Hong Kong’s securities regulator has dropped a lawsuit against Standard Chartered and UBS over their roles in the 2009 IPO of timber company China Forestry Holdings Co Ltd, two people with knowledge of the matter said.
Reuters reports that The Securities and Futures Commission (SFC) suit filed in January this year sought unspecified damages for “market misconduct” over the IPO of China Forestry filed in November 2009, according to the court documents at that time.
UBS and StanChart were joint sponsors, as investment banks and securities firms that underwrite listings in Hong Kong are called, for the initial public offering (IPO).
Standard Chartered no longer has an IPO sponsorship licence in Hong Kong, but UBS still does.
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