Hong Kong to expand ‘name and shame’ list to IPO lawyers
This is to increase accountability across the entire pipeline and act as a deterrent against sub-standard work
Published Fri, Mar 13, 2026 · 07:54 PM
[HONG KONG] Hong Kong plans to expand its “name-and-shame” regime for sloppy listing applications to include law firms and auditors. It is stepping up a campaign to improve the quality of initial public offerings (IPOs) in the city.
Under a new Enhanced Return Mechanism proposed by Hong Kong Exchanges & Clearing Limited on Friday (Mar 13), all professional parties involved in a deal will be publicly identified if a listing application is rejected for being “not substantially complete”.
The proposal, unveiled in a market consultation paper, marks an escalation in regulatory pressure as IPOs have boomed in the city, making it the world’s biggest listing venue in 2025.
Currently, the exchange only identifies the listing applicant and the sponsoring banks when a filing is returned.
The bourse operator is looking to increase accountability across the entire IPO pipeline, arguing that broader public exposure will act as a more effective deterrent against sub-standard work.
Law firms and reporting accountants would join sponsors in the public spotlight if a filing fails to meet basic standards, in order to provide an incentive for all parties to ensure documents are “ready-to-publish” upon submission.
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The move comes as Hong Kong seeks to bolster its reputation as a global financial hub by ensuring higher disclosure standards.
By including legal and accounting advisers in the public record of failed applications, the exchange aims to force more rigorous due diligence before the filings reach the regulator’s desk.
Others that would be singled out are industry consultants, experts who have consented to include their comments in the listing applications and promoters of Special Purpose Acquisition Company transactions.
The public has until May 8 to submit comments.
At the same time, the exchange proposed a number of moves to ease listings in the city.
This includes lowering the minimum market value for dual-class shares, allowing all companies to file listing applications confidentially and expanding eligibility to a wider array of innovative business models.
The local regulator has also increased scrutiny over bankers’ work on IPOs, asking for improvement plans and capped the number of deals principal bankers can sign off at one time.
The audit regulator also urged the industry to better safeguard the quality on IPOs. BLOOMBERG
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