China International Capital Corporation (CICC) shares experienced a significant plummet of 9.96% on October 14th, amid news that the company received a notice of case filing issued by the China Securities Regulatory Commission (CSRC).
The regulatory probe stems from CICC's alleged failure to exercise due diligence for its sponsorship of the initial public offering (IPO) of chipmaker S2C. Earlier this year, the Shanghai Stock Exchange barred S2C from listing its shares for five years due to inflated profits reported during the IPO process.
In a filing with the Hong Kong bourse, CICC stated that it will "actively cooperate" with the regulator and fulfill its information disclosure obligations. The news has raised concerns about potential penalties or actions against CICC for its role as the IPO sponsor, which could impact the investment bank's business and reputation.
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