Deutsche Bank AG has won back its ability to sponsor IPOs in Hong Kong after it temporarily lost the right in June when two employees left without replacements lined up, according to Bloomberg who first reported the news.
The German bank hired three new senior staff and added Derek Chung, Ian Long and Albert Chang to the sponsor list, according to the Hong Kong’s Securities & Futures Commission website.
The appointments follow a brief period during which the bank lost its sponsor qualifications after it failed to replace staff members who were required by Hong Kong regulators to arrange share sales.
In IPOs in Hong Kong, sponsors’ duties include conducting due diligence on companies preparing to list and providing guidance to them. Any companies that act as sponsors are required to have at least two experienced people who can take on the role of an IPO principal, and who are approved by the Hong Kong Securities & Futures Commission.
Deutsche Bank is in the process of trying to rebuild its equity capital markets business in Asia after closing most of it around two years ago, according to Bloomberg.