Pork producer WH Group's decision to pull its Hong Kong
initial public offering (IPO) sparked yet another round of
criticism aimed at market practices in the city-state. The
company had mandated a record 28 banks for its listing. The
sheer size of the consortium reportedly made execution
difficult, especially with weak demand for the deal.
But calls to further regulate the market –
especially by limiting the number of banks on IPOs –
are misguided. The...