Wall Street investment banks JPMorgan and Morgan Stanley have been placed on the...
) have been placed on the Hong Kong Stock Exchange’s “named and shamed” list after the $300 million initial public offering of Chinese biotech company Akeso Inc. was sent back for not meeting the correct regulatory requirements.
The New York legal firm, Davis Polk & Wardwell, had been hired to carry out the legal work on the deal. In Hong Kong, sponsoring banks must conduct due diligence to assess the company being listed, and are responsible for assuring potential investors that its IPO prospectus is accurate. The Hong Kong Stock Exchange did not publish reasons for the IPO having been returned and a spokesman declined to comment on Wednesday.
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