{"id":17628,"date":"2026-05-05T11:14:19","date_gmt":"2026-05-05T03:14:19","guid":{"rendered":"https:\/\/www.sw-hk.com\/?p=17628"},"modified":"2026-05-05T12:28:01","modified_gmt":"2026-05-05T04:28:01","slug":"sfcs-eyes-rolled-what-should-sponsors-do-now","status":"publish","type":"post","link":"https:\/\/www.sw-hk.com\/zh\/sfcs-eyes-rolled-what-should-sponsors-do-now\/","title":{"rendered":"\u8bc1\u76d1\u4f1a\u7ffb\u4e86\u4e2a\u767d\u773c\u3002\u4fdd\u8350\u4eba\u73b0\u5728\u8be5\u600e\u4e48\u505a?"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.sw-hk.com\/wp-content\/uploads\/2026\/05\/20260505_C-1.png\" \/><!--more--> <span class=\"ellipsis\" id=\"ellipsis-2074633486\" style=\"opacity: 0; position: absolute; z-index: -1;\">&#8230;<\/span><span class=\"rmwp-button-wrap\" id=\"rmwp-button-wrap-2074633486\" style=\"display: none;\"><button name=\"read more\" type=\"button\" onclick=\"rmwpButtonAction( '2074633486', 'Read More', 'Read Less' )\">Read More<\/button><\/span><\/p>\n<div class=\"rmwp-toggle \" id=\"rmwp-toggle-2074633486\" style=\"display: none\">\n<p>\u9999\u6e2f\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u5e02\u573a\u6b63\u8fce\u6765\u5f3a\u52b2\u7684\u590d\u82cf\u3002\u7ee72025\u5e74\u7684\u5f3a\u52b2\u52bf\u5934\u2014\u2014\u8bc1\u76d1\u4f1a\u5171\u63a5\u83b7\u8d85\u8fc7460\u5b97\u65b0\u4e0a\u5e02\u7533\u8bf7\uff0c\u903e110\u5bb6\u516c\u53f8\u6210\u529f\u4e0a\u5e02\uff0c\u96c6\u8d44\u91d1\u989d\u7ea62,860\u4ebf\u6e2f\u5143<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> \u2014\u2014\u8fd9\u80a1\u70ed\u6f6e\u731b\u70c8\u5ef6\u7eed\u81f32026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u3002\u5355\u5728\u7b2c\u4e00\u5b63\u5ea6\uff0c\u9999\u6e2f\u4fbf\u8fce\u6765\u4e8640\u5bb6\u65b0\u4e0a\u5e02\u4f01\u4e1a\uff0c\u96c6\u8d44\u8fd11,099\u4ebf\u6e2f\u5143\uff0c\u91cd\u593a\u5168\u7403\u65b0\u80a1\u96c6\u8d44\u989d\u699c\u9996\u4e4b\u4f4d<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a>\u3002<\/p>\n<p>\u7136\u800c\uff0c\u6570\u91cf\u4e0a\u7684\u80dc\u5229\u4e5f\u66b4\u9732\u51fa\u663e\u8457\u7684\u7d20\u8d28\u9690\u60a3\u3002\u57282025\u5e74\u65b0\u4e0a\u5e02\u7533\u8bf7\u6fc0\u589e\u7684\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u201c<strong>\u8bc1\u76d1\u4f1a<\/strong>\u201d\uff09\u4e0e\u9999\u6e2f\u8054\u5408\u4ea4\u6613\u6240\u6709\u9650\u516c\u53f8\uff08\u201c<strong>\u8054\u4ea4\u6240<\/strong>\u201d\uff09\u89c2\u5bdf\u5230\uff0c\u4e0a\u5e02\u6587\u4ef6\u8349\u62df\u672c\u7684\u7d20\u8d28\u6709\u6240\u4e0b\u964d\uff0c\u4e14\u4ece\u4e8b\u4fdd\u8350\u4eba\u5de5\u4f5c\u7684\u6301\u724c\u6cd5\u56e2\uff08\u201c<strong>\u4fdd\u8350\u4eba<\/strong>\u201d\uff09\u5b58\u5728\u4e0d\u8fbe\u6807\u7684\u884c\u4e3a\u3002<\/p>\n<p>\u4e3a\u6b64\uff0c\u8bc1\u76d1\u4f1a\u4e8e2026\u5e741\u670830\u65e5\u53d1\u5e03\u4e86<a href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/api\/circular\/openFile?lang=TC&amp;refNo=26EC4\">\u4e00\u4efd\u63aa\u8f9e\u4e25\u5389\u7684\u901a\u51fd<\/a>\uff08\u300a<strong>\u901a\u51fd<\/strong>\u300b\uff09\uff0c\u5411\u4e1a\u754c\u53d1\u51fa\u8b66\u544a\u3002\u5176\u4f20\u8fbe\u7684\u4fe1\u606f\u975e\u5e38\u660e\u786e\uff1a\u7edd\u4e0d\u80fd\u4ee5\u727a\u7272\u5b9e\u8d28\u5c3d\u804c\u5ba1\u67e5\u4e3a\u4ee3\u4ef7\u6765\u76f2\u76ee\u8ffd\u6c42\u5e02\u573a\u4efd\u989d\u3002<\/p>\n<p><strong>\u5e02\u573a\u5b9e\u51b5\uff1a\u8d28\u7d20\u4e0b\u964d\u4e0e<\/strong><strong>\u201c<\/strong><strong>\u4ee5\u7a0b\u5e8f\u4e3a\u4e3b\u5bfc<\/strong><strong>\u201d<\/strong><strong>\u7684\u5c3d\u804c\u5ba1\u67e5<\/strong><\/p>\n<p>\u8bc1\u76d1\u4f1a\u8868\u793a\u5173\u6ce8\uff0c\u67d0\u4e9b\u4fdd\u8350\u4eba\u53ef\u80fd\u6b63\u5c31\u4e0a\u5e02\u7533\u8bf7\u91c7\u53d6\u4ee5\u7a0b\u5e8f\u4e3a\u4e3b\u5bfc\u7684\u65b9\u9488\uff0c\u800c\u975e\u4e13\u6ce8\u4e8e\u5b9e\u8d28\u7684\u5c3d\u804c\u5ba1\u67e5\u53ca\u5bf9\u4e0a\u5e02\u7533\u8bf7\u4eba\u7684\u987e\u95ee\u670d\u52a1\u3002\u8bc1\u76d1\u4f1a\u6240\u5f3a\u8c03\u7684\u5177\u4f53\u4e0d\u8fbe\u6807\u884c\u4e3a\u6848\u4f8b\uff0c\u8fdb\u4e00\u6b65\u5370\u8bc1\u4e86\u8fd9\u9879\u76d1\u7ba1\u9690\u5fe7\u3002<\/p>\n<p>\u6b63\u5982<a href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/api\/circular\/openAppendix?lang=TC&amp;refNo=26EC4&amp;appendix=0\">\u300a\u901a\u51fd\u300b\u9644\u5f55<\/a>\u6240\u5f3a\u8c03 \uff1a<\/p>\n<ol>\n<li>\u67d0\u4e9b\u4fdd\u8350\u4eba\u59d4\u4efb\u4e86\u7f3a\u4e4f\u7ecf\u9a8c\u7684\u4ea4\u6613\u5c0f\u7ec4\uff0c\u5176\u6210\u5458\u4e2d\u6709\u8d85\u8fc740%\u5728\u9999\u6e2f\u9996\u6b21\u516c\u5f00\u62db\u80a1\u65b9\u9762\u7684\u7ecf\u9a8c\u4e0d\u8db3\u4e00\u5e74\u3002<\/li>\n<li>\u5728\u53d1\u552e\u9636\u6bb5\u51fa\u73b0\u6d41\u7a0b\u5931\u8bef\uff0c\u539f\u56e0\u662f\u8fc7\u5ea6\u4f9d\u8d56\u9a7b\u4e8e\u83f2\u5f8b\u5bbe\u4e14\u7ecf\u5e38\u65e0\u6cd5\u8054\u7edc\u4e0a\u7684\u6d77\u5916\u56e2\u961f\u3002<\/li>\n<li>\u4e0a\u5e02\u6587\u4ef6\u8349\u62df\u672c\u5b58\u5728\u201c\u590d\u5236\u7c98\u8d34\u201d\u7684\u95ee\u9898\uff0c\u5bfc\u81f4\u62ab\u9732\u5185\u5bb9\u4e0d\u5fc5\u8981\u5730\u5197\u957f\u4e14\u5145\u65a5\u6837\u677f\u5f0f\u5185\u5bb9\u3002<\/li>\n<\/ol>\n<p>\u5728\u300a\u901a\u51fd\u300b\u4e2d\uff0c\u8bc1\u76d1\u4f1a\u6982\u8ff0\u4e86\u4ee5\u4e0b\u5177\u4f53\u5173\u6ce8\u9886\u57df\uff1a<\/p>\n<ol>\n<li>\u5728\u62df\u5907\u90e8\u5206\u4e0a\u5e02\u6587\u4ef6\u53ca\u56de\u5e94\u76d1\u7ba1\u610f\u89c1\u7684\u8fc7\u7a0b\u4e2d\u5b58\u5728\u591a\u9879\u4e25\u91cd\u7f3a\u5931\uff0c\u4e14\u5728\u53d1\u552e\u9636\u6bb5\u672a\u80fd\u5904\u7406\u5173\u952e\u7684\u76d1\u7ba1\u6d41\u7a0b\u53ca\u7a0b\u5e8f\u3002<\/li>\n<li>\u4fdd\u8350\u4eba\u8fc7\u5ea6\u4f9d\u8d56\u4e13\u5bb6\u53ca\u7b2c\u4e09\u65b9\uff08\u5305\u62ec\u6cd5\u5f8b\u987e\u95ee\u3001\u4f1a\u8ba1\u5e08\u3001\u4f30\u503c\u5e08\u53ca\u5176\u4ed6\u4eba\u58eb\uff09\u6267\u884c\u7279\u5b9a\u5de5\u4f5c\uff0c\u5374\u672a\u6709\u5145\u5206\u8bc4\u4f30\u5176\u80dc\u4efb\u80fd\u529b\u53ca\u8d44\u6e90\u3002<\/li>\n<li>\u4e3b\u8981\u4eba\u5458\uff08\u5b9a\u4e49\u89c1\u300a\u8bc1\u76d1\u4f1a\u6301\u724c\u4eba\u6216\u6ce8\u518c\u4eba\u64cd\u5b88\u51c6\u5219\u300b\uff09\u6ca1\u6709\u8db3\u591f\u80fd\u529b\u76d1\u7763\u4fdd\u8350\u4eba\u7684\u4ea4\u6613\u5c0f\u7ec4\u53ca\u53c2\u4e0e\u4e0a\u5e02\u59d4\u8058\u9879\u76ee\u3002<\/li>\n<li>\u4fdd\u8350\u4eba\u8bd5\u56fe\u59d4\u4efb\u4e0d\u5408\u8d44\u683c\u7684\u4e3b\u8981\u4eba\u5458\u3002<\/li>\n<li>\u4fdd\u8350\u4eba\u5177\u5907\u9002\u5f53\u6c34\u5e73\u7684\u77e5\u8bc6\u3001\u6280\u80fd\u53ca\u7ecf\u9a8c\u7684\u804c\u5458\u4eba\u6570\u4e0d\u8db3\u3002<\/li>\n<\/ol>\n<p><strong>\u201c<\/strong><strong>\u4e3b\u8981\u4eba\u5458\u8d1f\u62c5\u8fc7\u91cd<\/strong><strong>\u201d<\/strong><strong>\u7684\u56f0\u5883<\/strong><\/p>\n<p>\u622a\u81f32026\u5e741\u670829\u65e5\uff0c\u6709\u8d85\u8fc7420\u5b97\u6d3b\u8dc3\u7684\u4e0a\u5e02\u7533\u8bf7\u6b63\u5728\u5ba1\u6279\u3002\u8fd9\u5e9e\u5927\u7684\u5de5\u4f5c\u91cf\u4e0d\u6210\u6bd4\u4f8b\u5730\u96c6\u4e2d\u5728\u5e02\u573a\u4e0a\u6781\u5c0f\u90e8\u5206\u5408\u8d44\u683c\u7684\u4e3b\u8981\u4eba\u5458\u8eab\u4e0a\uff0c\u5f15\u53d1\u4e86\u4eba\u624d\u4e89\u593a\u6218\uff0c\u4fdd\u8350\u4eba\u7eb7\u7eb7\u4e89\u76f8\u4ee5\u6ee1\u8db3\u76d1\u7ba1\u673a\u6784\u7684\u627f\u63a5\u9879\u76ee\u4e0a\u9650\u3002\u8bc1\u76d1\u4f1a\u6ce8\u610f\u5230\uff0c\u540c\u65f6\u627f\u62c5\u516d\u9879\u6216\u4ee5\u4e0a\u6d3b\u8dc3\u4e0a\u5e02\u59d4\u8058\u9879\u76ee\u7684\u4e3b\u8981\u4eba\u5458\u7684\u6570\u76ee\u4e4b\u591a\uff0c\u5df2\u5f15\u8d77\u5173\u6ce8\u3002<\/p>\n<p>\u8bc1\u76d1\u4f1a\u5728\u7763\u5bfc\u7cbe\u529b\u4e0e\u8d44\u6e90\u4e0a\u5212\u5b9a\u4e86\u4e25\u683c\u754c\u7ebf\u3002\u9664\u975e\u60c5\u51b5\u975e\u5e38\u7279\u6b8a\uff0c\u5426\u5219\u8bc1\u76d1\u4f1a\u4e00\u822c\u4f1a\u5c06\u6307\u5b9a\u4efb\u4f55\u4e3b\u8981\u4eba\u5458\u540c\u65f6\u76d1\u7763\u6216\u53c2\u4e0e\u516d\u5b97\u6216\u4ee5\u4e0a\u6d3b\u8dc3\u4e0a\u5e02\u59d4\u8058\u9879\u76ee\u7684\u4fdd\u8350\u4eba\uff08\u201c<strong>\u4e3b\u8981\u4eba\u5458\u8d1f\u62c5\u8fc7\u91cd\u7684\u4fdd\u8350\u4eba<\/strong>\u201d\uff09\uff0c\u89c6\u4e3a\u7f3a\u4e4f\u5145\u8db3\u8d44\u6e90\u6765\u5c65\u884c\u4fdd\u8350\u4eba\u804c\u8d23\u3002\u8bc1\u76d1\u4f1a\u66f4\u662f\u9996\u6b21\u660e\u786e\u8868\u8fbe\u5176\u671f\u671b\uff1a\u4e00\u540d\u4e3b\u8981\u4eba\u5458\u6700\u591a\u5e94\u53ea\u627f\u62c5\u4e94\u9879\u6d3b\u8dc3\u59d4\u8058\u9879\u76ee\u3002<\/p>\n<p>\u4e3a\u6267\u884c\u6b64\u89c4\u5b9a\uff0c\u8bc1\u76d1\u4f1a\u8981\u6c42\u6240\u6709\u4fdd\u8350\u4eba\u63d0\u4ea4\u5df2\u83b7\u59d4\u4efb\u7684\u4e3b\u8981\u4eba\u5458\u59d3\u540d\u548c\u6570\u76ee\uff0c\u4ee5\u53ca\u5404\u4eba\u4ece\u4e8b\u7684\u6d3b\u8dc3\u4e0a\u5e02\u59d4\u8058\u9879\u76ee\u7684\u6570\u91cf\u3002\u4eca\u540e\uff0c\u62df\u4ece\u4e8b\u7b2c6\u7c7b\u9996\u6b21\u516c\u5f00\u62db\u80a1\u4fdd\u8350\u4eba\u5de5\u4f5c\u7684\u4e2a\u4eba\u5728\u63d0\u4ea4\u65b0\u724c\u7167\u7533\u8bf7\u65f6\uff0c\u5fc5\u987b\u9644\u4e0a\u7531\u8d1f\u8d23\u6574\u4f53\u7ba1\u7406\u76d1\u7763\u7684\u6838\u5fc3\u804c\u80fd\u4e3b\u7ba1\uff08OMOs\uff09\u7b7e\u7f72\u7684\u6587\u4ef6\uff0c\u4ee5\u786e\u8ba4\u9075\u5b88\u4e94\u9879\u59d4\u8058\u9879\u76ee\u7684\u6570\u91cf\u4e0a\u9650\u3002<\/p>\n<p><strong>\u4e25\u5389\u7ea0\u6b63\u63aa\u65bd\u4e0e\u6682\u505c\u5ba1\u7406\u6d41\u7a0b<\/strong><\/p>\n<p>\u8bc1\u76d1\u4f1a\u4e0e\u8054\u4ea4\u6240\u6b63\u4ece\u53d1\u51fa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(i) \u5404\u59d4\u8058\u9879\u76ee\u5747\u83b7\u5206\u914d\u5145\u8db3\u8d44\u6e90\uff1b\u53ca (ii) 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href=\"https:\/\/www.sw-hk.com\/our-people\/rainbow-ip\/\">\u53f6\u5c0f\u94c3\u5f8b\u5e08<\/a>\u6216<a href=\"https:\/\/www.sw-hk.com\/our-people\/kenneth-leung-2\/\">\u6881\u797a\u6fa7\u5f8b\u5e08<\/a>\u3002<\/p>\n<p><em>\u672c\u6587\u4ec5\u4f9b\u53c2\u8003\u3002\u5176\u5185\u5bb9\u4e0d\u6784\u6210\u4ea6\u4e0d\u5e94\u89c6\u4e3a\u6cd5\u5f8b\u54a8\u8be2\u610f\u89c1\u3002\u53f2\u8482\u6587\u751f\u9ec4\u5f8b\u5e08\u4e8b\u52a1\u6240\u4e0d\u4f1a\u5c31\u4efb\u4f55\u56e0\u501a\u8d56\u672c\u5904\u6240\u8f7d\u8d44\u6599\u800c\u4f5c\u51fa\u7684\u51b3\u5b9a\u4e36\u91c7\u53d6\u7684\u884c\u52a8\u6216\u4e0d\u91c7\u53d6\u7684\u884c\u52a8\u6240\u5f15\u81f4\u7684\u6216\u4e0e\u4e4b\u6709\u5173\u7684\u4efb\u4f55\u7279\u522b\u4e36\u95f4\u63a5\u6216\u76f8\u5e94\u800c\u751f\u7684\u635f\u5931\u6216\u635f\u5bb3\u5411\u9601\u4e0b\u627f\u62c5\u6cd5\u5f8b\u8d23\u4efb\u3002<\/em><\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> 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href=\"https:\/\/kpmg.com\/cn\/en\/insights\/2026\/04\/china-hk-ipo-2026-q1-review.html\">https:\/\/kpmg.com\/cn\/en\/insights\/2026\/04\/china-hk-ipo-2026-q1-review.html<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[39,42,41],"tags":[],"class_list":["post-17628","post","type-post","status-publish","format-standard","hentry","category-news","category-news2","category-transaction"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/posts\/17628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/comments?post=17628"}],"version-history":[{"count":5,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/posts\/17628\/revisions"}],"predecessor-version":[{"id":17635,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/posts\/17628\/revisions\/17635"}],"wp:attachment":[{"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/media?parent=17628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/categories?post=17628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sw-hk.com\/zh\/wp-json\/wp\/v2\/tags?post=17628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}