sterling in their HSBC “proprietary” accounts, thereafter causing the large transactions to be executed in a manner designed to drive the price of the Pound Sterling in a direction that benefited HSBC, and disadvantaged clients.

In one incident, HSBC had made misrepresentations to one of the clients, Cairn Energy, so as to conceal its actions.  In total, HSBC admitted to making profits of approximately $38.4 million on the first transaction in March 2010, and approximately $8 million on the Cairn Energy transaction in December 2011.

Since 2011, HSBC has introduced numerous measures to enhance its Global Markets compliance programme and internal controls and agreed to cooperate fully with regulatory and law enforcement authorities.

Source: US Department of Justice, HSBC

 

Video:

 

 

Video:

 

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency