香港证券业发布！关注保荐人“头部效应”，剑指IPO“速成文化”……

Core Viewpoint - The Hong Kong Securities and Futures Professionals Association highlights concerns over the high concentration of IPO sponsors in the market, which exacerbates the risk of declining application quality due to overburdened sponsors and a lack of experienced professionals [1][3]. Group 1: Market Concentration and Quality Concerns - The concentration of IPO sponsors is significant, with the top four sponsors handling 50% of the 216 IPO projects in 2025, indicating a market dominated by a few players [3]. - The association suggests that the current practice of sponsors handling multiple projects simultaneously may lead to a dilution of professional quality, resulting in poorly prepared listing documents [3][4]. - Recommendations include formalizing load management for sponsors and linking project load to compliance records to maintain professional standards [2][5]. Group 2: Talent Shortage and Its Impact - The industry faces a talent gap, with many experienced professionals lost during the pandemic and new hires lacking familiarity with Hong Kong's listing rules [6]. - This talent imbalance has led to a situation where seasoned professionals oversee projects while inexperienced staff handle execution, compromising the quality of work [6]. - The association calls for a systemic approach to rebuild the professional talent pipeline and encourages firms to establish sustainable training mechanisms [6]. Group 3: Regulatory Measures in Mainland China - In contrast, mainland China has implemented various measures to address the quality of IPO applications, including stricter oversight and evaluation of sponsor performance [7][8]. - The Chinese regulatory framework has set limits on the number of projects a sponsor can handle simultaneously, aiming to improve the quality of submissions [2][8]. - The concentration of IPO sponsorship in mainland China also mirrors that of Hong Kong, with the top five firms accounting for nearly half of the IPOs in 2025 [8].