DB - Deutsche Bank cannot sponsor Hong Kong IPOs due to staffing gap - WSJ

franz12/iStock Editorial via Getty Images Deutsche Bank ([[DB]] -0.4%) temporarily loses the ability to sponsor Hong Kong initial public offerings as the bank fails to find replacements for Rowena Wong and Poon Tsz Yuen, who recently left the bank, the Wall Street Journal reports. A spokeswoman from DB told the WSJ that the company hired two managing directors from other financial institutions who will start their roles in a matter of weeks. Until then, it can still act as an IPO underwriter but not a sponsor. DB retains its institutional corporate-finance advisory license, according to the Securities and Futures Commission website. The development represents a snag in Deutsche Bank's ambitions to participate in the thriving Hong Kong market for IPOs. In the year to June 23, the Hong Kong Stock Exchange was home to $26B of IPOs, more than any other stock exchange outside of the U.S., the WSJ reported.

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Deutsche Bank cannot sponsor Hong Kong IPOs due to staffing gap - WSJ