Hong Kong's Securities and Futures Commission (SFC) is investigating several corporate financial advisers who have acted as sponsors for firms hoping to list on the territory's stock exchange, it emerged earlier this week.
In a statement, the SFC revealed that certain of the listing sponsors might not have "sufficient resources to fulfil the professional and regulatory obligations required of them".
Speaking to the South China Morning Post, an unnamed SFC source explained that investigations sparked by financial irregularities at the firms hoping to list on the HKEx, had revealed that two of the sponsors in question had copied flawed prospectus information from each other.
The SFC statement also suggested that the advisers had aggressively solicited business in excess of their capabilities.
According to the SCMP, of the three sponsors currently being scrutinised, one has been singled out by the SFC as a likely candidate for disciplinary action.
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