Hong Kong watchdog investigates Cloudbreak Pharma for ‘rigged’ IPO, suspends its shares
“The SFC has serious concerns that Cloudbreak’s initial public offering may have been rigged to create an artificial impression of demand for Cloudbreak’s shares,” the SFC said in a statement on Thursday. The regulator considered the suspension “necessary or expedient to maintain an orderly and fair market” for the firm’s shares and to “protect the…