港交所2025年共收到并确认516宗新上市申请[1]，远超2022至2024年三年的总和。IPO申请数量的剧增导致招股书质量下滑，企业通过营销话术、重新定义赛道、蹭热点概念等方式对招股书进行"注水"[1]。香港证监会发现大部分活跃保荐人交易小组不熟悉香港IPO监管规定，缺乏经验和资源[1]，中介机构在人手短缺的情况下配合了这一现象[1]。
为遏制招股书质量下滑，香港证监会于2026年1月30日发布通函，要求招股书页数不超过300页，并要求企业在三个月内完成检讨纠正[1]。港交所IPO审查联席主管刘颖指出，部分企业招股书存在文字浮夸、商业模式介绍不清、美化行业排名、收入确认方式模糊等问题[1]。截至2025年末，已有16宗IPO项目因招股书质量低劣暂停审理[1]。
监管层还规定，同时监督或参与6宗及以上活跃上市委聘项目的保荐人，会被视为缺乏充足资源[1]。毕马威数据显示，港股IPO平均中介费约7161万元人民币，占募资额的比例通常在5%-8%之间[1]。新规发布后，市场开始自我规范，但部分企业仍在继续"硬冲"上市[1]。
Hong Kong's surging IPO applications have prompted regulators to take action against misleading disclosure practices. The Securities and Futures Commission issued a directive on January 30, 2026, imposing a 300-page limit on prospectuses and requiring companies to complete corrections within three months.[1]
The spike in applications has strained the market's quality controls. In 2025, the Hong Kong Exchanges and Clearing received and confirmed 516 new listing applications, exceeding the combined total of the previous three years.[1] By the first half of 2026, the main board had already received 373 IPO applications.[1] According to the Exchanges' IPO review co-head Liu Ying, some companies' prospectuses contain exaggerated language, unclear business model descriptions, inflated industry rankings, and ambiguous revenue recognition methods.[1]
The proliferation of applications has exposed resource constraints among intermediaries. The Exchanges found that most active sponsors lack familiarity with Hong Kong's IPO regulations and experience.[1] Regulators designated sponsors managing six or more active listing projects simultaneously as insufficiently resourced.[1] These conditions have enabled companies to employ marketing tactics, redefine market segments, and capitalize on industry trends to artificially enhance their prospectuses. As of the end of 2025, 16 IPO projects had been suspended due to poor prospectus quality.[1]
Intermediary fees remain substantial despite the regulatory push for reform. According to KPMG, average intermediary fees for Hong Kong IPO transactions reached approximately 71.61 million yuan, typically representing 5 to 8 percent of the capital raised.[1] While some market participants have begun self-correcting following the new requirements, certain enterprises continue pursuing listing through more aggressive approaches.[1]
