Hong Kong’s market watchdog has vowed to make it easier to prosecute investment banks and individual bankers that allow false information to appear in the prospectuses of companies that float on the local stock exchange.
The Securities and Futures Commission yesterday proposed civil and criminal liability for brokers that operate in the world’s largest market for initial public offerings.
Hong Kong eclipsed London and New York as the world’s biggest centre for IPOs in 2010 and 2011, raising almost $100bn in total. In the dealmaking frenzy, some investment banks took on too much work and fell short on due diligence checks on their clients, the SFC has found.
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