Hong Kong’s securities regulator plans to bring more cases against investment banks for shoddy work on initial public offerings, the body’s enforcement chief said Wednesday, The Wall Street Journal reports. Tom Atkinson, head of enforcement at Hong Kong’s Securities and Futures Commission, said in one of his first public addresses since taking up the post that the commission has identified the issue as a priority. He said the conduct of some sponsors – the investment bank or firm responsible for managing an IPO offering – has “left a lot to be desired.” Sponsors shepherd companies through the listing process and are responsible for conducting due diligence on the companies before they list. Hong Kong is the world’s No. 1 market for IPOs this year.
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