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

Securities Times Reporter Wu Shun

Since 2025, the IPO market in Hong Kong has been booming, with fundraising topping the global rankings, and 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, with some companies taking advantage of this trend to participate in so-called “listing” and “gong-ringing” ceremonies.

It is worth noting that these “pseudo exchanges” highly imitate and “copy” legitimate exchanges, creating a convincing false appearance with exquisite website designs that can easily deceive ordinary investors. Meanwhile, companies that “list” on these “pseudo exchanges” often use the opportunity to promote their own shares or so-called “original stocks,” hiding numerous investment risks.

3.6 Million Yuan Can Fake a One-Stop IPO

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 yuan, a company could be “listed” and “gong-rung” in Hong Kong, with full services including stock code provision, website publicity, and more. “We held a listing and gong-ringing ceremony in Shenzhen on March 28. You can provide a list of 6 to 8 participants, and we will handle the arrangements, record videos on-site, conduct interviews, and edit a professional promotional video,” the intermediary claimed.

According to reports, this intermediary was referring to a website offering “Hong Kong equity trading display center” listing services. The Securities Times found that since 2026, seven companies have been “listed” at this center, and over 130 companies had “listed” there 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 consultation. The platform aims to help SMEs enhance competitiveness and optimize industrial structure by offering branding, compliance training, and listing display services based on Hong Kong and local laws, ultimately fostering their growth and entry into the global capital markets suited to their development stage.

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

The so-called review process for listing at the “Hong Kong Equity Trading Display Center” is a mere formality—simply filling out a basic application form, providing company and legal representative information, and signing a commitment letter. The intermediary said that after submitting 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 was listed on this website in 2025 even posted a gong-ringing ceremony video. The video showed that the listing, gong-ringing, and speech segments were complete replicas of the formal listing ceremonies of legitimate exchanges, a “high-fidelity imitation”: seven or eight company personnel wearing red scarves gathered around a copper gong, striking it and taking photos, while the company leader cheerfully announced that the company had entered a new development stage.

The listing fee on this website varies—some intermediaries claim 36,000 yuan, while others ask for 48,000 yuan. The “Hong Kong Equity Trading Display Center” states on its website that it does not directly accept listing applications from companies without recommendation from member organizations, and the fees for consulting services from recommended members are set by the service providers based on the level of service.

Multiple fake “copycat” sites mimic legitimate exchanges

There are many such “fake” websites like the “Hong Kong Equity Trading Display Center.” The Securities Times found others such as “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 Exchanges and Mainland 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 sections named “Science and Technology Innovation Board,” “Innovation Board,” and “International Board.”

These “pseudo exchanges” also provide opportunities for illegal fundraising and selling of so-called original stocks, hiding significant risks, with some companies openly claiming they are “listed.”

However, when the Securities Times asked whether listing on the “Hong Kong Equity Trading Display Center” equates to “going public,” the intermediary straightforwardly said: “This is not considered a listing; companies must 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: “Small and micro enterprises face long-term financing difficulties—bank loans have high requirements, private lending costs are high, and the domestic capital market has high thresholds and fees. After listing, companies can raise funds through private equity, private bonds, and other methods; their shares can be legally bought and sold, allowing partial realization of equity.”

In fact, the “Hong Kong Equity Trading Display Center” explicitly requires companies before listing to sign a commitment that they will not use terms like “listed,” “stock code,” or “equity code” in their publicity, nor engage in illegal fundraising or fraud through “original stocks” 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 actually engaged in illegal fundraising or selling original stocks under this guise. 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 yuan.

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 or intermediaries are regulated by real 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, featuring the latest financial news, creating a false sense of legitimacy, but the actual regulatory or market operation entities with such names do not exist.

Zhejiang Baihe Law Firm’s full-time lawyer Jiang Huaqin told the Securities Times that mainland companies paying fees to unlicensed institutions in Hong Kong for “listing” or “going public” and then selling original stocks constitute false statements and illegal issuance of securities under the Securities Law. The involved unlicensed institutions, companies, and responsible persons may face criminal charges such as illegal business operations and fraud. Third-party organizations or individuals assisting “pseudo exchanges” in promoting or recruiting mainland companies for listing may be liable for joint infringement and compensation, and may also be criminally liable as accomplices or for aiding and abetting.

Lawyer Xu Yuehui from Guangdong Huanyu Jingmao Law Firm pointed out that, according to the Securities Law, unlicensed institutions lack the qualification to issue and trade securities. Selling original stocks 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 a listing with the intent to defraud investors and embezzle or squander the funds, it constitutes a fundraising fraud. Therefore, the above behaviors by mainland companies may involve criminal offenses such as illegal business operations or fraud.

“Overseas listing is ultimately a business card for companies, and scammers exploit this desire to ‘gold plate’ their image to cheat. To prevent such ‘overseas listing’ scams, first verify credentials—mainland companies must be registered with the CSRC and approved by the Hong Kong Stock Exchange. Second, beware of tempting phrases like ‘fast listing,’ ‘no threshold,’ ‘high returns,’ and ‘original stocks.’ Third, verify documents—companies can check the authenticity of their documents on the official websites of HKEX and the CSRC. Fourth, refuse private transactions—stock trading must be conducted through legitimate securities accounts. Most importantly, keep evidence—save all promotional materials, contracts, transfer records, chat logs, etc., to facilitate future rights protection,” Jiang Huaqin advised.

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