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Big Banks Fined $100 Million for Hong Kong IPO Failures – Wall Street Journal

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Hong Kong’s market regulator banned UBS Group AG from the most senior role on initial public offerings for a year, fining the Swiss bank and three rivals 786.7 million Hong Kong dollars (US$100.2 million) in total for cutting corners on IPOs.

On Thursday, the Securities and Futures Commission fined UBS HK$375 million for due diligence failures in its role overseeing the 2009 listing of China Forestry Holdings Co., the 2014 debut of Tianhe Chemicals Group Ltd. and another IPO that wasn’t specified. China Forestry was later…

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