Hong Kong's securities regulator has raided the local arms of two major Chinese brokerages as it investigates suspected misconduct tied to share offerings, sources said.
The Securities and Futures Commission (SFC) searched the Hong Kong offices of CCB International (CCBI) and China Securities International (CSCI). These are the offshore units of China Construction Bank Corp and China Securities Co.
The sources declined to be named. Spokespersons for the SFC and CSCI declined to comment, CCBI did not respond. Which share offerings are under scrutiny is unknown.
The probe highlights a broader regulatory crackdown in Hong Kong amid an IPO boom. In March, the SFC arrested eight individuals and raided at least two securities firms.
In Q1, Hong Kong saw companies raise HK$109.9 billion ($14.03 billion) via IPOs.
