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Hong Kong regulator slaps UBS unit with 18-month suspension from sponsoring IPOs

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Hong Kong regulator slaps UBS unit with 18-month suspension from sponsoring IPOs

The Hong Kong Securities and Futures Commission, or SFC, suspended UBS Securities Hong Kong Ltd. from sponsoring IPOs for 18 months amid investigations over its role in certain offerings listed on the Hong Kong Stock Exchange.

The regulator also imposed a fine of HK$119 million, UBS Group AG said in its 2017 annual report. The SFC had previously indicated that it will take enforcement action against the bank and certain employees over their roles in China Forestry Holdings Co.'s US$216 million IPO in 2009.

The Swiss lender said it will appeal the SFC's decision.