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Relations between Canada and China deteriorated sharply after Meng’s arrest. China has arrested two Canadians on national security grounds and retried another citizen who had already been convicted on drugs charges, this time sentencing him to death. “Meng Wanzhou has committed no crime. She didn’t violate any Canadian rules and I think both Canada and Huawei are victims because this case hurts people in both countries and bilateral relations also suffered setbacks,” said Ren.
He also said he had previously only communicated infrequently with Meng, given how busy the two were, “Now, every other day we have phone calls, we shoot the breeze, tell jokes, I tell her some anecdote I read on the internet, The case in Canada made my bonds deeper with my daughter,” he said, Huawei is a major manufacturer of equipment for 5G, the latest generation of cellular mobile communications, Canada is studying whether the firm will be able to cufflinks near me bid for 5G contracts, given concerns about how secure the technology is..
HONG KONG (Reuters) - Hong Kong’s securities regulator banned UBS from leading initial public offerings (IPOs) in the city for a year, while fining it and rivals including Morgan Stanley a combined $100 million for due diligence failures on a series of IPOs. UBS is the first major bank involved in stock listings to face such a suspension in the city. The $100.2 million in fines are the toughest actions yet taken by the regulator as part of its campaign against what it sees as shoddy listing standards.
The Securities and Futures Commission (SFC) on Thursday fined Swiss giant UBS cufflinks near me HK$375 million ($48 million), It fined Morgan Stanley HK$224 million, Merrill Lynch HK$128 million and Standard Chartered (StanChart) HK$59.7 million, all for failures when sponsoring, or leading, IPOs, Helping firms to list is big business in Hong Kong, which was last year’s top IPO destination worldwide with $36.3 billion raised, according to Refinitiv data, But, in the wake of a slew of scandals among newly traded firms earlier this decade, the SFC has been cracking down on banks not properly carrying out their duties as sponsor..
Hong Kong IPOs need at least one sponsoring bank, which typically takes the lead in running the IPO and collects a larger proportion of fees than banks listed only as bookrunners. Sponsors must conduct due diligence to assess the company being listed, and are responsible for assuring potential investors that its IPO prospectus is accurate. The IPOs in question were those of China Forestry, sponsored by UBS and Standard Chartered, and Tianhe Chemicals, sponsored by UBS, Merrill Lynch and Morgan Stanley.
UBS was also fined cufflinks near me for failing to discharge its duties in a third IPO which the regulator did not name, but which sources have identified as China Metal Recycling (CMR), a now-defunct scrap merchant, “The outcome of these enforcement actions for sponsor failures ., signify the crucial importance that the SFC places on the high standards of sponsors’ conduct to protect the investing public and maintain the integrity and reputation of Hong Kong’s financial markets,” said Ashley Alder, chief executive of the SFC, in a statement..
Fines in Hong Kong are based on up to three times the fees or profits made by the regulated group or person, less a discount for cooperation with the investigation. Morgan Stanley was fined more than Bank of America Merrill Lynch by the regulator because it took more of the fees from Tianhe for the IPO. China Forestry raised $216 million in its 2009 IPO. Just 14 months after listing, trading of its shares was suspended when its auditor discovered irregularities. The company was subsequently liquidated.
Tianhe, engaged in the manufacture and sale of chemical products, listed in 2014 but was soon after targetted by a short seller, who claimed it had inflated profits and presented related groups as customers, The company denied the allegations, Trading in its shares has been suspended since 2015, Among the failings described by the regulator was one instance where none of the three banks sponsoring Tianhe Chemical’s IPO followed up after interviewing the company’s largest customer cufflinks near me as part of their sponsor due diligence..