HONG KONG - Swiss banking giant UBS Group AG is set to appeal against an unprecedented 18-month ban on leading IPOs in Hong Kong, imposed, sources say, for its role in the listing of a firm which subsequently collapsed.The case, which also involves Standard Chartered PLC, is a test of the Securities and Futures Commission’s increased scrutiny of IPO practices in a city where helping firms list is particularly big business for banks.
The timber merchant raised $216 million in its IPO. Just 14 months after listing, trading of its shares was suspended when its auditor, KPMG, discovered irregularities. The company was subsequently liquidated. Sponsors must conduct due diligence to assess the company being listed, and are responsible for assuring potential investors that its IPO prospectus is accurate.
The case under appeal is among a series of actions taken by an increasingly proactive regulator, which in October said it had issued nine IPO sponsors with “decision notices” informing them of intended enforcement measures. In 2009, CMS joined UBS in sponsoring the $231 million float of China Metal Recycling, a now-liquidated scrap processor which in 2013 became the first firm to be wound up by the SFC itself.IPOs are big business in the city, last year’s top IPO destination worldwide with $36.3 billion raised, Refinitiv data showed.
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