(Yicai Global) June 27 -- Hong Kong's securities regulator and anti-graft agency have arrested a former executive of the Hong Kong bourse's initial public offering vetting team and two of his associates for suspected misconduct.

The Securities and Futures Commission and the Independent Commission Against Corruption captured the three suspects that may have made concessions to help over 30 unqualified applicants, including property and catering companies, to go public, the SFC announced on its website yesterday.

The SFC is reviewing the manner in which the Hong Kong Exchanges and Clearing has dealt with listings. The HKEX and the SFC jointly vet prospectuses but the bourse operator plays a bigger role, the Shanghai Securities News reported earlier. 

The ICAC raided the offices of two investment banks and one financial printing firm. The investigation includes sponsors and law firms that are suspected of misconduct, Hong Kong media reported earlier this month.

Editor: Emmi Laine