确认！港交所与香港证监会联名“喊话”IPO保荐人：“质量下滑请注意”

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have expressed concerns regarding the declining quality of recent IPO applications and certain non-compliance behaviors, as indicated in a joint letter sent to IPO sponsors on December 5, 2025 [1][3]. Group 1: Regulatory Concerns - The joint letter highlights issues such as poor quality of submitted listing documents, insufficient reviews, unclear descriptions of business models, and excessive use of promotional language [1][3]. - It also mentions selective presentation of industry data to exaggerate the market position of listing applicants and sponsors' failure to respond timely to regulatory feedback, even when clear instructions were provided [1][3]. Group 2: Compliance and Process Issues - There are instances where sponsors did not adhere to established timelines during the IPO process, including failures in critical regulatory procedures, such as timely communication and the assignment of knowledgeable representatives [1][3]. - The HKEX has committed to ensuring that the review of new listing applications is conducted promptly and rigorously, maintaining close communication with issuers, sponsors, and professional advisors to ensure the completeness and quality of submitted materials [2][4]. Group 3: Commitment to Market Quality - The HKEX aims to enhance the quality of the listing market and solidify Hong Kong's position as a leading global listing venue, as reiterated in a joint statement released in October 2024 [2][4].