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UBS banned from sponsoring Hong Kong IPOs

Hong Kong Stock Exchange
Hong Kong Stock Exchange. Photo by Sunnymok/VCG via Getty Images

Swiss bank UBS has been suspended from sponsoring Hong Kong IPOs for the next 18 months, likely due to its role in the 2009 IPO of China Forestry Holdings (which later collapsed). UBS disclosed the suspension and $15.2 million fine in its annual report — without identifying China Forestry — and said that it will appeal.

Why it matters: This could be a record year for Hong Kong IPOs, aided by plans to accept dual-class share listings.