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JPMorgan becomes 1st global bank to have sponsored rejected HK IPO application

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JPMorgan becomes 1st global bank to have sponsored rejected HK IPO application

The Hong Kong stock exchange rejected Shenhua HealthHoldings' IPO application — an offering for which JPMorgan Securities (FarEast) Ltd. was a sponsor.

This is the first returned application featuring a globalbank since the exchange began disclosing the information. could suffer reputational damage and a decreased chance of securing futurebusiness, according to a Financial Timesreport. "People with knowledge of the matter" told the publicationthe application was returned because of issues with due diligence or disclosure.

In Hong Kong, IPO sponsors can be held liable for inaccurateclaims included in prospectuses.