2025香港上市全周期关键资料清单​

Core Viewpoint - The Hong Kong stock market has seen a surge in fundraising, surpassing HKD 100 billion in the first half of the year, becoming the world's leading market for IPOs, but many companies face challenges due to unfamiliarity with the listing process and regulations [1]. Group 1: Pre-Listing Preparation - The preparation phase consists of five main tasks: gathering necessary financial information, determining target capital structure, reviewing the equity and governance structure of the listing entity, establishing governance structure and board members, and reviewing management compensation and employee incentive plans [1]. Group 2: Execution Phase - The execution phase is divided into three main steps: holding a kickoff meeting, drafting the prospectus, and submitting the listing application [2]. Group 3: IPO Process Overview - The IPO process in Hong Kong includes the following steps: submission of application, hearing, roadshow, public offering, announcement of allocation results, and listing [3]. Group 4: Submission Process - The company appoints sponsors and other advisors to conduct due diligence and assist in preparing the prospectus, which is then submitted to the Hong Kong Stock Exchange along with the IPO fees and a hearing date [5]. Group 5: Hearing Process - The hearing is a comprehensive evaluation of the application materials by the Stock Exchange. Once approved, the company can prepare for the subscription date [6]. Group 6: Roadshow - After the hearing, the company, along with its sponsors and financial public relations, conducts a series of promotional activities known as roadshows, which typically last about one week [7]. Group 7: Public Offering - The public offering consists of two parts: "international placement" and "public subscription," usually accounting for approximately 90% and 10% of the total new shares issued, respectively [8][10]. Group 8: Allocation Results Announcement - Approximately seven days after the public offering period, the company announces the allocation results, including final pricing and subscription oversubscription rates [11]. Group 9: Dark Pool Trading - Dark pool trading occurs before the official listing, allowing for off-exchange trading of new shares [12]. Group 10: Post-Listing Support - After listing, the company enters a post-listing support phase, where major shareholders may lend shares to underwriters to stabilize the stock price [14][15]. Group 11: Green Shoe Mechanism - The green shoe mechanism allows underwriters to buy back shares to support the stock price if it falls below the offering price, or to issue additional shares if the price rises significantly [15][17].