Banks Said to Split From Investors on Hong Kong’s IPO Overhaul

The banks would be going against large investors, who say they want more transparency and protection for shareholders, as well as possible support from individuals in mainland China. At stake is who calls the shots on listings in the world’s second-largest IPO market, as the proposals would move key powers to a new SFC-dominated committee. The issue is controversial enough that some securities firms may hold off signing any of the submissions, one of the people said.