China’s regulator hits CICC with US$1.1 million in penalties over chip company’s IPO

Quick Summary:

The company, considered China’s Goldman Sachs, failed to exercise due diligence in S2C’s aborted share listing, CSRC says.

The company received notice of the CSRC’s case filing earlier this month.“The company is committed to an investor-oriented approach, continuously enhancing the control of professional quality, rigorously safeguarding the ‘entrance’ to the capital market, fulfilling its responsibility as a ‘gatekeeper’, and better serving the high-quality development of the capital market,” it added.

CICC said it “sincerely accepts the penalties and will learn lessons from this case for comprehensive rectification”.

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Article Details

Author / Journalist: Cheryl Arcibal

Category: Business

Markets: Hong KongChina

Topics: Capital China’s Yuan Cicc Market Sponsorship Hits Million Regulator China Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-28 @ 10:05:06 (3 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 230 words

Reading Time: 2 minutes read

Sentences: 7 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23347149

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