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Great Many of Fake Accounts Participating in HK IPO Mkt: Report
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Around 200,000 fake securities accounts opened through brokers licensed in New Zealand, Vietnam, and other places where approval procedures are more relaxed are estimated to have been actively participating in Hong Kong's IPO market, according to Chinese financial self-media outlets. Sing Tao Daily cited industry sources as saying that there have indeed been rumors of unscrupulous individuals exploiting grey areas to open accounts. Meanwhile, the Securities and Futures Commission (SFC) refused to comment on individual cases or market rumors, but it stressed that it would actively monitor the market. The SFC also noted that the IPO settlement platform FINI, launched by HKEX (00388.HK) in 2023, requires all IPO subscribers to provide investor identification information, and licensed intermediaries handling orders referred from overseas must ensure the accuracy of the identification data submitted by applicants. AAStocks Financial News |
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