High-quality imitation IPO "one-stop" service costing 36,000 yuan: Fake exchanges' undercurrent strikes again in Hong Kong

Securities Times Reporter Wu Shun

Since 2025, Hong Kong’s IPO market has been booming, with fundraising topping the global rankings, and the Hong Kong Stock Exchange trading hall ringing with continuous bell sounds. Against this backdrop, the business of listing on so-called “pseudo exchanges” in Hong Kong has surged again. Some companies are taking advantage of this trend to participate in so-called “listing” and “bell-ringing” ceremonies.

It is worth noting that these “pseudo exchanges” highly imitate and “copy” legitimate exchanges, with well-designed websites creating a convincing false appearance, which is highly confusing for ordinary investors. Meanwhile, companies that “list” on these “pseudo exchanges” often use the opportunity to promote their 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 be able to introduce companies to “list” in Hong Kong. He said that for only 36,000 yuan, a company could be listed and bell-rung in Hong Kong, with comprehensive services including stock code issuance, website publicity, and more. “We held a listing and bell-ringing ceremony in Shenzhen on March 28. You can provide a participation list of six to eight people, 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 been 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 consultation. The platform aims to help SMEs enhance competitiveness and optimize industrial structure by providing branding, compliance training, and listing display services based on Hong Kong and local laws, ultimately helping them grow and enter 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 improve 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 enhance brand influence.”

The so-called review process for listing at the “Hong Kong Equity Trading Display Center” is a mere formality—just fill out a simple application form, provide company and legal representative information, and sign a commitment letter. After paying the relevant fees, the platform claims to 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 bell-ringing video. The video shows that the listing, bell-ringing, and speech segments are complete replicas of the formal listing ceremonies of legitimate exchanges—an “ultra-fake” version: seven or eight company staff members wearing red scarves gather around a copper bell, ring it, take photos, and the company leader delivers a speech excitedly, claiming the company has entered a new development stage.

The listing fee on this website varies—some intermediaries say 36,000 yuan, others 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 member organizations’ consulting services are set by the level of value-added services provided.

Multiple Fake “Copycats” Imitate Legitimate Exchanges

There are many similar “fake” websites like the “Hong Kong Equity Trading Display Center.” Securities Times reporters 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 or 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 HKEX’s blue-red color scheme in its logo, with listing segments named “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 stocks, hiding significant risks. Some companies even openly claim to be “listed.”

However, when asked whether listing at the “Hong Kong Equity Trading Display Center” equals “going public,” the intermediary straightforwardly said: “It’s not considered a listing; companies need to go step by step. After listing, you can say you’re closer to the capital market.”

Many intermediaries promote that listing can realize “value” for companies: “SMEs face long-term financing difficulties—high bank loan requirements, high costs of private lending, and high thresholds and fees for domestic capital markets. 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 states in its listing commitment letter that listed companies must not use terms like “listed,” “stock code,” or “equity code” in their publicity, nor conduct 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 here are using this as a cover for illegal fundraising or selling original stocks. 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 noteworthy 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 unwary 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, 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’s full-time lawyer Jiang Huaqin told Securities Times that mainland companies paying unlicensed institutions in Hong Kong for “listing” or “going public” and then selling original stocks clearly 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 qualifications for securities issuance and trading. 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 forge listings with the intent to defraud investors and embezzle or squander funds, they may be charged with illegal fundraising crimes. Therefore, the above behaviors of mainland companies may involve criminal offenses such as illegal business operations or fraud.

“Overseas listing is ultimately a company’s golden business card. Scammers exploit this desire to ‘gold-plate’ their image and set traps for fraud. 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 ‘quick listing, no thresholds, high returns, original stocks.’ Third, verify documents—companies can check the authenticity of their documents on the official websites of HKEX and 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 companies involved should bear liability for 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 such scams, investors should not trust ‘overseas listing’ propaganda and must remain highly vigilant about opportunities requiring the purchase of original stocks. Always adhere to the bottom line: ‘No license, no investment; not registered, no purchase.’”