01 Nov 2016
Standard Chartered Plc said Hong Kong’s securities regulator is investigating its role as a joint sponsor of an initial public offering (IPO) in 2009 and could take unspecified action against the British lender’s Hong Kong unit.
The disclosure of the probe on Tuesday by Standard Chartered comes days after Swiss bank UBS also said Hong Kong’s Securities and Futures Commission (SFC) is investigating its role as sponsor of certain unnamed stock market listings in the city.
In its earnings release, Standard Chartered said the SFC had informed the bank that it intended to take action against Standard Chartered Securities (Hong Kong) Ltd (SCSHK) in relation to its role on the IPO and that such action, if taken, may result in financial consequences for SCSHK.
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