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Hong Kong regulators fine Citigroup over mishandled IPO

More settlements, with other firms, are expected in the coming monthsBloomberg News/LandovPedestrians cross a road in front of a Citigroup Inc. Citibank branch in the central business district of Hong Kong. Hong Kong’s securities regulator on Thursday fined an Asian unit of Citigroup Inc.(XNYS:C)  57 million Hong Kong dollars (US$7.26 million) for failures while leading an initial public offering in the city in 2009. Hong Kong’s Securities and Futures Commission said Citigroup hadn’t conducted “adequate and reasonable due diligence” on some aspects of the listing of Chinese company Real Gold Mining Ltd., for which it acted as sponsor.