学习进度Progress
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IPO项目概览IPO Overview
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招股文件Prospectus Docs
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规范与保密Standards & Confidentiality
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核查的意义与方法Verification
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TPDD与PrinterTPDD & Printer
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🎉 完成报告Completion Report
核心要点Key Takeaways
- IPO是高度协作的团队项目，各方职责分工明确，律师是全程的法律把关者。An IPO is a highly collaborative team effort; lawyers serve as legal gatekeepers throughout.
- IPO项目中，律师可能代表发行人，也可能代表承销商，角色不同，工作重点也不同。In an IPO, lawyers may represent the issuer or the underwriter — the role determines the focus of the work.
- 实习生的核心工作是协助核查和整理资料，每一项输出都影响最终招股书的准确性。Interns assist with verification and document organisation; every output affects the accuracy of the final prospectus.
IPO流程概览IPO Process Overview
香港IPO（首次公开招股）是指公司首次向公众发行股份并在联交所上市的过程。这一过程从启动项目（kick-off）到股份在二级市场交易，通常历时数月至一年以上，涉及多轮监管申报和文件更新。A Hong Kong IPO is the process by which a company first offers shares to the public and lists on the HKEX. From kick-off to trading on the secondary market, the process typically spans several months to over a year and involves multiple rounds of regulatory filings and document updates.
1项目启动
Kick-off
Kick-off
→
2尽职调查
Due Diligence
Due Diligence
→
3起草招股书
Drafting
Drafting
→
4提交申请
Listing App.
Listing App.
→
5聆讯
Hearing
Hearing
→
6路演定价
Roadshow
Roadshow
→
7挂牌上市
Listing
Listing
实习生的工作节点Where interns work
实习生通常在第2至第4阶段最为繁忙：参与尽职调查、协助核查（Verification）以及整理与更新招股书草稿。
Interns are typically busiest in stages 2–4: participating in due diligence, assisting with verification, and organising and updating prospectus drafts.
IPO各方关系Key Parties in an IPO
一个典型的香港IPO项目涉及以下核心各方：A typical Hong Kong IPO involves the following key parties:
发行人Issuer
拟上市公司The listing applicant
- 提供所有底层资料Provides underlying information
- 最终对招股书内容负责Ultimately responsible for prospectus accuracy
保荐人 / 承销商Sponsor / Underwriter
通常为投资银行Typically an investment bank
- 保荐人：向联交所保荐申请Sponsor: sponsors the listing application
- 承销商：负责销售股份Underwriter: responsible for selling shares
- 两者常为同一机构Often the same institution
发行人中国律师Issuer's PRC Counsel
代表发行人的中国律师事务所PRC law firm representing the issuer
- 处理中国法律事项及合规审查Handles PRC legal matters and compliance review
- 就中国法律问题出具意见Issues opinions on PRC law questions
发行人香港律师Issuer's HK Counsel
代表发行人的香港律师事务所HK law firm representing the issuer
- 主导招股书起草Leads prospectus drafting
- 负责发行人层面尽调Conducts issuer-level DD
承销商中国律师Underwriters' PRC Counsel
代表承销商的中国律师事务所PRC law firm representing the underwriter
- 就中国法律事项为承销商提供意见Advises the underwriter on PRC law matters
- 协助进行中国法律层面的尽调Assists with PRC law due diligence
承销商香港律师Underwriters' HK Counsel
代表承销商的香港律师事务所HK law firm representing the underwriter
- 独立核查招股书内容（Verification）Independently verifies prospectus content
- 主导TPDD流程Leads the TPDD process
- 出具法律意见书Issues legal opinion
核数师Auditors / Reporting Accountants
通常为四大会计师事务所Typically a Big 4 firm
- 出具财务报告Issue financial reports
- 出具告慰函（Comfort Letter）Issue comfort letters
联交所HKEX / The Exchange
监管机构Regulator
- 审核上市申请Reviews listing application
- 发出意见函（comment letters）Issues comment letters
- 批准上市Approves the listing
Verification与TPDD：代表承销商的视角Verification & TPDD: The Underwriter's Perspective
我们事务所在IPO项目中可能担任发行人香港律师，也可能担任承销商香港律师，角色因项目而异。Our firm may act as issuer's HK counsel or underwriters' HK counsel depending on the transaction.
本指引所涉及的Verification和TPDD工作，主要是在代表承销商的项目中进行的。在这类项目中，需要注意：承销商作为招股书的签名方，对招股书内容承担一定的法律责任。Verification工作的目的，就是确保招股书中每一项陈述均有书面依据，从而支持承销商的尽职调查抗辩（due diligence defence）。The Verification and TPDD work covered in this guide is primarily carried out in transactions where we act as underwriters' counsel. In those transactions, it is important to understand that the underwriter, as a signatory to the prospectus, bears legal responsibility for its contents. Verification exists to ensure every statement in the prospectus is supported by documentary evidence, underpinning the underwriter's due diligence defence.
留意Note
《证券及期货条例》第40条规定了招股书虚假或具误导性陈述的法律责任框架，承销商的抗辩依赖于证明其已进行合理的尽职调查。
Section 40 of the Securities and Futures Ordinance sets out the liability framework for false or misleading statements in a prospectus. The underwriter's defence depends on demonstrating that reasonable due diligence was conducted.
实习生的工作内容What Interns Do
核查辅助Verification Support
对照source文件，逐一核查招股书中的陈述，更新Verification Note。Check prospectus statements against source documents; update the Verification Note.
文件整理Document Management
管理Data Room文件，协助分类整理尽调资料，追踪文件清单状态。Manage Data Room files; assist in categorising DD materials; track document checklist status.
初步起草Preliminary Drafting
在律师指导下，就招股书部分章节或标准条款进行初步起草。Under lawyer supervision, assist with preliminary drafting of selected sections or standard clauses.
法律研究Legal Research
研究上市规则、SFO相关条文及监管惯例，协助律师分析法律问题。Research Listing Rules, SFO provisions and regulatory practice; assist lawyers in analysing legal issues.
先例研究Precedent Research
检索同类公司招股书，了解市场惯例和标准披露格式。Search comparable company prospectuses to understand market practice and standard disclosure formats.
常用网站Useful Websites
HKEXnews
www.hkexnews.hk
联交所披露易，查阅所有披露文件及招股书HKEX disclosure portal; all listed company filings and prospectuses
HKEX Rules & Guidance
hkex.com.hk/Listing/Rules-and-Guidance
上市规则、指引信、问答等监管文件Listing Rules, guidance letters, FAQs
香港法例Hong Kong e-Legislation
www.elegislation.gov.hk
查阅SFO、公司条例等成文法Access SFO, Companies Ordinance and other statutes
IPREO / Intralinks
(项目专属链接)
Virtual Data Room（项目启动后由合伙人提供访问权限）Virtual Data Room access (provided by partner upon project kick-off)
📝 测验📝 Quiz
共6题，全部答对方可通过。6 questions. You must answer all correctly to pass.
1在担任承销商香港律师（underwriters' HK counsel）的IPO项目中，Verification工作的主要目的是？In a transaction where the firm acts as underwriters' HK counsel, what is the primary purpose of the Verification exercise?
作为承销商香港律师，Verification的核心目的是为承销商建立尽职调查抗辩的书面证据——招股书中每一项可核查的陈述，都须有对应的书面source支持。这与发行人律师的工作出发点不同，但两者都参与招股书的起草过程。As underwriters' HK counsel, the core purpose of Verification is to build documentary evidence for the underwriter's due diligence defence — every verifiable statement in the prospectus must be supported by a written source. This differs in focus from issuer's counsel's work, though both participate in the drafting process.
2承销商在招股书中承担法律责任的主要原因是？The primary reason underwriters bear legal liability for the prospectus is:
承销商作为招股书签名方，根据《证券及期货条例》第40条，可能对招股书中的虚假或具误导性陈述承担法律责任。这正是verification工作的法律意义所在。The underwriter, as a signatory, may be liable under s.40 of the SFO for false or misleading statements in the prospectus. This is the legal rationale behind the verification exercise.
3在典型的香港IPO流程中，以下哪个阶段通常最先开始？In a typical Hong Kong IPO, which stage typically comes first?
IPO流程依次为：项目启动→尽职调查/起草→提交申请→聆讯→路演→上市。尽职调查和起草是最早开始的主要工作阶段。The IPO sequence is: kick-off → DD/drafting → application → hearing → roadshow → listing. DD and drafting are the earliest substantive stages.
4在IPO项目中，发行人香港律师与承销商香港律师都参与招股书的起草。以下哪项描述最准确地说明了二者的分工？In an IPO, both issuer's HK counsel and underwriters' HK counsel participate in prospectus drafting. Which of the following most accurately describes the division of work?
发行人香港律师通常主导招股书的起草工作；承销商香港律师则独立进行Verification（核查），并在TPDD等环节代表承销商的立场，最终出具承销商律师的法律意见书。两者在同一个项目中并行工作，但代表不同客户，工作重点不同。Issuer's HK counsel typically leads prospectus drafting. Underwriters' HK counsel independently conducts Verification and represents the underwriter's perspective in TPDD and other processes, ultimately issuing the underwriters' counsel legal opinion. Both work in parallel on the same transaction but represent different clients with different priorities.
5发行人律师与券商律师的主要区别是？The key distinction between issuer's counsel and underwriters' counsel is:
两者都参与招股书起草，但代表不同客户，因而工作视角和利益出发点不同。这种区分是IPO工作中理解利益冲突的基础。Both participate in drafting but represent different clients, and therefore work from different perspectives and interests. This distinction is fundamental to understanding conflict issues in IPO work.
6在核查工作中，你发现招股书某处陈述与source文件不符，但负责律师并未要求你核查该处，你应该？During verification, you notice a statement in the prospectus that does not match the source document, but the supervising lawyer did not ask you to check that particular statement. What should you do?
无论是否在指定范围内，发现任何招股书与source不符的情况都应立即告知负责律师。这是主动发现、主动汇报原则的体现——招股书的准确性直接关系到客户的法律风险。Regardless of your assigned scope, any discrepancy between the prospectus and source documents must be reported to the supervising lawyer immediately. This reflects the principle of proactive discovery and reporting — prospectus accuracy directly affects the client's legal risk.
核心要点Key Takeaways
- 招股书有多个版本（PHIP → 招股章程），各版本的法律地位和发布节点不同。The prospectus has multiple versions (PHIP → Prospectus); each has a different legal status and publication timing.
- 每次更新招股书，都要重新核查所有改动部分，不能假设未改动部分仍然准确。Every time the prospectus is updated, all changed sections must be re-verified; do not assume unchanged sections remain accurate.
- 处理招股书草稿时，请追踪版本，始终在最新版本上进行核查。When working with prospectus drafts, always track versions and work from the latest version — never work on an outdated draft.
招股文件类型Types of Prospectus Documents
| 文件名称Document Name | 全称Full Name | 发布节点Publication Stage | 法律地位Legal Status |
|---|---|---|---|
| Application Proof | 上市申请证明文件草稿Draft Listing Document | 提交上市申请时Upon filing listing application | 草稿，未经审批，刊于披露易Draft; not approved; published on HKEXnews |
| PHIP | Post Hearing Information Pack | 联交所聆讯通过后After HKEX listing hearing | 正式版本前的公开文件，刊于披露易Public document before final prospectus; published on HKEXnews |
| Prospectus | 招股章程Prospectus / Listing Document | 路演/公开发售时Upon roadshow / public offering | 正式法律文件，发行人承担法律责任Formal legal document; issuer bears legal liability |
| Red Herring | 初步招股说明书Preliminary Prospectus | 路演期间（机构投资者）During roadshow (institutional investors) | 定价信息等待填写，非最终版本Pricing and final details to be filled; not the final version |
文件关系Document relationship
Application Proof是"第一稿"，经联交所审阅、多轮修改后，成为PHIP，再更新后成为最终Prospectus。整个过程中，核查工作持续进行，每次重大修订后均须更新Verification Note。
Application Proof is the "first draft"; after HKEX review and multiple rounds of revisions, it becomes the PHIP, then the final Prospectus. Verification continues throughout, and the Verification Note must be updated after each material revision.
招股书的主要章节Key Sections of a Prospectus
摘要Summary
公司业务、财务亮点、发售架构概述。所有数字均需独立核查，不可只核查正文。Business overview, financial highlights, offer structure. All figures must be independently verified; do not rely solely on verifying the body.
风险因素Risk Factors
由发行人律师主导起草，披露发行人面临的所有重大风险。其中事实性陈述仍须核查。Primarily drafted by issuer's counsel, disclosing all material risks. Factual statements within risk factors still require verification.
业务Business
核查工作量最大的章节，涵盖业务模式、产品/服务、客户、竞争地位等大量事实性陈述。The heaviest verification workload; covers business model, products/services, customers, competitive position — all highly factual.
财务资料Financial Information
核查财务数字时，需对照经审计报告。摘要财务数字尤其注意是否与全文一致。When verifying financial figures, cross-reference against audited reports. Pay particular attention to consistency of summary figures throughout the document.
董事及高管Directors & Management
核查董事和高管的履历、资历、学历及职称，通常需要其个人CV及相关证明文件支持。Verify directors' and executives' biographical details, qualifications, and titles, typically supported by individual CVs and relevant evidence.
关联交易Connected Transactions
需核查交易金额、对象、条款等，通常有合同文件支持。关联方的认定需格外仔细。Verify transaction amounts, counterparties, and terms, usually supported by contracts. Definition of connected persons requires particular care.
版本管理Version Control
招股书在整个IPO过程中会经历多轮修订，版本管理至关重要。The prospectus undergoes many rounds of revision throughout the IPO process; version control is critical.
文件命名规范示例File Naming Examples
✓
[CompanyName]_Prospectus_v12_clean_20241015.docx
公司名+文件类型+版本号+状态+日期Company name + document type + version + status + date
✓
[CompanyName]_VN_v5_20241020.xlsx
Verification Note + 版本 + 日期Verification Note + version + date
✗
prospectus_final.docx
"final"不代表真正最终版，且缺少版本号和日期"final" does not mean truly final; missing version number and date
✗
Draft (2).docx
无法识别公司、版本或日期Cannot identify company, version, or date
黄金原则Golden rule
永远在最新版本上工作。开始任何核查工作前，先向负责律师确认你手中的版本是否为当前最新版。在旧版本上的核查工作没有意义，且会引起混乱。
Always work from the latest version. Before starting any verification, confirm with the supervising lawyer that your copy is the current version. Verification work done on an outdated draft is meaningless and creates confusion.
📝 测验📝 Quiz
共6题，全部答对方可通过。6 questions. You must answer all correctly to pass.
1Application Proof与最终Prospectus（招股章程）的最主要区别是？The most significant difference between the Application Proof and the final Prospectus is:
Application Proof是向联交所提交上市申请时附带的草稿招股书，会刊于披露易供公众查阅（以"[REDACTED]"标注部分敏感信息）。经联交所审批、多轮修订后，才成为正式的招股章程（Prospectus）。The Application Proof is a draft prospectus submitted with the listing application to HKEX and published on HKEXnews for public inspection (with certain sensitive information "[REDACTED]"). After HKEX review and multiple revisions, it becomes the formal Prospectus.
2PHIP是指？PHIP stands for:
PHIP是Post Hearing Information Pack（聆讯后信息包），在联交所聆讯通过后发布，是介于Application Proof和正式招股章程之间的文件版本，已在披露易公开。PHIP is the Post Hearing Information Pack, published after the HKEX listing hearing. It is the version between the Application Proof and the final Prospectus, and is publicly available on HKEXnews.
3招股书"摘要"章节中的数字，是否需要独立核查，还是只需确认与正文一致？Do the figures in the "Summary" section of the prospectus need to be independently verified, or is it sufficient to confirm they match the body of the prospectus?
摘要中的所有数字均需独立核查（即对照原始source），而不是仅与正文对照。正文中可能已存在错误，而摘要中的数字正确复制了错误；独立核查可以发现正文中被遗漏的问题。All figures in the summary must be independently verified against original sources, not merely cross-referenced with the body. The body may already contain an error, and the summary may have correctly copied that error; independent verification catches issues missed in the body.
4你在核查招股书的"业务"章节时，发现某处描述是："公司拥有X专利"，但Data Room中只有专利申请文件（尚未批准）。你应该？While verifying the "Business" section, you notice the prospectus states "The Company holds X patents," but the Data Room only contains patent application documents (not yet approved). You should:
"拥有专利"（holds patents）与"已申请专利"（has applied for patents）在法律上存在重大区别。如果招股书声称拥有但实际上只是申请中，这可能构成重大不实陈述。必须立即告知负责律师，由律师决定如何处理（是修改招股书措辞还是要求发行人提供证明）。"Holds patents" and "has applied for patents" are legally materially different. If the prospectus states ownership but only applications exist, this may constitute a material misstatement. The supervising lawyer must be informed immediately to decide how to address this (whether to amend the prospectus wording or require evidence from the issuer).
5你在核查招股书「业务」章节时，发现招股书写的是「市场领先地位」，但引用的行业报告里写的是「排名前三」。你应该怎么处理？Verifying the Business section, you find the prospectus states "leading market position", but the cited industry report says the company ranks "among the top three". What should you do?
「市场领先地位」和「排名前三」在法律上是否等同，是需要律师判断的实质问题。实习生不能自行判断，标注DISCREPANCY并告知律师是唯一正确的做法。Whether "leading market position" and "among the top three" are legally equivalent is a substantive question for the lawyer — the intern cannot make this call independently. Flag DISCREPANCY and inform the lawyer.
6以下哪个文件命名最符合规范？Which of the following file names is most appropriate?
B是最规范的命名方式，包含公司代码、文件类型、版本号、状态和日期，一目了然。"最终版"容易引起混淆（IPO中"最终"往往不是真正最终），带括号编号则缺乏必要信息。B is the most appropriate, containing company code, document type, version number, status, and date — all at a glance. "Final version" is misleading (in IPO, "final" is rarely truly final), and bracketed numbering lacks necessary information.