【锋行链盟】港股IPO财务顾问职责及核心要点

Core Viewpoint - The role of financial advisors in Hong Kong IPOs is crucial for connecting issuers, regulatory bodies, investors, and other intermediaries, ensuring compliance and facilitating successful issuance. Group 1: Core Responsibilities of Financial Advisors - Financial advisors oversee the entire IPO process, from preparation to post-listing, including key stages such as pre-IPO preparation, due diligence, and internal controls [3][4]. - They conduct thorough due diligence to identify issues related to business history, ownership structure, business model, and financial accounting, providing rectification suggestions [4]. - Advisors design optimal listing plans based on the company's attributes and financing needs, coordinating with various intermediary teams [4]. - They lead comprehensive due diligence across financial, legal, and business dimensions, ensuring compliance with the Hong Kong Stock Exchange's requirements [4]. - Advisors draft the prospectus, highlighting investment merits while ensuring complete and accurate information disclosure [4]. - They respond to regulatory feedback during the listing hearing, coordinating additional due diligence and drafting responses to facilitate approval [4]. - Advisors assist in valuation and pricing recommendations based on comparable company analysis and market sentiment [4]. - They organize pre-roadshows and global roadshows to engage potential cornerstone and institutional investors, enhancing market attention [4]. - Advisors support the execution of share distribution and the exercise of over-allotment options to ensure a smooth issuance process [4]. Group 2: Key Points for Financial Advisors - Compliance is prioritized to meet the substantive review requirements of the Hong Kong Stock Exchange [5]. - Financial authenticity is critical, requiring thorough checks on the consistency of business, financials, and cash flows [5]. - Clear valuation logic is necessary to balance issuer demands with market acceptance, especially for new economy enterprises [5]. - Risk control involves identifying key obstacles and developing contingency plans [5]. - The ability to coordinate multiple parties is essential for project execution, involving issuers, intermediaries, regulators, and investors [5]. Group 3: Listing Qualifications and Compliance - Advisors ensure issuers meet the listing qualifications as per the Hong Kong Stock Exchange's rules, including profitability and revenue thresholds [7]. - Compliance with VIE structure regulations is necessary, demonstrating the objective existence of foreign investment restrictions [7]. - Advisors must verify revenue recognition practices and ensure the legitimacy of related party transactions [7]. - They assess asset quality and ensure that cash flow matches net profit, avoiding discrepancies that could indicate underlying issues [7]. - Advisors should consider differentiated valuation methods based on industry characteristics and market sentiment [7].