香港证监会及港交所联合致函部分保荐人 对IPO申请质量表示担忧 12月9日，据彭博社报道，香港证监会与香港交易所的官员联名致函IPO保荐人，指出近期新上市申请数量激增背景下，部分投行提交的材料存在内 容不全、质量低下等问题，引发监管层对合规风险的担忧。 这封日期为12月5日的联名信指出，2025年香港IPO申请显著增加，部分保荐机构在应对高负荷业务时，暴露出对本地上市规则不熟悉、缺乏实操经 验等问题，导致申报文件不符合基本监管要求。 据悉，信函提及的不合标准的情况可能包括： 所提供的上市文件品质差劣，审查不足，如涉及业务模式的描述不够清晰、过度使用宣传用语； 选择性呈现行业数据以夸大上市申请人的市场地位； 保荐人未能及时回应监管机构的意见，哪怕已给予明确的指示，仍有保荐人对个案的基本事实都缺乏认知； 保荐人在招股阶段未能按既定时间表遵守相关的流程，甚至曾出现个案在处理一些关键监管流程（如审查配售的承配人以发布配发结果）时投行的负 责代表未能及时联络、或被指派的人不具备足够知识处理，导致未能满足招股阶段所规定的时间表等。 香港证监会的一位发言人表示，其与香港交易所向多家IPO保荐人发出了一封联合信函。香港交易所 ...

Group 1 - Hong Kong's capital market has emerged as a "dark horse" in the global IPO landscape since 2025, with a fundraising amount of HKD 107.1 billion in the first half of the year, expected to exceed HKD 220 billion for the entire year, reclaiming the top position globally [2][3] - The "A+H" dual listing model has become normalized, with major A-share companies like CATL and Hengrui Medicine listing in Hong Kong, creating an IPO matrix of "large enterprises + hard technology + new consumption" [3] - The introduction of the Chapter 18C and "Special Line for Tech Companies" policies has lowered the entry barriers for unprofitable tech firms to list in Hong Kong, allowing AI companies to successfully go public [3][5] Group 2 - The active IPO market in Hong Kong reflects a global capital reallocation towards Chinese core assets, driven by a reduction in stock stamp duty and an increase in family office assets [4] - Companies in advanced manufacturing, such as Sanhua Intelligent Controls and Lens Technology, have achieved valuation recovery through the Hong Kong market, showcasing its efficiency for "tech + production" firms [5] - The consumer and pharmaceutical sectors have seen significant activity, with brands like Mixue Ice City and Hengrui Medicine attracting substantial institutional support, indicating a rebuilding of market trust in the biotech sector [5] Group 3 - Hong Kong is transitioning from a "follower" to a "rule-maker" in the IPO space, implementing differentiated strategies to build a competitive edge against Nasdaq and NYSE [6] - The deepening of mutual connectivity, such as the Bond Connect, has solidified Hong Kong's position as a key investment channel, with a notable increase in foreign holdings of Chinese bonds [6] - The IPO market in Hong Kong is forming a positive cycle of "institutional innovation - capital inflow - industrial upgrading," with expectations of significant new listings and capital influx [6]