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<IPO> CITIC Securities Withdraws as Sponsor for Top Toy Listing
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The Securities and Futures Commission (SFC) earlier moved to rectify issues among sponsors and required each principal at investment banks to be responsible for no more than five IPOs at the same time. According to overseas media and market sources, CITIC Securities decided to withdraw as a sponsor for the Hong Kong listing of Dachaowan International Group Limited (Top Toy) as it had exceeded the permitted IPO limit. Top Toy is a trendy toy company spun off from MINISO (09896.HK). It submitted its listing application to HKEX (00388.HK) in September last year, with JPMorgan, UBS and CITIC Securities acting as sponsors at the time. However, Top Toy refiled its listing application on Tuesday (31). The latest prospectus shows that CITIC Securities is no longer a sponsor for Top Toy, but remains an overall coordinator, while JPMorgan and UBS continue to serve as sponsors. The SFC earlier issued a regulatory circular criticizing 13 sponsor firms without naming them, stating that the quality of listing applications had declined significantly, with some principals "handling 19 IPOs simultaneously." Industry insiders believe that more cases of investment banks delaying IPOs or even abandoning deals will emerge. (ec/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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