By naming and shaming the biggest bond salesman in the market, HK securities watchdog sends strong message: it won’t tolerate similar misconduct by others. After a record-breaking string of fines it seems the SFC is shrinking is backlog of cases.
Xiaomi, issuers and mainland investors have been caught in the cross-fire between bourses. While the prize of hosting China’s tech unicorns is worth fighting for, exchanges should not lose sight of who they ultimately serve: investors.
As liquidity dries up, explosive growth in the number and scale of new Rmb PE funds is slowing dramatically. The end of easy money is the most important decelerator. This is likely to pull down sky-high deal valuations.