19 September 2018

JP Morgan quits as China Everbright IPO underwriter, WSJ says


J.P. Morgan Chase has withdrawn from underwriting China Everbright Bank’s US$2 billion initial public offering in Hong Kong, the Wall Street Journal reported Tuesday, citing people with knowledge of the deal. The reasons for the exit were not immediately clear but it comes as the United States giant grapples with several investigations by regulators including one by the US Securities and Exchange Commission and the Justice Department into its hiring of relatives of Chinese officials. One of the hires US regulators have looked at is Tang Xiaoning, son of the chairman of China Everbright Group, a state-backed conglomerate that owns China Everbright Bank, the report said.

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