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.

Bottom line, per Bloomberg: "At first glance, UBS has lost little. It will still be able to act as an underwriter, which generates far more in fees than sponsoring IPOs. The sponsor is the advising bank that guarantees the contents of a prospectus and essentially signs off on the listing. But landing the role of sponsor is generally a path for banks to take the job of lead underwriter, also known as joint global coordinator, so the SFC ban will indirectly hurt."

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.