Statement: Investment Banks and Listing Applications

statement: The three included the former joint head of the IPO vetting team of the listing department of Hong Kong Exchanges & Clearing Limited HKEX who, with his associates, was arrested for suspected corruption and misconduct in public office in relation to the vetting of listing applications of the two listed companies, the statement said, according to The Independent. It did not name the three people who had been arrested. The Independent Commission Against Corruption ICAC said in a statement on Wednesday that it had on Sunday searched the offices of two investment banks that sponsor, or lead, IPOs and two listed companies, and made three arrests in all. The statement said that HKEX had cooperated fully with the ICAC during its operation. The Securities and Futures Commission SFC Hong Kong's securities regulator said in a separate statement on Wednesday that it had searched the offices of two sponsor firms jointly with the ICAC. As part of these coordinated actions the SFC is conducting a specific review of the manner in which the Hong Kong stock exchange had administered or dealt with listing and other matters which may be relevant to the investigations, the statement said. Last year, Hong Kong was the top IPO destination worldwide with 36.3 billion raised, according to Refinitiv data. (news.financializer.com). As reported in the news.