香港证券监管机构已于上个月指示证券交易所暂停三家上市公司的交易，此举释放出对上市公司质量采取强硬态度的信号。
Hong Kong’s securities watchdog has directed the stock exchange to suspend trading of three listed companies in the last month, signalling a hawkish turn regarding the quality of listed firms.
中国奶茶制造商四川百茶百道实业股份有限公司（又称“茶百道”）于周二上午9点开盘前，根据《证券及期货（证券市场上市）规则》第8(1)条，被证券及期货事务监察委员会（证监会）暂停交易。未披露更多细节。
Chinese bubble-tea maker Sichuan Baicha Baidao Industrial, also known as Chabaidao, was suspended by the Securities and Futures Commission (SFC) at 9am on Tuesday, before the market opened, under Rule 8(1) of the Securities and Futures (Stock Market Listing) Rules. No further details were disclosed.
这是自9月10日以来，该监管机构第三次动用该规则。该规则允许证监会在上市公司发布重大虚假或具误导性信息，或者为维护有序和公平交易以保护投资者而需要暂停交易时，下令暂停交易。
It marked the third time since September 10 that the regulator has invoked the rule, which allows the SFC to order suspension when a listed company issues materially false or misleading information, or when a suspension is needed to maintain orderly and fair trading to protect investors.
证监会曾于9月10日以涉嫌首次公开募股（IPO）操纵为由暂停生物技术公司云顶新耀（注：原文Cloudbreak）的交易，并于9月25日以贷款收益流向为由暂停银建国际控股集团的交易。
The SFC suspended biotechnology firm Cloudbreak on September 10 over potential initial public offering (IPO) manipulation, and Silver Grant International Holdings Group on September 25 over the flow of loan proceeds.
香港证券及期货专业总会理事侯思明（Kenny How Sze-ming）表示：“可以合理预计，证监会将持续保持警惕，并在发现可能损害市场诚信的行为（特别是在IPO配售、交易模式、信息披露或试图营造虚假需求印象等方面）时，可能会采取进一步干预措施。”他补充说，此举符合证监会规范IPO的更广泛努力。
“It is reasonable to expect continued vigilance and potentially further interventions where the SFC identifies conduct that may undermine market integrity, particularly around IPO allocation, trading patterns, disclosure or attempts to create a false impression of demand,” said Kenny How Sze-ming, a council member of the Hong Kong Securities and Futures Professionals Association. The action was in line with the SFC’s broader effort to police IPOs, he added.
由于根据第8(1)条进行的停牌会长期冻结投资者资金，证监会正在简化复牌程序。该机构还引入了针对性的上市后要求，作为打击违规行为的替代手段。新规则预计将于明年第一季度生效。
As suspensions under Rule 8(1) freeze investors’ capital for a long time, the SFC is streamlining resumption procedures. It has also introduced targeted post-listing requirements as an alternative means of combating misconduct. The new rules are expected to take effect in the first quarter of next year.
茶百道总部位于中国西南部四川省成都市，按销售额计算是中国第三大现制茶饮制造商。该公司于2024年4月通过IPO筹集了24.6亿港元（合3.13亿美元），中国国际金融股份有限公司为其保荐人。
Chabaidao, based in Chengdu in southwest China’s Sichuan province, is the country’s third-largest maker of fresh tea drinks by sales value. It raised HK$2.46 billion (US$313 million) in its IPO in April 2024, with China International Capital Corporation as the sponsor.
茶百道股票在首个交易日下跌27%，较17.50港元的发行价已跌去约77%。该股票周一收盘报4.04港元。
Chabaidao’s shares dropped 27 per cent on their first day of trading and have lost about 77 per cent from the offer price of HK$17.50. The stock closed at HK$4.04 on Monday.