Hong Kong’s market regulator has delivered an unusually stern warning to investment banks that help companies sell shares in the city, after discovering “material errors or omissions” in a number of listing applications.
The Securities and Futures Commission’s criticism comes after a blockbuster year for initial public offerings in Hong Kong, with 87 companies raising about $57bn in 2010 – more than on any other stock exchange in the world.
In a twice yearly report released on Thursday, the SFC revealed it had raised concerns about 82 of the 100 listing applications it received in the six months to September 2010.
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