在港交所（HKEX）进行IPO（首次公开发行）过程中，发行人及中介机构需应对监管机构、投资者及市场的多重关注，核心围 绕合规性、信息披露、业务可持续性及市场接受度四大维度。以下是具体的关键关注点，按重要性及常见性排序： 一、财务指标与盈利能力：满足上市规则的硬门槛 港交所对IPO申请人的财务状况有明确规定（《上市规则》第8章），不同板块（主板/创业板）及不同测试标准（盈利/市值/收 入/研发投入）的要求差异较大，核心关注： 关注要点： 二、信息披露与透明度："披露为本"是核心原则 港交所强调"以信息披露为核心"，要求发行人充分、准确、及时披露所有重大信息，避免误导投资者。关键关注： 三、公司治理与独立性：确保发行人具备规范的运营体系 港交所要求发行人具备健全的公司治理结构，避免控股股东或管理层损害中小股东利益。核心关注： 四、业务模式与可持续性：尤其是新经济公司的"增长逻辑" 港交所近年来吸引了大量新经济公司（科技、消费、医疗、新能源等），监管层重点关注其业务模式的可持续性及盈利潜力： 科技公司的"护城河"：如专利数量、技术壁垒、用户粘性（如互联网公司的MAU/DAU增长、变现率）； 盈利测试（主板）：最近3 ...

Group 1 - The futures market's high-level opening is essential for enhancing international competitiveness and supporting the country's higher-level opening [2] - The internationalization of the domestic futures market has accelerated, with specific futures contracts attracting foreign traders, thereby expanding market depth and making Chinese futures prices a significant reference for global trade [2][5] - The trend of international commodity market risks returning to Chinese market prices highlights the influence and fairness of the Chinese market [2] Group 2 - Suggestions include encouraging domestic and foreign exchanges to collaborate on contract mutual listing and optimizing cross-border connectivity mechanisms, drawing from successful models like Shanghai-Hong Kong Stock Connect [3] - The importance of educating foreign investors about Chinese market rules is emphasized, with recommendations for multi-language educational platforms and online training tools [3][4] - Domestic futures companies are increasingly venturing into international markets, providing overseas risk management and financing services while attracting foreign investors to participate in the Chinese market [5][6] Group 3 - The current international business environment presents significant opportunities for futures companies, driven by regulatory support and growing demand for risk management from domestic enterprises [5][6] - Challenges include cross-border regulatory differences, high compliance costs, and a shortage of professionals skilled in both derivatives and cross-border communication [6] - The need for enhanced international regulatory training and talent exchange is highlighted to improve the industry's capability in international business expansion [6] Group 4 - The Industry Service Alliance aims to connect the futures market with the real economy by building a global promotion platform and facilitating two-way communication [7] - Activities include showcasing Chinese futures market features and investment opportunities to international investors through targeted visits and industry salons [7] - The alliance plans to publish bilingual market journals to provide timely and accurate market information to international investors [7]

Core Viewpoint - The article emphasizes the accelerating restructuring of the global economic landscape by 2025, highlighting the strategic importance of mergers and acquisitions (M&A) for listed companies as a core engine for resource allocation and value creation. The complexity of operations in this area is increasing due to various challenges, including deepening state-owned enterprise reforms, dynamic adjustments in foreign investment regulations, and the evolving role of private equity in M&A activities [1]. Group 1: Market Trends and Challenges - The current market faces multiple intertwined challenges, including the emergence of new participation models due to state-owned enterprise reforms and ongoing adjustments in foreign investment access and regulatory frameworks [1]. - The role of private equity in M&A is becoming increasingly innovative and active, with intensified control battles among stakeholders [1]. - Professional risk points such as intellectual property, tax compliance, antitrust reviews, and cross-border regulations are becoming more prominent, demanding unprecedented levels of transaction structure design, execution efficiency, and risk management [1]. Group 2: Forum Details - The Global and China M&A Market Forum 2025 will be held in multiple locations, including Beijing, Chengdu, Shanghai, and Shenzhen, focusing on the latest trends in the M&A market and core challenges [1][4][8][14][18]. - Key topics of discussion will include private equity participation in restructuring, foreign strategic investment trends, key considerations in control acquisitions, and risk prevention related to intellectual property [1][5][10][19]. - The forum aims to gather industry insights, promote professional exchange and collaboration, and explore market opportunities to drive the standardization and innovation of M&A practices among listed companies [1].