JPMorgan Securities has found itself on a “name and shame” list in Hong Kong after the stock exchange turned down an application for an initial public offering for which the US bank was acting as a sponsor.
The failure earlier this year to pass muster for the initial public offering of Chinese pharmaceutical company Shenhua Health Holdings — the first such public occurrence for a global bank in Hong Kong — could hurt the bank’s IPO sponsorship business as it faces other reputational challenges in Asia, such as a US investigation into hiring practices in the region.
Listing the names of companies and banks that have performed inadequate work on IPO applications comes after several high-profile scandals rocked the HKex in recent years.
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