专访中诚信绿金国际CEO杨珺皓：ESG信披质量不佳或成赴港IPO“减速带”，申请A+H企业可持续信披应就高不就低｜ESG高端访谈

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity, raising HKD 107.1 billion in the first half of 2025, a 22% increase compared to the entire previous year, making it the leading market globally for IPOs [2] - ESG (Environmental, Social, and Governance) considerations have become a significant challenge for companies seeking to list in Hong Kong, with the Hong Kong Stock Exchange (HKEX) implementing stricter ESG reporting requirements [2][3] ESG Reporting Evolution - The HKEX has progressively shifted from voluntary ESG disclosures to mandatory requirements, with the latest upgrade to the ESG Reporting Code set to take effect in 2025, mandating disclosures on greenhouse gas emissions [3][4] - The transition includes a focus on climate-related disclosures, aligning with the International Sustainability Standards Board (ISSB) guidelines, which will enhance the comparability and reliability of ESG data across different regions and industries [4][5] Importance of Governance - The governance aspect of ESG is emphasized as critical for long-term corporate survival, with the board of directors being responsible for setting ESG goals and ensuring accountability [7] - Strong board oversight is essential to prevent superficial ESG practices and to address investor concerns regarding governance quality [7] Comparison of ESG Requirements - The HKEX adopts a "financial materiality" principle, focusing on how ESG risks impact corporate value, while mainland exchanges emphasize a "double materiality" approach, considering both financial impacts and the company's effects on society and the environment [8][9] - The HKEX has established a detailed disclosure framework for ESG issues, while mainland exchanges have a more integrated approach, encouraging companies to embed ESG factors into their governance and strategic decision-making [9][10] Recommendations for A+H Companies - A+H companies are advised to adopt the stricter HKEX standards as a baseline for their ESG reporting, ensuring compliance with both HKEX and mainland requirements to avoid redundant efforts [10][11] - Companies should establish a robust ESG governance structure, conduct stakeholder assessments, and develop a comprehensive data management system for ESG metrics, particularly focusing on greenhouse gas emissions [10][12] Future Trends in ESG Regulation - The HKEX is expected to follow global trends towards mandatory third-party assurance for ESG data, with potential legal consequences for misleading ESG disclosures [13][14] - The regulatory landscape is evolving to include stricter measures against "greenwashing" and false ESG claims, indicating a shift towards more rigorous oversight of ESG practices [14]