Hong Kong has nailed its competition with an IPO boom in the last year – companies raised nearly $32bn (£21bn). But questionable standards have been a cause for concern, and this won’t help…

The Independent Commission Against Corruption claims that Leung Sze-chit, a 32 year-old senior manager at the firm offered a subordinate HK$100,000 over the floatation of Hontex International, which raised HK$1bn in December last year.

After an investigation, the member of staff was suspended by KPMG which has confirmed that it is co-operating fully with subsequent inquiries.