香港监管机构对首次公开募股（IPO）市场欺诈行为采取的严厉行动，正在该市金融业引发涟漪，业内人士预计，随着部分上市计划缩减甚至取消，短期内将出现动荡。
Hong Kong regulators’ tough action to crack down on fraudulent activity in the initial public offering market is sending ripples across the city’s financial industry, with insiders predicting short-term turbulence as some listings are scaled back or even cancelled.
消息人士向《南华早报》透露，金融中介和IPO保荐人尤其处于“困难境地”，因为他们现在被期望进行更深入的尽职调查，以确保交易不存在扭曲行为。
Financial intermediaries and IPO sponsors in particular find themselves in a “difficult position”, as they are now expected to conduct deeper due diligence to ensure deals are free from distortions, sources told the South China Morning Post.
证券及期货事务监察委员会（SFC）已对IPO市场加强审查数月，周二，该监管机构采取了冻结价值46亿港元（5.86亿美元）资产的戏剧性举措，作为针对两个涉嫌操纵三宗近期IPO的犯罪集团的行动的一部分。
The Securities and Futures Commission (SFC) has been tightening scrutiny over the IPO market for months, and on Tuesday the regulator took the dramatic step of freezing assets worth HK$4.6 billion (US$586 million) as part of an operation against two syndicates suspected of rigging three recent IPOs.
该证券监管机构还下令对两家涉嫌参与相关计划的公司暂停交易，而第三家公司因自2025年4月以来未能公布财务业绩而被暂停交易。与此同时，该机构提醒金融市场参与者拒绝可疑订单，并向监管机构报告任何可疑活动。
The securities regulator has also ordered trading suspensions for two companies allegedly involved in the schemes, while a third firm was suspended due to its failure to publish financial results since April 2025. Meanwhile, the body reminded financial market participants to reject suspicious orders and report any dubious activity to regulators.
业内人士表示，更为严厉的立场意味着，保荐人和资本市场中介在发行和配售过程中不再能对可疑订单视而不见，必须投入大量资源进行更彻底的尽职调查。
The tougher stance means that sponsors and capital market intermediaries can no longer turn a blind eye to suspicious orders during the issuance and placement process, and must commit substantial resources to execute more thorough due diligence, according to industry players.
一家中国投行的银行家在匿名条件下表示：“这无疑会让中介在与‘大投资者’或IPO申请人打交道时处于困难境地。”他补充说，他们希望监管机构就什么构成“可疑”订单等问题提供更多澄清。
“This will certainly put intermediaries in a difficult position when dealing with ‘big investors’ or IPO applicants,” a banker at a Chinese investment bank said on condition of anonymity, adding that they hoped to get more clarity from regulators on issues such as what constitutes a “suspicious” order.
香港证监会（SFC）公布了一份包含六种可疑交易行为的清单，这些行为包括：申请人向投资者支付巨额款项、引入与自己有利益关联的买家、在股票发行过程中过度参与市场操纵（即“造市”行为）、在发行截止日期前突然出现异常大量的交易订单，以及隐瞒最终投资者的真实身份。
The SFC has issued a list of six types of suspicious practices, including applicants making significant payments to investors, introducing connected buyers, over-participating in book building allocation, the sudden appearance of abnormally large orders near the closing deadline, and concealing the identity of ultimate investors.
“我们将加强对那些行为异常的投资者的尽职调查，”这位银行家表示，“如果一个项目的投资者中存在太多可疑人物，我们可能会决定不批准该项目的股票发行。”目前有数百家公司正在等待香港证券交易所批准它们的上市申请；而最近，几家中国大陆的公司也在其公开文件中表示将暂停在港的股票发行计划。
“We will strengthen due diligence on uncommon investors,” the banker said. “If a project has too many uncommon investors who appear suspicious, we may not agree to launch the share offer.”While hundreds of companies are currently waiting for their Hong Kong listing applications to be approved, several mainland Chinese firms recently said in their exchange filings that they would halt their share issuance plans in the city.
香港的资本市场已经完全转向了“以监管为先”的模式。香港证券及期货专业人士协会的理事罗耀荣（Roy Lo）和何泽明（Kenny How Sze-ming）指出，监管机构对可疑行为的零容忍态度“消除了监管人员选择视而不见的任何可能性”。
Hong Kong’s capital market has fully shifted to a ‘regulation-first’ modelRoy Lo, SW Hong Kong Kenny How Sze-ming, a council member of the Hong Kong Securities and Futures Professionals Association, said the regulator’s stance on suspicious activity “removes any discretion to look the other way”.
然而，根据何泽明的说法，在实际操作中，中介机构在股票发行和配售过程中很难满足香港证监会的要求，因为最关键的证据（如投资者的实际控制权信息以及发行人与投资者之间的资金流动情况）并不记录在交易订单系统中。他建议，实际的解决办法是在股票发行过程的早期就制定明确的合规标准——甚至在非正式的路演活动中也要执行这些标准——并给予银行家更多时间来进行必要的额外尽职调查。
In practice, however, intermediaries will find it hard to meet the SFC’s requirements during book building and share placement, because the most sensitive evidence sits outside the order book, including beneficial ownership and the flows between the issuer and investors, according to How. He suggested that the practical solution was not to confront large investors late in the book building process, but rather to establish explicit compliance standards early – even during non-deal roadshows – and allow bankers more time to conduct the required additional due diligence.
“这无疑意味着中介机构需要承担更高的成本，以完成更为详尽的尽职调查工作，从而查明事实的真相，”他说。
“This will undoubtedly require intermediaries to gain more cost to carry out intensive additional due diligence to ascertain the facts,” he said.
去年，交易所运营商香港交易及结算所有限公司（HKEX）实施了新的IPO定价和配售机制，要求至少40%的发售股份分配给账簿建档配售环节，使机构投资者能够更广泛地参与，并提升定价和配售效率。
Last year, bourse operator Hong Kong Exchanges and Clearing (HKEX) implemented a new IPO pricing and allocation mechanism requiring at least 40 per cent of total offer shares to be allocated to the book building placement tranche, giving institutional investors greater participation and improving pricing and allocation efficiency.
“香港资本市场已完全转向‘监管优先’模式，”会计与咨询公司SW香港的管理合伙人罗伟表示。“过去，一些公司通过非法安排推进发行，导致上市后估值和股价严重失真。”尽管该市首九个月的IPO融资额达到480亿美元，创下同期新高，但第三季度启动的IPO中，超过60%的发行价低于招股价。
“Hong Kong’s capital market has fully shifted to a ‘regulation-first’ [model],” said Roy Lo, managing partner of accounting and consulting firm SW Hong Kong. “In the past, some companies pushed through offerings using illegal arrangements, causing post-listing valuations and stock prices to become severely distorted.”Despite the city’s IPO fundraising reaching US$48 billion in the first nine months of 2026 – a record high for the period – more than 60 per cent of IPOs launched during the third quarter fell below their offer prices.
罗伟表示，在人为需求被严格禁止的情况下，质量较低或吸引力不足的项目在短期内可能面临发行规模缩减、发行价下调，甚至上市计划取消。
With artificial demand strictly banned, lower-quality or less attractive projects might face scaled-back issuance sizes, reduced offer prices or even cancelled listings in the short term, said Lo.
“然而，发行价和企业估值最终将回归合理且切合实际的市场基础。”
“However, offer prices and corporate valuations will eventually return to a reasonable and realistic market foundation.”