Hong Kong’s markets watchdog is investigating 15 banks and securities firms for “substandard work” on initial public offerings (IPOs), broadening a probe that has already shamed UBS and Standard Chartered for their role in a 2009 flotation.
The Securities and Futures Commission’s enforcement head Thomas Atkinson detailed the wider investigation into IPO sponsors — who organise and advise companies on their listings — at a Thomson Reuters regulatory summit on Wednesday.
He said investors suffered billions of dollars of losses because of the firms’ shoddy work, which included failing to verify companies’ revenues and other important data before launching their listings on Hong Kong’s market.
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