With the date for the introduction of the new regulatory regime for IPO sponsors now just a matter of weeks away on October 1, 2013, the Hong Kong market has witnessed further action taken by the Securities and Futures Commission (SFC) against a Hong Kong-listed company accused of behaviour that the new regime is intended to address. On this occasion, the SFC has for the first time exercised its powers under the Securities and Futures Ordinance (SFO) to petition the High Court to wind up a listed company, on public interest grounds. We saw another instance of a "first" earlier this year when the SFC forced Cheung Kong (Holdings) Limited to unwind a sale of individual units in a hotel known as The Apex Horizon [1] which the SFC considered amounted to a collective investment scheme and where the promotional materials and offer process lacked SFC authorization. [2] The theme of stepped-up enforcement action is an ongoing one and it is to be expected that more examples are likely to follow.