香港證監(jiān)會擴大IPO保薦業(yè)務(wù)調(diào)查

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.

香港市場監(jiān)督機構(gòu)正對15家銀行和證券公司在首次公開發(fā)行(IPO)業(yè)務(wù)中的“不合格的工作”展開調(diào)查，擴大了此前已經(jīng)令瑞銀(UBS)和渣打銀行(Standard Chartered)蒙羞(因其在2009年一次上市交易中的角色)的調(diào)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.

香港證監(jiān)會(SFC)法規(guī)執(zhí)行部執(zhí)行董事魏建新(Thomas Atkinson)在周三召開的湯森路透(Thomson Reuters)監(jiān)管峰會上，詳細介紹了對這些IPO保薦人——為公司上市提供組織和咨詢服務(wù)——的擴大調(diào)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，由于這些公司的糟糕工作——包括沒有在上市前核實上市企業(yè)的收入和其他重要數(shù)據(jù)——投資者承受了巨額損失。

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.

香港證監(jiān)會試圖擺脫香港在遏制金融市場欺詐活動(特別是涉及中國內(nèi)地企業(yè)的欺詐行為)上不夠努力的名聲。

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.

魏建新還向大會表示，正在調(diào)查136宗“活躍欺詐案”的香港證監(jiān)會，正在探索解決涉及內(nèi)地企業(yè)的跨境犯罪的新方式。香港證監(jiān)會有望從明年初開始迫使投資者自證身份。

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.

瑞銀和渣打銀行因其在2009年中國森林控股有限公司(China Forestry Holdings)上市中的角色被香港證監(jiān)會起訴。中國森林于2011年被停牌，現(xiàn)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，渣打銀行關(guān)閉了其處理IPO業(yè)務(wù)的證券部門。瑞銀表示，香港證監(jiān)會的舉動可能導(dǎo)致其IPO保薦業(yè)務(wù)暫停。

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.

上個月，這家瑞士銀行的全球投行業(yè)務(wù)負責人安德烈亞•奧塞爾(Andrea Orcel)預(yù)見性地警告稱，將有更多銀行因其IPO保薦業(yè)務(wù)而受到調(diào)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.

奧塞爾還表示，瑞銀今年沒有在香港保薦任何一筆IPO交易，因為相關(guān)操作的高風(fēng)險與回報不相稱。

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.

股權(quán)資本市場一名銀行人士表示，香港證監(jiān)會可能會重點關(guān)注最惡劣的交易來樹典型。他補充稱，對15家不同公司進行執(zhí)法似乎不現(xiàn)實，因為這會“扼殺”整個IPO市場。

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.

根據(jù)Dealogic的數(shù)據(jù)，2015年瑞銀是完成香港IPO交易最多的保薦人。今年迄今為止，中國內(nèi)地銀行占據(jù)了該行業(yè);中國國際金融有限公司(China International Capital Corp，簡稱中金)和國泰君安證券(Guotai Junan Securities)位列IPO交易排行的前兩位，2017年香港IPO市場最大的10個保薦人中有6家來自中國內(nèi)地。其他幾家保薦人包括美銀美林(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，香港證監(jiān)會迫使保薦人對其在招股說明書中的說法擔負法律責任，并警告投行人士稱，他們必須對準備上市的公司加大盡職調(diào)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，香港證監(jiān)會對渣打銀行、瑞銀和畢馬威(KPMG)提起訴訟，稱它們在中國森林2.16億美元的IPO招股說明書和2009年及2010年年度和中期業(yè)績公告中的問題，構(gòu)成“市場不當行為”。

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.

在另外一起引人矚目的案件中，2016年香港交易所(HKEx)拒絕了摩根大通保薦的中國藥企神華維康(Shenhua Health)的IPO申請。這家美國銀行的名字被公布在交易所網(wǎng)站上申請失敗“點名曝光”名單中。