UBS and Standard Chartered will settle a Hong Kong misconduct case connected to a Chinese initial public offering launched a decade ago, according to people familiar with the situation.
Both banks were investigated for their roles in the 2009 IPO of China Forestry, a company that was later delisted from the Hong Kong stock exchange for accounting irregularities and put into a liquidation process.
The Hong Kong Securities and Futures Commission in March last year banned UBS from sponsoring initial public offerings for 18 months, an action the Swiss bank said it would appeal. The SFC also fined UBS HK$119m ($15.2m).
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