【锋行链盟】港交所IPO审核工作重点

Core Principles and Philosophy - The Hong Kong Stock Exchange (HKEX) emphasizes a "disclosure-based" approach, focusing on ensuring companies meet listing qualifications and providing accurate, timely information for investors to assess value and risk [2][5] - The core principles include ensuring suitability for listing, investor protection, and enhancing market quality and reputation [5][8] Specific Review Points - The review process is guided by the Listing Rules, particularly Chapter 8, covering aspects such as entity qualifications, business and industry disclosures, corporate governance, and internal controls [3][4] - Key areas of focus include: - Disclosure of significant information in the prospectus without major omissions or false statements [5] - Assessment of whether the company meets quantitative and qualitative listing thresholds [5] - Protection of shareholder rights, especially for minority shareholders [5] - Evaluation of the company's business sustainability, competitive advantages, and industry outlook [5][8] Financial Information and Compliance - Companies must provide clear and feasible plans for the use of raised funds, avoiding vague statements [6] - Financial statements must comply with Hong Kong Financial Reporting Standards or International Financial Reporting Standards, and significant accounting policies must be reasonable and prudent [9] - Disclosure of all relevant risks, including major litigation, tax compliance, and asset ownership, is required [9] Recent Trends and Additional Focus Areas - There is an increasing emphasis on ESG (Environmental, Social, and Governance) disclosures, particularly for high-impact industries, although not yet mandatory [9] - Data security and compliance are critical for technology and fintech companies, focusing on adherence to relevant laws [9] - Attention is given to supply chain concentration and geopolitical risks, as well as potential market manipulation behaviors [9]