The Securities and Futures Commission has frozen assets worth US$590 million as part of an investigation into two syndicates involved in three alleged IPO fraud schemes.
Key facts
- •The SFC froze HK$4.6 billion in assets related to alleged fraud.
- •Two syndicates are under investigation for three separate IPO fraud schemes.
- •The regulator suspended 65 listing applications in the first nine months of the year.
- •The suspensions were attributed to the poor quality of work by listing sponsors.
Hong Kong's Securities and Futures Commission (SFC) has frozen HK$4.6 billion, or approximately US$590 million, in assets linked to two syndicates. The syndicates are suspected of participating in three separate initial public offering fraud schemes. The regulator announced the enforcement action on Tuesday.
By the numbers
US$590 million
value of frozen assets
65
listing applications suspended
Regulatory scrutiny of listing applications
In addition to the asset freeze, the SFC reported that it suspended 65 listing applications during the first nine months of this year. The regulator cited the poor quality of work performed by listing sponsors as the reason for these suspensions.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business.
