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  • September 18, 2014
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  1. Business - China Business

    Corrections & Clarifications

    Posted Oct 31st 2012, 12:00am

    ... A Business Digest item yesterday said the Securities and Futures Commission fined Hontex International HK$42 million. In fact, the SFC imposed the fine on Hontex's IPO sponsor, Mega Capital (Asia), and revoked its licence for future listings. ...

  2. Business - Comment - MONITOR

    Like shops, IPO sponsors must be held liable for what they sell

    Posted Dec 13th 2012, 12:00am by Tom Holland

    ... Tom Holland Issue prospectuses have long played fast and loose with the truth - we should applaud the SFC for holding HK's investment bankers to account Like shops, IPO sponsors must ... to make IPO sponsors criminally liable for prospectuses that contain misleading information or leave out key details. The change is long overdue. A prospectus is meant to be a legal document ...

  3. Business - Banking & Finance - REGULATION

    SFC pushes for tighter rules on IPO sponsors

    Posted Dec 13th 2012, 12:00am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Regulator will call on government to change law to make backers criminally liable for approving listing prospectuses with false information SFC pushes for tighter rules on I.P.O. sponsors The Securities and Futures Commission will propose making errant sponsors of initial public offerings criminally liable from October next year. "The changes, ...

  4. 'No need for jail terms' in IPO rules

    Posted May 28th 2012, 12:00am

    ... with Singapore's tougher regulatory regime for sponsors. The proposal would allow prison sentences for sponsors, such as brokers or bankers, who fail to ensure the accuracy of IPO documentation. Steve ... companies,'' Tong said. 'But, I think unless IPO laws are absolutely clear, it would be unfair to have a criminal sentence if the SFC has a lot of discretion in the matter. Criminal convictions ...

  5. Banks seek talks on new IPO rules

    Posted May 18th 2012, 12:00am

    ... such as brokers or bankers, who fail to ensure the accuracy of IPO documents. Banks have generally been positive about the SFC's proposed amendments to its code of conduct, but want a separate venue ... document should be released to the public, saying firms could suffer from releasing sensitive commercial data should market conditions force them to delay their IPO. The executives also raised ...

  6. Kudos for tougher IPO rules

    Posted Apr 21st 2012, 12:00am

    ... improve the quality of the IPO process, especially on the prospectus.' ...

  7. More diligence due by IPO sponsors

    Posted Nov 03rd 2011, 12:00am

    ... Hong Kong faces tough competition for its title of IPO capital of the world, with only six of 1,000 executives of large international companies surveyed expecting it to remain so by 2020. ... of the IPO table on the back of major mainland listings. Those to come will include more smaller private mainland companies. As Alder says, there are some very good ones and some not so good ones. ...

  8. SFC to tighten oversight of I.P.O. sponsors

    Posted Oct 29th 2011, 12:00am

    ... Enoch Yiu enoch.yiu@scmp.com Ashley Alder, the new chief executive of the Securities and Futures Commission (SFC), has pledged to tighten oversight of listing sponsors to enhance investor protection. The British lawyer, who replaced Martin Wheatley as the ...

  9. SFC lists shortcomings of IPO sponsors

    Posted Mar 30th 2011, 12:00am by Enoch Yiu

    ... to the stock exchange during the IPO application. Sponsors were also found to have often failed to maintain proper documentation of due diligence. ...

  10. Don't pass the buck to bankers

    Posted May 28th 2012, 12:00am

    ... of listing documents. This ensures that the information in IPO prospectuses is true, accurate and complete. So far, so good- what's not to like? The catch is that the SFC has also proposed holding sponsors criminally liable for false statements (including important omissions) made in offering circulars. In other words, bankers involved in the offer documentation for IPOs could ...




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