HONG KONG (Oct 28): Swiss bank UBS said Hong Kong's securities regulator is investigating its role as sponsor of certain unnamed stock market listings in the city, with the intention to start unspecified action against the bank and some of its employees. The regulator confirmed separately an investigation was "under way into the role of UBS as a sponsor of certain IPOs". UBS has worked on US$26.2 billion worth of Hong Kong IPOs over the past decade, although its presence in Hong Kong — currently the world's hottest IPO market — is not as strong as elsewhere in the region, Thomson Reuters data showed. The bank has worked on some high-profile listings over the years, including some that have subsequently been subject to regulatory scrutiny and actions in Hong Kong. China Metal Recyling was placed into liquidation by a Hong Kong court which found the company had fabricated its financials.

Source: The Edge Markets October 28, 2016 07:04 UTC