UBS probed by Hong Kong watchdog over stock market floats

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UBS is being investigated in Hong Kong over its role in several stock-market flotations. 

The Swiss giant said the Hong Kong Securities and Futures Commission was probing its handling of some initial public offerings in the territory. The regulator could ban UBS from further flotation work or fine it.  

“This is a recent development and at this stage we are not commenting on the situation,” UBS chief executive Sergio Ermotti said.

The watchdog has launched a draconian crackdown on listing rules to tighten up the accuracy of financial information given to fund managers. 

Investment banks who shepherd companies to the stock market are now legally liable for the information contained in the sales pitch, known as a prospectus, opening the door to potential litigation. 

UBS investment bank reported a 68% drop in pre-tax operating profits to Swfr161 million. Overall third-quarter net profit fell to Swfr827 million from Swfr788 million last year.


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October 29, 2016 |
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