3.6万 yuan counterfeit IPO "one-stop shop" fake exchange undercurrent strikes Hong Kong again

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Reporter Wu Shun from Securities Times

Since 2025, the IPO market in Hong Kong has been booming, with fundraising surpassing the global rankings. The trading hall of the Hong Kong Stock Exchange is constantly ringing with gongs. Against this backdrop, the business of listing on so-called “pseudo exchanges” in Hong Kong has become hot again. Some companies are taking advantage of this trend to participate in so-called “listing” and “gong-ringing” ceremonies.

It is noteworthy that these “pseudo exchanges” highly imitate and “copy” legitimate exchanges, creating a convincing fake appearance with exquisite website designs, making it difficult for ordinary investors to distinguish. Meanwhile, companies that “list” on these “pseudo exchanges” often use the opportunity to promote their equity or so-called “original shares,” hiding numerous investment risks.

36,000 RMB for a High-Quality IPO “One-Stop” Service

In mid-March, a securities times reporter contacted an intermediary who claimed to facilitate listings in Hong Kong. He said that for only 36,000 RMB, a company could be “listed” and “gong-rung” in Hong Kong, with comprehensive services including stock code provision, website disclosure, and more. “We held a listing and gong-ringing ceremony in Shenzhen on March 28. You can give me a participation list of 6 to 8 people, and we will handle the arrangements, record videos on-site, conduct interviews, and edit a professional promotional video,” the intermediary claimed.

According to the information, this intermediary was referring to a website offering “Hong Kong equity trading display center” listing services. The reporter found on the website that since 2026, seven companies have been listed at this center, and over 130 companies had listed in 2025.

The website claims to be established with legal approval from the Hong Kong SAR government, mainly providing professional international capital services for small and medium-sized enterprises (non-listed) in Hong Kong and mainland China, including listing, financial advisory, and listing consulting. The platform aims to help SMEs improve competitiveness and optimize industrial structure by offering branding, compliance training, and listing display services based on Hong Kong and local laws, ultimately facilitating their growth and entry into the global capital markets suited to their development stage.

Some intermediaries say: “Listing at the Hong Kong Equity Trading Display Center can help companies access more funding, inject new vitality into their development, and enhance brand awareness and market competitiveness, attracting more investors and partners. It provides a broad platform for companies to showcase their strength, expand financing channels, and increase brand influence.”

The so-called review process for listing at the “Hong Kong Equity Trading Display Center” is a mere formality, requiring only a simple listing application, company information, legal representative details, and a signed commitment letter. The intermediary said that after filling out the information and paying the relevant fees, they could provide a stock code and website display within three to five working days.

A company that listed on this website in 2025 even posted a gong-ringing ceremony video. The video shows that the listing, gong-ringing, and speech segments are exact replicas of the official listing ceremonies of legitimate exchanges—an “ultra-high imitation”: seven or eight company staff wearing red scarves gather around a bronze gong, ring it, and take photos. The company leader excitedly states that the company’s development has entered a new stage.

The listing fee on this website varies; some intermediaries claim 36,000 RMB, while others ask for 48,000 RMB. The website states that the “Hong Kong Equity Trading Display Center” does not directly accept listing applications from companies without recommendation from member organizations, and the fees for consulting services from recommending organizations are set by the level of value-added services provided.

Multiple Fake “Copycat” Sites Mimicking Legitimate Exchanges

There are many such “fake” websites resembling the “Hong Kong Equity Trading Display Center.” The securities times reporter also found sites like “Hong Kong Global Equity Trading Center,” “Hong Kong Science and Technology Innovation Equity Transfer Market,” and “Hong Kong Equity Trading Center.” These “pseudo exchanges” often imitate the logos and names of Hong Kong or mainland Chinese exchanges.

For example, the “Hong Kong Equity Trading Center” calls its listing board “Chuangke Board,” directly copying the STAR Market of the Shanghai Stock Exchange, with the English abbreviation “HKEE,” which is easily confused with HKEX, the Hong Kong Stock Exchange. The “Hong Kong Global Equity Trading Center” replicates the HKEX’s blue and red color scheme in its logo, with listing segments called “Science and Technology Innovation Board,” “Innovation Board,” and “International Board.”

These “pseudo exchanges” also provide opportunities for illegal fundraising and sale of so-called original shares, hiding significant risks. Some companies even openly claim to be “listed.”

However, when the securities times reporter asked whether listing on the “Hong Kong Equity Trading Display Center” equates to “going public,” the intermediary said: “It’s not considered a listing. Companies need to take it step by step. After listing, you can say you’re closer to the capital market.”

Many intermediaries promote that listing can realize company value: “SMEs face long-term financing difficulties—high bank loan requirements, high costs of private lending, and high thresholds and fees in the domestic capital market. After listing, companies can conduct private equity or bond financing, and their shares can be legally bought and sold, allowing partial realization of equity.”

In fact, the commitment letter companies sign before listing on the “Hong Kong Equity Trading Display Center” explicitly states that listed companies must not use terms like “listed,” “stock code,” or “equity code” in their publicity, nor engage in illegal fundraising or fraud through “original shares” or “equity crowdfunding.” The website also disclosed that due to multiple complaints, several companies suspected of private or illegal financing were delisted. Many companies listed there are using this as a cover for illegal fundraising or selling original shares. The “Hong Kong Global Equity Trading Center” website even publishes the equity financing needs of listed companies, with amounts ranging from one million to several million RMB.

Beware of “Equity” Investment Risks

It is important to note that most of these “pseudo exchanges” have been listed as “fake regulatory agencies or market operators” by the Hong Kong Securities and Futures Commission (SFC) several years ago.

The SFC states that setting up fake regulatory or market operator websites is a common scam tactic aimed at deceiving unsuspecting investors into believing that the listed entities are regulated by legitimate authorities. In reality, these financial institutions have never been recognized by any genuine regulatory body. Scammers may claim to conduct transactions through recognized market operators (such as stock exchanges) to deceive investors. These websites are often beautifully designed, contain the latest financial news, and create a false sense of legitimacy, but the actual regulatory or market operation entities do not exist.

Zhejiang Baihe Law Firm lawyer Jiang Huaqin told the securities times that mainland companies paying fees to unlicensed Hong Kong agencies for “listing” or “going public” and then selling original shares constitute false statements and illegal securities issuance under the Securities Law. The involved unlicensed agencies, companies, and responsible persons may face criminal charges such as illegal operation and fraud. Third-party organizations or individuals assisting these “pseudo exchanges” in promoting or recruiting mainland companies for listing could be liable for joint infringement and compensation, and may also be criminal accomplices in illegal operation or fraud.

Lawyer Xu Yuehui from Guangdong Huanyu Jingmao Law Firm pointed out that, according to the Securities Law, unlicensed agencies lack the qualification for securities issuance and trading. Selling original shares to the public or raising funds under the guise of listing without registration constitutes illegal securities issuance. If they falsely claim to be listed or fake listings to defraud investors and embezzle or squander the funds, they could be charged with illegal fundraising crimes. Therefore, the actions of mainland companies involved may constitute illegal operation or fraud.

“Listing overseas is ultimately a business card for companies. Scammers exploit this desire to ‘gold plate’ their image and set traps to defraud. To prevent such ‘overseas listing’ scams, first verify credentials—mainland companies must be registered with the CSRC and approved by the HKEX. Second, beware of pitches promising ‘fast listing,’ ‘no threshold,’ ‘high returns,’ or ‘original shares.’ Third, verify documents—companies can check the authenticity of their documents on the official HKEX or CSRC websites. Fourth, refuse private transactions—stock trading must occur through legitimate securities accounts. Most importantly, keep evidence—save all promotional materials, contracts, transfer records, chat logs, etc., to support future rights protection,” Jiang Huaqin advised.

Xu Yuehui reminded that if investors suffer losses due to false listing promotions, the involved companies should be liable for damages caused by false statements. Investors can file lawsuits in mainland courts; the Beijing Financial Court has already set precedents affirming jurisdiction over such cross-border fraud cases. “For these scams, investors should not trust ‘overseas listing’ promotions blindly. Be highly cautious of opportunities requiring the purchase of original shares, and always adhere to the principle of ‘no license, no investment; no registration, no purchase.’”