证券时报记者吴瞬王蕊 近日，香港证监会和香港交易所罕见联名致函IPO保荐人，称旨在表达监管层对近期递交的新上市申请 中所观察到的质量下滑，以及某些不合规行为的监管关切。信函称部分IPO保荐人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等。 这一函件引发市场对港股后续IPO质量乃至持续性问题的担忧。对此，有资本市场人士告诉证券时报记 者，本次监管发函，其针对的主要是中介机构是否尽职尽责以及撰写上市文件的质量问题，而非港股 IPO公司本身的质地问题。 事实上，证券时报记者梳理相关招股书发现，目前港股招股书中"浮夸风""选择性呈现行业地位"等问题 频现。同时，大量IPO集中上市也令中介机构超负荷运转，容易"忙中出错"。而不少中小投行入局，也 加剧了IPO上市文件的质量问题。 招股书频现"浮夸风" 在目前已递表的不少港股招股书中，不难发现，确实存在一些"过度包装"的问题，一些原本极为简洁的 业务模式、业务流程，往往被冠以各类"高大上"的名词，相关内容晦涩难懂。 以某社交平台的招股书为例，该公司在描述其业务收入时，将其最核心的收入描 ...

Core Viewpoint - Soulgate Inc. (Soul) is seeking to go public for the fourth time, having submitted its prospectus to the Hong Kong Stock Exchange, with recent financial performance showing a reliance on non-operating income adjustments to achieve profitability [1][2]. Financial Performance - Soul has reported significant losses in recent years, with adjusted net profits primarily driven by non-operating income rather than core business operations [2]. - The company incurred a net loss of approximately 508.5 million RMB in 2022, with projected losses of 129.3 million RMB in 2023 and 149.4 million RMB in 2024 [2]. - Advertising and promotional expenses have totaled nearly 2.9 billion RMB over the past three years, indicating high investment in marketing [3]. User Metrics - As of August 31, the company reported an average daily active user count of 11 million, with 78.7% being Gen Z users, maintaining the top position in the domestic AI+ immersive social platform market [5]. - Monthly active users (MAU) reached 28 million, though this figure has not returned to the peak of 29.4 million in 2022 [5]. - User engagement metrics have improved, with the DAU/MAU ratio increasing from 32% to nearly 40%, suggesting a shift from user acquisition to user retention [5]. Revenue Streams - Soul's revenue is heavily concentrated, with emotional value services accounting for over 90% of total revenue, while advertising contributes only about 10% [6]. - Emotional value service revenue is projected to grow from 1.52 billion RMB in 2022 to 1.97 billion RMB in 2024, with advertising revenue expected to rise from 140 million RMB to 230 million RMB in the same period [6]. - The average revenue per paying user has increased from 75.3 RMB in 2022 to 104.4 RMB in the first eight months of 2025, with a payment conversion rate rising from 5.7% to 6.5% [6]. Business Model and Challenges - Soul's positioning as an "AI+ immersive social platform" has led to AI-related revenue of 297 million RMB, constituting only 17.7% of total revenue [7]. - The company's gross margin has been declining, with figures of 86.3% in 2022, 85.5% in 2023, and projected 81.5% in the first eight months of 2025 [7]. - The company has faced regulatory challenges, including being taken offline due to content review issues and being subject to rectification for personal information collection practices [7].