Morgan Stanley and JPMorgan Chase & Co’s application to take a Chinese biotechnology company public was rejected by the Hong Kong stock exchange.
The announcement about Akeso Inc’s (康方生物科技) listing, made late on Wednesday, puts the Wall Street banks on a list that bankers have dubbed “name and shame,” because it discloses the financial institutions and companies involved in any failed application.
The IPO filing application was returned on Dec. 5, the Hong Kong Exchanges & Clearing Ltd (HKEX) said in a statement, without providing a reason.
An October 2013 policy stipulates that incomplete IPO applications are to be returned by HKEX. There is no tangible punishment for banks, but the company has to wait at least eight weeks to resubmit an IPO application.
Spokespeople at Morgan Stanley, JPMorgan and HKEX all declined to comment.
Since 2014, the territory’s stock exchange has rejected 21 applications to both its main board and its growth enterprise market.
Past rejections mostly consisted of local and Chinese banks, such as Guotai Junan Capital Ltd (國泰君安融資) and BOCOM International (Asia) Ltd (交銀國際證券). JPMorgan also made the list for a deal in 2016.
Even if a bank is put on the list multiple times, there are few signs that it undermines its ability to sponsor deals in the world’s busiest IPO market. For example, China Everbright Capital Ltd (中國光大融資) has also made the list twice.
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