HONG KONG (Oct 11): Hong Kong’s securities regulator is probing “substandard work” by 15 firms in their roles as sponsors for initial public offerings (IPOs) in the Asian financial hub, a senior official said on Wednesday.

Thomas Atkinson, who heads enforcement at Hong Kong’s Securities and Futures Commission (SFC), told the Thomson Reuters Pan-Asian Regulatory Summit that the regulator was currently investigating 136 “active fraud cases”, of which 28 were “particularly serious”.

The sloppy work from the 15 unnamed sponsors, as investment banks and securities firms that underwrite listings are called, caused billions of dollars in investment losses, he added.

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