HONG KONG JPMorgan Chase & Co (JPM.N) has come to be the
first global investment financial institution to fall foul of Hong
Kong's stricter IPO sponsorship regulations, dealing a blow to its
recognition inside the area.
The Hong Kong inventory trade added
harder disclosure rules in 2014, which could make banks criminally accountable
if a list prospectus is observed to have misled investors.
It again a listing application for Shenhua health Holdings
Ltd, a subsidiary of monosodium glutamate (MSG) manufacturer Fufeng
organization Ltd (0546.HK), on March 29 saying it wanted more facts, change
information showed. JPMorgan Securities (some distance East) Ltd acted as sole
sponsor of the IPO.
simplest seven different preliminary public offerings (IPOs)
had been returned for the reason that new guidelines got here into effect.
After applications are again, corporations have to wait at least 8 weeks before
re-filing an utility.
the new regulations aimed to crack down on sloppy work by
underwriters and issuers that filed incomplete or faulty files, mainly after a
chain of scandals at chinese language corporations that ran into problem after
listing in Hong Kong.
JPMorgan declined to comment on Shenhua fitness's listing
utility on Thursday. Fufeng group, the world's biggest producer of meals flavor
enhancer MSG, failed to return a Reuters request for remark after everyday
business hours.
The sponsors of the preceding seven listings on the stock
alternate's foremost board and boom agency market (GEM) that wanted further
vetting had been all from China
and Hong Kong, change records showed.
No comments:
Post a Comment