Investors who recently bought into multi-billion-dollar Chinese tech listings in the US may have thought they’d be enjoying the riches of some of the most hotly anticipated IPOs of the year. Instead, they’re staring at headlines churn about Beijing-led regulatory probes and watching their gains vanish.

It’s a glaring example that the types of risks once relegated to boilerplate language, deep within company prospectuses, are now front and centre. But who bears ultimate responsibility for rooting them out?

Wall Street banks including JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. have become savvier underwriters since the latest version of China’s cybersecurity law took effect last year.

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