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China punishes 19 institutions as it tightens checks on IPO price-setting

August 16, 2021
Source: fntalk.com fntalk.com
News Snapshot:
HONG KONG (REUTERS)- China’s securities regulators punished 19 institutional investors as the authorities tighten scrutiny over price-setting behaviours under a more liberalised listing system. China launched the tech-focused Star Market in Shanghai along with the introduction of a US-style, registration-based initial public offering (IPO) system in that market in mid-2019. The Securities Association of China (SAC) said late on Friday that a joint probe with the Shanghai Stock Exchange over Star IPOs had exposed issues with 19 institutional investors. The problems included weak internal controls, inadequate rationale for price-settings, non-compliance with stipulated procedures and improper storage of working papers, the...
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Tags: Bloomberg | Business | China | China Telecom | Chinese | currency | data | Economy | fund | Hang Seng | HERE | Hong Kong | index | initial public offering | ipo | IT | KONG | listing | listings | Renminbi | Shanghai | stock exchange | stock market | technology | Yuan

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