报告，我们那个港股IPO，卡住了

Group 1 - The new government investment fund guidelines are about to be released, emphasizing the need for early and innovative investments while ensuring the preservation and appreciation of fiscal funds [1] - The current favorable conditions for IPOs in the Hong Kong market are highlighted, urging companies to seize the opportunity [1] - There are concerns regarding the liquidity of the Hong Kong market, with past statements indicating a lack of confidence in the ability to sell shares post-IPO [2][3] Group 2 - Issues are arising with specific projects, such as delays in the IPO process due to uncooperative state-owned shareholders [2][3] - New leadership is hesitant to approve IPOs due to fears of valuation sustainability and potential audit questions regarding state asset loss [3] - The complexity of modifying agreements related to IPOs is causing significant delays, with processes taking months to complete [5] Group 3 - The discussion reveals a general sentiment that the Hong Kong IPO market may not be as beneficial for ordinary companies, with many only considering it due to restrictions on A-share listings [11][12] - The underlying motivation for pursuing Hong Kong IPOs is often linked to the need for exit opportunities for investors, rather than genuine market confidence [13]