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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




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.

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