Citigroup was fined $57 million by regulator of Hong Kong for a failed IPO

Asian division of Citigroup was fined HK$57 million by the financial regulator of Hong Kong, which accused it of violations in assessing the financial performance of the Chinese company Real Gold Mining before the initial placement of its shares in 2009. According to estimates of the Securities and Futures Commission of Hong Kong, Citigroup Global Markets Asia did not thoroughly assess the assets and sales of the Chinese company before the IPO on the Hong Kong stock exchange. In 2011, two years after the IPO, the stock of Real Gold Mining shares was suspended and has not yet been renewed.

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