UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 initial public offering (IPO) in Hong ...
HONG KONG: UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 IPO in Hong Kong, in a move expected to end uncertainty about the Swiss bank's ability to lead stock listings in the city.
The high-profile case, one of many being investigated by the SFC, is seen as a test of mounting scrutiny of IPO practices in a city where helping firms list is big business for banks. UBS and Standard Chartered in Hong Kong declined to comment on news of the settlement. An SFC spokesman said the regulator had nothing more to add.
Hong Kong IPOs need at least one sponsoring bank, which typically takes the lead in running the IPO and collects a larger proportion of fees than banks listed only as bookrunners.
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