HONG KONG: Hong Kong’s securities regulator fined and reprimanded two units of the world’s third-largest bank by value, Industrial and Commercial Bank of China (ICBC) (pic), for their roles in the 2009 initial public offering of Powerlong Real Estate Holdings Ltd.
The Securities and Futures Commission (SFC) fined ICBC International Capital Ltd and ICBC International Securities Ltd HK$12.5mil (US$1.61mil) each, a tiny fine compared with the bank’s US$201.4bil market value.
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