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HK regulator scolds China Merchants Sec on IPO work
The Hong Kong financial regulator has fined China Merchants Securities’ local arm for breaching its IPO code of conduct while working on the listing of China Metal Recycling.
The investment bank has been hit with a HK$27m ($3.4m) fine, after the Hong Kong Securities and Futures Commission (SFC) determined it had failed in its due diligence work as a joint sponsor alongside UBS on scrap metal merchant China Metal’s 2009 IPO in the city.
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