Core 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].

香港证监会指出，在2025年12月收到香港证监会与联交所联合函件的13名保荐人，以及资源紧绌的保荐 人，必须分别在3个月内针对所提出的关注事项及其可用于进行保荐人工作的资源完成全面检讨。 据介绍，在审视近期的上市申请时，香港证监会及香港联合交易所有限公司（联交所）发现保荐人在拟 备上市文件及回应监管意见的过程中存在多项严重缺失，且在发售阶段未能妥善处理关键的监管流程。 这些问题充分显示部分保荐人可能对上市申请人缺乏透彻的了解，亦有其他保荐人可能没有在提交上市 申请及回复监管机构查询前进行合理的尽职审查。 香港证监会同时注意到，部分保荐人存在严重的资源问题，包括过度依赖外部专业人士执行特定的工 作，却未有充分评估其胜任能力及资源，保荐人主要人员没有足够能力监督交易小组及参与上市委聘， 以及缺乏具备香港首次公开招股所需知识、技能和经验的人员来承担保荐人工作。 证券时报记者 吴瞬 1月30日，香港证监会发出通函，表示高度关注在2025年新上市申请激增期间出现的问题，包括部分上 市文件的拟备工作存在严重缺失，保荐人或有失当行为，以及其资源管理严重失误。截至2025年12月31 日，有16宗上市申请的审理流程已暂停。就 ...