HONG KONG EXCHANGE REJECTS INSURANCE BROKERS’ IPO

A Chinese state-owned insurance broker that describes itself as the biggest corporate broker AMTD Strategic Group backed by Morgan Stanley’s private equity arm IPO has been rejected.

The company filed for the Initial Public Offering ( IPO) in May but was rejected by the Hong Kong stock Exchange.

Hong Kong introduced stricter listing rules in 2014 to improve the quality of listings but fail to give reasons why it had rejected AMTD’s applications.

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