SFC, ICAC crack down on IPO sponsors

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By Rashmi Kumar
27 Jun 2019

Hong Kong’s Securities and Futures Commission and its anti-corruption watchdog teamed up for an investigation that led to the arrest of three former members of the Hong Kong Stock Exchange’s IPO vetting team. While the issue has put the spotlight on SFC’s and HKEX’s often tumultuous relationship, market watchers say any impact on the city’s equity capital markets will be limited. Rashmi Kumar reports.

The Independent Commission Against Corruption (ICAC) said in a statement on Wednesday that it had kicked off a joint operation codenamed “Cold Mountain” alongside the SFC, the Hong Kong market regulator, on Sunday. During the operation, the offices of two IPO sponsors in the city were jointly searched. ...

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