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香港证监会扩大IPO保荐业务调查
Hong Kong regulator expands IPO probe to 15 banks and securities firms

来源:FT中文网    2017-10-12 05:58



        Hong Kong’s markets watchdog is investigating 15 banks and securities firms for “substandard work” on initial public offerings (IPOs), broadening a probe that has already shamed UBS and Standard Chartered for their role in a 2009 flotation.        香港市场监督机构正对15家银行和证券公司在首次公开发行(IPO)业务中的“不合格的工作”展开调查,扩大了此前已经令瑞银(UBS)和渣打银行(Standard Chartered)蒙羞(因其在2009年一次上市交易中的角色)的调查。
        The Securities and Futures Commission’s enforcement head Thomas Atkinson detailed the wider investigation into IPO sponsors — who organise and advise companies on their listings — at a Thomson Reuters regulatory summit on Wednesday.        香港证监会(SFC)法规执行部执行董事魏建新(Thomas Atkinson)在周三召开的汤森路透(Thomson Reuters)监管峰会上,详细介绍了对这些IPO保荐人——为公司上市提供组织和咨询服务——的扩大调查。
        He said investors suffered billions of dollars of losses because of the firms’ shoddy work, which included failing to verify companies’ revenues and other important data before launching their listings on Hong Kong’s market.        他表示,由于这些公司的糟糕工作——包括没有在上市前核实上市企业的收入和其他重要数据——投资者承受了巨额损失。
        The SFC is trying to shake Hong Kong’s reputation for not doing enough to contain fraudulent activities in its financial markets, particularly fraud involving Chinese companies.        香港证监会试图摆脱香港在遏制金融市场欺诈活动(特别是涉及中国内地企业的欺诈行为)上不够努力的名声。
        Mr Atkinson also told the conference that the SFC, which is looking at 136 “active fraud cases”, is exploring new ways to address cross-border crime involving China. The SFC is expected to force investors to identify themselves from early next year.        魏建新还向大会表示,正在调查136宗“活跃欺诈案”的香港证监会,正在探索解决涉及内地企业的跨境犯罪的新方式。香港证监会有望从明年初开始迫使投资者自证身份。
        UBS and Standard Chartered are being sued by the SFC for their roles in the 2009 IPO offering of China Forestry Holdings, which was suspended in 2011 and is being liquidated.        瑞银和渣打银行因其在2009年中国森林控股有限公司(China Forestry Holdings)上市中的角色被香港证监会起诉。中国森林于2011年被停牌,现在正在被清算。
        Standard Chartered closed its equities division, which handles IPOs, in 2015. UBS has said that the SFC’s action could lead to a suspension for its IPO sponsoring business.        2015年,渣打银行关闭了其处理IPO业务的证券部门。瑞银表示,香港证监会的举动可能导致其IPO保荐业务暂停。
        In a prophetic warning, last month the Swiss bank’s global investment banking head Andrea Orcel said more banks would be probed for their sponsorship work on IPOs.        上个月,这家瑞士银行的全球投行业务负责人安德烈亚•奥塞尔(Andrea Orcel)预见性地警告称,将有更多银行因其IPO保荐业务而受到调查。
        Mr Orcel also said UBS had not sponsored a single IPO in Hong Kong this year, because the high risks were not compensated with high returns.        奥塞尔还表示,瑞银今年没有在香港保荐任何一笔IPO交易,因为相关操作的高风险与回报不相称。
        One equity capital markets banker said SFC would likely focus on the most egregious cases to set an example. He added that enforcement on 15 different firms did not seem practical as it would “kill” the IPO market.        股权资本市场一名银行人士表示,香港证监会可能会重点关注最恶劣的交易来树典型。他补充称,对15家不同公司进行执法似乎不现实,因为这会“扼杀”整个IPO市场。
        In 2015, UBS was the top sponsor for IPOs in Hong Kong, according to data from Dealogic. So far this year, Chinese banks have dominated the industry; China International Capital Corp and Guotai Junan Securities have the top two rankings and six of the top 10 IPO sponsors are Chinese. The other top 10 Hong Kong IPO sponsors for 2017 include Bank of America Merrill Lynch, JPMorgan and Goldman Sachs.        根据Dealogic的数据,2015年瑞银是完成香港IPO交易最多的保荐人。今年迄今为止,中国内地银行占据了该行业;中国国际金融有限公司(China International Capital Corp,简称中金)和国泰君安证券(Guotai Junan Securities)位列IPO交易排行的前两位,2017年香港IPO市场最大的10个保荐人中有6家来自中国内地。其他几家保荐人包括美银美林(Bank of America Merrill Lynch)、摩根大通(JPMorgan)和高盛(Goldman Sachs)。
        The SFC made sponsors legally responsible for claims made in prospectuses in 2013, and has warned investment bankers that they must improve due diligence on companies when preparing for a float.        2013年起,香港证监会迫使保荐人对其在招股说明书中的说法担负法律责任,并警告投行人士称,他们必须对准备上市的公司加大尽职调查的力度。
        The SFC filed a lawsuit against Standard Chartered, UBS and KPMG in January 2017, alleging “market misconduct” because of issues with the prospectus for China Forestry’s $216m IPO and its annual and interim results announcements in 2009 and 2010.        2017年1月,香港证监会对渣打银行、瑞银和毕马威(KPMG)提起诉讼,称它们在中国森林2.16亿美元的IPO招股说明书和2009年及2010年年度和中期业绩公告中的问题,构成“市场不当行为”。
        In another notable case, the Hong Kong Stock Exchange in 2016 rejected an application to list Shenhua Health, a Chinese pharmaceutical company that JPMorgan sponsored. The US bank’s name was published on an exchange website in a so-called “name and shame” list of failed applications.        在另外一起引人瞩目的案件中,2016年香港交易所(HKEx)拒绝了摩根大通保荐的中国药企神华维康(Shenhua Health)的IPO申请。这家美国银行的名字被公布在交易所网站上申请失败“点名曝光”名单中。
                
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