IPO保荐与承销

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IPO保荐人与承销商:到底谁在主导企业IPO上市?
Sou Hu Cai Jing· 2025-08-11 10:24
Group 1 - The article discusses the roles and responsibilities of IPO sponsors and underwriters in the Hong Kong IPO process, clarifying their collaboration and distinctions [1][3]. - IPO sponsors are described as the "chief engineers" of the listing process, responsible for due diligence, drafting the prospectus, regulatory communication, and ongoing compliance supervision for at least two years post-listing [3][8]. - Major IPO sponsors in Hong Kong include international investment banks like Goldman Sachs and Morgan Stanley, as well as Chinese securities firms like CICC and CITIC [3]. Group 2 - Underwriters are characterized as the "sales force" for the stocks, focusing on pricing, distribution, and ensuring successful fundraising during the IPO [4][5]. - Key functions of underwriters include determining the issue price through book building, stabilizing the stock price post-listing using the green shoe option, and covering a wide range of investors [6][7]. - The article notes that large IPOs often involve multiple underwriters, categorized into global coordinators, book managers, and joint lead managers [7]. Group 3 - The article outlines the different phases of the IPO process, indicating that sponsors lead during the preparation phase, while underwriters take a more prominent role during the pricing phase [8][9]. - After the listing, sponsors continue to oversee compliance, while underwriters may provide additional financing services [10]. - The collaboration between sponsors and underwriters is essential for the success of an IPO, with each playing a distinct yet complementary role [10].