HKEX(HK:00388) 梧桐树下V·2026-02-01 03:09Core Viewpoint - The Securities and Futures Commission (SFC) has expressed serious concerns regarding the significant deficiencies in the preparation of listing documents by sponsors during the surge of new listing applications in 2025, indicating potential misconduct and severe resource management issues among sponsors [1][2]. Group 1: Issues Identified - The SFC and the Hong Kong Stock Exchange (HKEX) found multiple serious deficiencies in the preparation of listing documents and responses to regulatory comments, suggesting that some sponsors may lack a thorough understanding of the applicants [1]. - There are significant resource issues among sponsors, including over-reliance on external professionals without adequate assessment of their competence, and a lack of qualified personnel to oversee transaction teams [1][2]. - As of December 31, 2025, the review process for 16 listing applications has been suspended due to serious deficiencies in responses from sponsors [2]. Group 2: Regulatory Actions - All sponsors are required to report the ratio of active listing projects to the number of key personnel, as well as the status of personnel involved in IPO sponsorship who have not passed required examinations [2]. - Sponsors supervising six or more active listing projects must provide feasible corrective and resource management plans to the SFC [2]. - The SFC may restrict the business scope and the number of active listing projects for sponsors that consistently fail to meet standards [2]. Group 3: Statements from SFC - The SFC's CEO emphasized the critical role of sponsors in maintaining the quality of Hong Kong's capital markets and investor confidence, urging sponsors to avoid overextending their business and to match responsibilities with their resource levels [3].