As you will be well aware, Hong Kong’s IPO market experienced a major resurgence in 2025, with companies raising some USD38.9 billion – more than triple the prior year’s total.

The buoyant market has meant that Hong Kong has regained its position as the world’s leading fundraising venue.

This revival, as exemplified by substantial listings from prominent firms such as CATL and Zijin Gold, has been supported by both regulatory easing, and by a substantial shift of Asian firms away from US markets.

Moreover, with 272 IPO applications pending at the end of 2025, this momentum should continue well into 2026.

Caution required amongst such high volume

The benefits of this surge have been immense – but dangers also exist, as not all listings are of a standard quality. Due diligence standards have perhaps slipped a little in the rush to market, and some parties rely on AI-assisted prospectuses and less experienced hands.

Regulators Warnings should not be ignored

Concerns have been voiced by the Hong Kong Securities and Futures Commission (“SFC”) about the quality of some IPO application materials (with calls for clearer business model disclosures, and for more thorough responses to regulatory queries).

The risks to those providing support services to IPOs are thus more acute, notwithstanding the very obvious benefits. Accordingly, the value of rigorous and independent investigative due diligence has never been higher.

In response to client demand, then, Steve Vickers and Associates (“SVA”) has expanded its investigative due diligence offering for sponsors, underwriters, custodians, legal service providers, accountants, investors, and others in the IPO process.

SVA has many years of expertise in conducting IPO investigative due diligence, providing services that can help key parties understand the actual “warts and all” nature of the listing company, and that can identify and help mitigate the reputational, compliance, and integrity risks in question.

SVA’s tailored investigations typically combine deep-dive public record research with discreet field inquiries, set out in a clear report of findings, alongside recommended next steps, where necessary.

These services have previously assisted key stakeholders in identifying and addressing potential risks early, and in strengthening the offering, adding to the prospects of success, and protecting the reputations of key parties involved.

SVA’s services are an essential component of the IPO process. Please see attached factsheets covering our IPO services in further detail:

• IPO & Reverse Takeover Investigative Due Diligence Services.
• Investigative Due Diligence Services.

The need for such support is clear, given the current extensive pipeline of offerings in Hong Kong, and, frankly, the pressure on professional firms, lawyers and others to minimise professional fees in IPOs.

We believe that SVA’s expertise can be of significant benefit to your business operations.

Please do not hesitate to contact us, should you have any questions.

SVA

SVA (www.stevevickersassociates.com) is a specialist risk mitigation, corporate intelligence and risk consulting company. The company has a great deal of experience in handling business risk as well as geopolitical and other risks.

The firm serves financial institutions, private equity funds, corporations, high net-worth individuals and insurance companies and underwriters around the world.

SVA’s staff members also have a wealth of experience in investigating and dealing with international asset searches, litigation support, political risk assessments and in dealing with fraud and financial crimes.