March 14, 2019 / 9:01 AM / 4 months ago

Hong Kong regulator suspends UBS's IPO sponsor licence for 1 year

HONG KONG, March 14 (Reuters) - Hong Kong’s securities regulator banned UBS on Thursday from sponsoring initial public offerings (IPOs) in Hong Kong for one year for failures as a sponsor of three IPOs.

The Securities and Futures Commission (SFC) also fined the Swiss bank HK$375 million ($47.77 million) and suspended the licence of UBS banker Cen Tian for failing to discharge his duties as sponsor principal in charge of the IPO of China Forestry, the regulator said in a statement.

The three IPOs were those of China Forestry, Tianhe Chemicals, and one other firm, the regulator said.

“UBS takes note of the findings of the Hong Kong Securities and Futures Commission’s (SFC) investigations. We are pleased to have resolved these legacy issues relating to our Hong Kong IPO sponsorship license. We look forward to continuing to service our clients in Hong Kong,” UBS said in a statement. ($1 = 7.8497 Hong Kong dollars) (Reporting by Alun John; Editing by Muralikumar Anantharaman)

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