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

 

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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

 


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Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation. The Hong Kong Securities and Futures Commission warned that it is intending to take action against the bank related to an IPO in 2009. It is thought to be for the share sale of China Forestry which is being liquidated.

“Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation.”

~ The Guardian

Standard Chartered had worked alongside UBS for the flotation and it is also being investigated by the SFC for its role in a number of local IPOs.

Related Reports: The Guardian, The Telegraph

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered


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.

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