Hong Kong fines IPO sponsor firm

22 April 2012 Last updated at 21:24 ET

Hong Kong Stock ExchangeRegulators are trying to ensure that proper check are performed on companies looking to list in Hong Kong

Hong Kong's securities regulator has fined a brokerage firm and revoked its corporate finance licence as it seeks to implement tighter control over share sales.

Mega Capital (Asia) has been fined HK$ 42m ($ 5.4m; £3.4m) for "inadequate and sub-standard" diligence work and "failure to act independently".

The firm was the sole adviser to Hontex International, which had raised HK$ 1bn via a share sale in 2009.

Mega Capital has denied the charges.

"Mega Capital's failure in discharging its sponsor's duties prejudiced the regulatory assessment of Hontex's suitability for listing and jeopardized the interests of the investing public," said Mark Steward, executive director of the Securities and Futures Commission (SFC).

The fine is the largest so far imposed by the SFC.

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