IPO可以热，但“乱来”不行！

并购达人12-10

港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创四年新高。但热闹背后，监管的“降温信号”已至。上周，香港证监会与港交所联合向新股保荐人发函，直指近期上市申请质量滑坡：部分申报资料粗糙，甚至出现“复制粘贴”的低级错误；部分从业者经验不足、对港交所规则不熟，更有投行因抢份额承接了超出自身能力的业务。这一警示并非无的放矢。据投行人士透露...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590582828?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-10 16:30","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590582828","market":"hk","top_or_hot":-1,"title":"IPO可以热，但“乱来”不行！","media":"并购达人","content":"<div>\n<p>港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创四年新高。但热闹背后，监管的“降温信号”已至。上周，香港证监会与港交所联合向新股保荐人发函，直指近期上市申请质量滑坡：部分申报资料粗糙，甚至出现“复制粘贴”的低级错误；部分从业者经验不足、对港交所规则不熟，更有投行因抢份额承接了超出自身能力的业务。这一警示并非无的放矢。据投行人士透露...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210202937a4401940&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO可以热，但“乱来”不行！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO可以热，但“乱来”不行！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-10 16:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210202937a4401940&s=b><strong>并购达人</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创四年新高。但热闹背后，监管的“降温信号”已至。上周，香港证监会与港交所联合向新股保荐人发函，直指近期上市申请质量滑坡：部分申报资料粗糙，甚至出现“复制粘贴”的低级错误；部分从业者经验不足、对港交所规则不熟，更有投行因抢份额承接了超出自身能力的业务。这一警示并非无的放矢。据投行人士透露...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210202937a4401940&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0516422366.SGD","symbol_name":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210202937a4401940&s=b","article_id":"2590582828","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210202937a4401940&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590582828","pubTimestamp":1765355421,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创四年新高。据投行人士透露，过去数年新股发行低迷期，行业大幅裁员，如今IPO回暖却人手不足，叠加中资机构主导市场、外资份额有限的格局，“赶进度、轻质量”的倾向逐渐抬头。作为国际金融中心，香港监管层正试图在“活跃市场”与“守住标准”间找平衡——发函的核心信号很明确：IPO可以热，但“乱来”不行。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80388":"香港交易所-R","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","HKXCY":"香港交易所ADR","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1130305938.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0955623706.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0955648018.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) INC MF","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0048580855.USD":"富达大中华区A","00388":"香港交易所","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"translate_title":"IPO can be hot, but \"messing around\" can't!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80388":0.6,"HEXmain":0.6,"00388":0.9,"HKXCY":0.6},"content_text":"港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创四年新高。但热闹背后，监管的“降温信号”已至。上周，香港证监会与港交所联合向新股保荐人发函，直指近期上市申请质量滑坡：部分申报资料粗糙，甚至出现“复制粘贴”的低级错误；部分从业者经验不足、对港交所规则不熟，更有投行因抢份额承接了超出自身能力的业务。这一警示并非无的放矢。据投行人士透露，过去数年新股发行低迷期，行业大幅裁员，如今IPO回暖却人手不足，叠加中资机构主导市场、外资份额有限的格局，“赶进度、轻质量”的倾向逐渐抬头。作为国际金融中心，香港监管层正试图在“活跃市场”与“守住标准”间找平衡——发函的核心信号很明确：IPO可以热，但“乱来”不行。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590582828","isCrawlerRequest":true}