證監會、會財局與聯交所聯手合力應對僅因持續經營問題而發出的無法表示意見 SFC, AFRC and the Exchange Join Forces to Address Disclaimers of Opinion Solely Relating to Going Concern

證券及期貨事務監察委員會（證監會）、會計及財務匯報局（會財局）與香港聯合交易所有限公司於2026年10月8日發布聯合聲明，針對上市公司發表僅與持續經營（going concern）有關的「無法表示意見」（disclaimer of opinion）情況日益增加表示關注，並釐清對管理層、審核委員會及核數師的明確期望。 The Securities and Futures Commission (SFC), the Accounting and Financial Reporting Council (AFRC), and The Stock Exchange of Hong Kong Limited issued a joint statement on 8 October 2026 to address growing regulatory concerns over the increasing number of listed issuers publishing financial statements with a disclaimer of opinion solely relating to going concern, setting out clear expectations for management, audit committees, and auditors. --- 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 1. 三方發布聯合聲明正視持續經營隱患 (Tripartite Joint Statement to Address Going Concern Concerns) 針對市場上愈來愈多上市公司刊發僅因持續經營能力存疑而遭核數師發出無法表示意見的財務報表，三大監管機構聯手採取行動，強調提升財務匯報質量及維護投資者信心的共同目標。 In response to a rising number of listed issuers publishing financial statements with a disclaimer of opinion solely due to going concern doubts, the three regulatory bodies have joined forces to take action, emphasizing the shared objective of enhancing financial reporting quality and maintaining investor confidence. 2. 明確界定三方主體責任 (Defining Clear Responsibilities for Key Stakeholders) 聯合聲明詳細釐清了上市公司管理層（須備妥穩健評估及可行行動計劃）、審核委員會（須嚴格審核與監督）及核數師（須嚴格評估並清晰解釋意見基礎）各自應盡的把關責任。 The joint statement clearly outlines the respective gatekeeping responsibilities of listed issuers' management (to prepare robust assessments and feasible action plans), audit committees (to critically review and actively oversee), and auditors (to rigorously evaluate and clearly explain the basis of their opinions). 3. 監管機構高層嚴正表態 (Firm Stance from Regulatory Leaders) 證監會蔡鳳儀、會財局葉金鳳及聯交所上市主管伍潔旋均強調，可靠的財務匯報是市場基石，各方必須主動履職、拒絕不作為與審查不足，以保障整體市場質量。 SFC's Christina Choi, AFRC's Yap Kim Bong, and HKEX's Katherine Ng all emphasized that reliable financial reporting is the bedrock of the market, and all parties must proactively fulfill their duties, rejecting inaction and inadequate scrutiny to safeguard overall market quality. 4. 潛在的進一步懲處與上市規則修訂 (Potential Further Penalties and Listing Rule Amendments) 三大機構將持續密切監察情況並採取聯合執管行動；若情況未見顯著改善，聯交所將考慮修訂《上市規則》，甚至要求僅因持續經營問題而被發出無法表示意見的上市公司停牌。 The three bodies will closely monitor the situation and take coordinated enforcement actions; if no significant improvement is observed, the Exchange will consider amending the Listing Rules to require the suspension of listed issuers with a disclaimer of opinion solely relating to going concern. --- 二、 觀察與解析 (Insights) 1. 遏制「無法表示意見」氾濫以維護香港市場信譽 (Curbing the Spread of Disclaimers to Protect Market Reputation) 頻繁出現的持續經營無法表示意見會侵蝕投資者對財務報表可靠性的信任。三方聯手發聲彰顯了香港監管機構維護高標準財務透明度和國際金融中心信譽的零容忍態度。 Frequent disclaimers of opinion on going concern erode investor trust in financial statement reliability. The tripartite joint statement demonstrates Hong Kong regulators' zero-tolerance stance on maintaining high financial transparency and the reputation of the international financial centre. 2. 壓實「生態系統」各方主體責任 (Solidifying Ecosystem Stakeholders' Accountability) 財報質量不單是管理層的事，更需要審核委員會的獨立嚴格監督以及核數師的把關。聯合聲明透過釐清各方協同責任，打破了以往互相推委的合規盲點。 Financial reporting quality is not solely management's responsibility; it requires independent, rigorous oversight from audit committees and gatekeeping by auditors. By clarifying collaborative responsibilities, the statement eliminates compliance blind spots. 3. 監管聯動形成合力與震懾效應 (Regulatory Synergy Creating Deterrence) 證監會、會財局與聯交所打破機構壁壘形成強大合力，從日常監管、審計監察到上市規則約束（包括研議停牌懲處）形成全鏈條閉環，對違規與不作為產生強烈震懾。 Breaking institutional barriers, the SFC, AFRC, and the Exchange have formed a robust alliance spanning daily regulation, audit oversight, and listing rule constraints (including deliberating suspension penalties), creating a strong deterrent against non-compliance and inaction. 4. 推動高質量發展與市場出清 (Promoting High-Quality Development and Market Clearance) 研議對持續經營存疑且無實質改善的公司採取停牌等硬核措施，有助於加速市場出清、淘汰僵屍或治理失靈企業，引導資金流向優質資產，鞏固香港資本市場的長遠健康發展。 Deliberating rigorous measures such as suspension for companies with unresolved going concern issues helps accelerate market clearance, weed out zombie or poorly governed enterprises, channel capital into quality assets, and consolidate the long-term health of Hong Kong's capital market. --- 原文链接 (Source)：[香港證監會官方新聞稿](https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR162) 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.