两会｜谭岳衡：建议严控港股IPO质量，提升国际发行人占比

Core Viewpoint - The Hong Kong stock market's current heat reflects confidence from local and international investors in the economic fundamentals and the operational prospects of listed companies, but underlying issues warrant attention, particularly regarding IPO quality and regulatory oversight [1][4]. Group 1: IPO Quality Control - There is a need for strict control over the quality of IPOs to maintain market credibility, as recent applications have shown a mix of quality, with some companies being inadequately qualified [4][5]. - Recommendations include enhancing scrutiny during the listing process for mainland companies and establishing a differentiated regulatory system for underperforming intermediaries [5]. Group 2: Internationalization of the Market - The current level of internationalization in the Hong Kong stock market is low, with non-Chinese issuers accounting for less than 5%, which is below that of other international exchanges [6][7]. - A proposal to create a "Belt and Road" international board aims to attract more high-quality international companies to list in Hong Kong by simplifying the listing process for exceptional firms [7][8]. Group 3: Enhancing Market Liquidity - To address liquidity issues, measures such as expanding the dual-currency trading system and increasing the number of stocks eligible for the Hong Kong Stock Connect are suggested [9]. - The establishment of a regulatory collaboration mechanism is recommended to prevent market anomalies and enhance the overall market ecosystem [9]. Group 4: Global Financial Governance - The global financial governance system is undergoing significant structural changes, necessitating a shift from passive participation to active contribution by Hong Kong in global financial rule-making [10][12]. - Specific strategies include establishing the Guangdong-Hong Kong-Macao Greater Bay Area as a strategic high ground for international rule alignment and initiating a "Belt and Road" financial capability-building partnership [12]. Group 5: Leading in Emerging Fields - There is a call for Hong Kong to take the lead in formulating international rules in emerging areas such as green finance, digital finance, and artificial intelligence [12]. - Initiatives include creating a global southern green finance standard alliance and establishing an Asian virtual asset regulatory cooperation platform [12].