知名机构，发声！

Group 1 - The Hong Kong stock market is increasingly recognized as a vital platform for capital operations, particularly in fund investment exits and mergers and acquisitions (M&A) [1][3] - The Hong Kong Company Secretarial Association emphasizes the importance of Hong Kong as a key international market for asset restructuring and fund exits for Chinese enterprises [1] - Recent discussions highlighted the growing trend of diversified exit strategies for investment institutions due to declining IPO valuations and increased liquidity demands [3] Group 2 - Legal experts discussed critical issues for funds and financial investors when exiting through the Hong Kong stock market, including special shareholder rights and compliance with Hong Kong Stock Exchange regulations [5] - The importance of understanding the differences in lock-up periods for various types of investors during the IPO stage was emphasized [5] - The regulatory requirements for cornerstone investors in the IPO process were outlined, along with potential exemptions [5] Group 3 - Cross-border M&A legal due diligence now requires a focus on trade compliance and risks associated with economic sanctions [7] - Geopolitical factors may lead to stricter antitrust reviews and foreign investment scrutiny in cross-border transactions [7] - Key clauses in M&A agreements may vary by region, with a trend towards enhanced guarantees and indemnities to increase transaction certainty [7] Group 4 - Recent updates to the Hong Kong Stock Exchange guidelines have introduced specific requirements for valuation disclosures in transactions [9][10] - Various valuation methods were discussed, including their principles, applicability, and key considerations during practical implementation [10] - Tax considerations for fund exits and M&A were addressed, including the tax treatment of RMB and USD fund structures [11]