Hong Kong’s securities regulator has filed a lawsuit against UBS, Standard Chartered and KPMG over market misconduct relating to the initial public offering of a Chinese company that was later liquidated.
The lawsuit comes as the Securities and Futures Commission steps up its enforcement efforts in the city, where complaints about “problematic” companies have risen sharply in recent years.
UBS and Standard Chartered were co-sponsors for the IPO of China Forestry Holdings in 2009 and had previously warned over upcoming regulatory actions. KPMG was the auditor for the IPO. All three groups declined to comment on the matter.
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