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[$$] Citigroup Fined More Than $7 Million by Hong Kong Regulator

Hong Kong’s securities regulator on Thursday fined an Asian unit of Citigroup Inc. 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. Sponsors shepherd companies through the listing process and can be held liable for misleading statements in the IPO prospectus.