2026年1月香港证监会观察：证监会收紧对IPO保荐人的监管 Jan 2026 SFC Watch: SFC Tightens the Reins on IPO Sponsors

引言 / Introduction 2026年1月30日，香港证券及期货事务监察委员会（证监会）联同香港联合交易所（联交所）向从事保荐人活动的持牌法团发出了一份通函。此项通报是在2025年IPO活动增加的背景下发表的，旨在突显在保荐人实务中观察到的合规关注领域。 On 30 January 2026, the Hong Kong Securities and Futures Commission (SFC), together with The Stock Exchange of Hong Kong (SEHK), issued a circular addressed to licensed corporations engaged in sponsor activities. This communication comes against the backdrop of increased IPO activity in 2025 and aims to highlight observed areas of regulatory concern in sponsor practices. 该通函讨论了近期上市申请中注意到的各种问题，并就监管预期提供了指引。通函还附带了一个包含案例实例的附录供参考。 The circular discusses various issues noted in recent listing applications and provides guidance on regulatory expectations. An appendix with case examples is also available for reference. 重点关注领域 / Highlighted Areas of Concern 根据通函，监管机构注意到的事项包括： According to the circular, regulators have noted matters such as: 1. 上市文件质量 Listing Document Quality 据报告，部分申请版本文件包含含糊的业务描述、重复或千篇一律的内容，且对关键披露事项（如风险、财务信息或上市资格准则）的关注可能不足。证监会提到，预期文件正文（不包括某些专家章节）通常应当更加精简。 Some draft documents reportedly contained unclear business descriptions, repetitive or boilerplate content, and potentially insufficient focus on key disclosures (e.g., risks, financial information, or eligibility criteria). The SFC referenced an expectation that the main body of the document (excluding certain expert sections) would generally be more concise. 2. 尽职审查与准备工作 Due Diligence and Preparation 观察主要围绕对上市申请人业务及行业的理解深度，以及申请版本证明文件的完整性。 Observations around the depth of understanding of the listing applicant’s business and industry, and the completeness of application proofs. 3. 对监管机构意见的答复 Responses to Regulatory Comments 存在对监管机构的答复未能完全令人满意或未能及时提交的情况。 Instances where replies to regulators may not have been fully satisfactory or timely. 4. 资源配置与监督 Resourcing and Oversight 特别关注保荐人主要人员（Sponsor Principals）的参与度与处理能力，以及交易团队内部的经验水平。通函给出了一个普遍迹象，即监督重大数量的活跃上市项目（大约6个或以上）可能表明存在能力受限。 Particular attention to the involvement and capacity of Sponsor Principals, as well as the experience levels within transaction teams. The circular references a general indication that supervising a significant number of active listings (around 6 or more) may suggest capacity constraints. 5. 发售阶段流程 Offer-Stage Processes 涉及营运层面的事项，例如 FINI（双重存档及上市行政管理系统）及上市后程序。 Matters relating to operational aspects such as FINI and post-listing procedures. 这些观察结果是结合《操守准则》、《保荐人指引》及《上市规则》下的法定责任而提出的。 These observations are framed in the context of obligations under the Code of Conduct, Sponsor Guidelines, and Listing Rules. 整体评论 / General Comments 在市场增长的背景下，这份通函似乎进一步强化了证监会对保持保荐人工作高标准的重视。它在先前的指引基础上，对某些行动提出了更具体的预期和时间表。 This circular appears to reinforce the SFC’s emphasis on maintaining high standards in sponsor work amid market growth. It builds on prior guidance by setting out more specific expectations and timelines for certain actions. 从更广泛的角度来看，此类通报有助于促进合规一致性并加强投资者保护，同时支持香港作为上市地点的地位。各公司可能会发现详细的实例和基准对进行自我评估很有用，尽管具体实施将取决于每个实体的具体情况。在忙碌的市场环境中，潜在的挑战包括资源的合理分配。 From a broader perspective, such communications can help promote consistency and investor protection while supporting Hong Kong’s position as a listing venue. Firms may find the detailed examples and benchmarks useful for self-assessment, though implementation will depend on each entity’s specific circumstances. Potential challenges include resource allocation in a busy market environment. 对持牌实体的建议考虑因素 / Suggested Considerations for Licensed Entities 从事保荐人工作的持牌法团或须审阅通函全文，并考虑以下一般领域（这些内容并非穷尽，应结合专业意见进行定制）： Licensed corporations involved in sponsor work may wish to review the circular in full and consider the following general areas (these are not exhaustive and should be tailored with professional input): 审阅内部政策： 涵盖文件准备、尽职审查和主要人员监督。 Review internal policies on document preparation, due diligence, and Principal oversight. 评估报告要求的合规情况： 特别是通函中概述的披露要求（例如，在指定的较短时限内提供有关主要人员及相关员工资格的信息）。 Assess compliance with reporting requirements outlined in the circular (e.g., information on Principals and relevant staff qualifications within specified short timelines). 评估团队胜任能力与资源安排： 包括对从事保荐人活动的人员的考试要求。 Evaluate team competencies and resourcing arrangements, including examination requirements for individuals engaged in sponsor activities. 强化答复机制： 针对监管机构的查询及上市时间表的管理，加强内部流程。 Strengthen processes for responding to regulatory queries and managing listing timelines. 应对潜在检查： 通过记录和存档相关实务做法，为可能的内部审查或监管视察做好准备。 Prepare for possible internal reviews or inspections by documenting relevant practices. 鼓励各公司查阅官方通函，并寻求适合其业务发展的适当专家建议。 Firms are encouraged to consult the official circular and seek appropriate specialist advice suited to their operations. 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 circular. 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.