HK regulator warns bankers on IPO rules
[HONG KONG] Hong Kong's securities watchdog has warned investment bankers they need to provide "meaningful disclosure" for initial public offerings (IPOs) as the regulator attempts to improve corporate governance.
The Securities and Futures Commission (SFC) said in its inaugural newsletter on listing disclosures that bankers could not just tick the boxes on the same checklist for each IPO.
The SFC's new sponsor regime requires IPO applications to be substantially complete upon submission and represent a major cultural shift for IPO bankers who were accustomed to filing rushed and incomplete submissions that often bore little resemblance to the final prospectus.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules