SFC bans UBS from sponsoring IPOs

摘要

Hong Kong's securities regulator has suspended UBS from sponsoring IPOs for one year and fined it and three other banks a total of HK$786.7m (US$100m), in an unprecedented step by the city's chief watchdog to clamp down on sub-standard sponsorship work. The Securities and Futures Commission said in a statement last Thursday that it had fined UBS HK$375m following an investigation into three IPOs it had sponsored. The fine was a tad shy of the record HK$400m it issued to HSBC's private bank in 2017 in a case related to the sale of Lehman Brothers-linked structured products.