Hong Kong's financial regulators are escalating pressure on IPO quality by proposing to publicly identify lawyers, auditors, and consultants behind substandard filings. The Securities and Futures Commission (SFC) and Hong Kong Stock Exchange (HKEX) released a consultation paper suggesting expanding the 'name and shame' list beyond just companies and their sponsoring banks to include advisers whose work leads to rejected IPO applications. This move targets the 'combination of marketing fluff, copied content, and unanswered questions' that have plagued recent listings.

Currently, only 15 companies and banks have been named since 2014, with the most recent case in November 2025. The new proposal aims to create a 'strong incentive' for applicants and their teams to meet standards, potentially deterring sloppy work that risks Hong Kong's position as a top global IPO hub. Hong Kong is currently the world's leading IPO venue by volume, attracting a surge of Chinese companies seeking capital despite pandemic-era hiring challenges and fee compression. The HKEX will seek market feedback on the proposal until May 8th.