CAJ | 학술논문

2013年10月1日，香港关于保荐人监管的最新改革措施正式实施。新规则对信息披露、尽职调查、资源投入、流程文牍等加以明确，引入了针对保荐人的刑民事责任，是对其权利、义务和责任的一次再配置和再平衡，也是对洪良国际等现实案例的回应。以此为参照系，检讨万福生科等违规事例，内地应在发行注册制改革的大背景下坚持并完善保荐要求，做出更好的制度安排。
2013년10월1일，향항관우보천인감관적최신개혁조시정식실시。신규칙대신식피로、진직조사、자원투입、류정문독등가이명학，인입료침대보천인적형민사책임，시대기권리、의무화책임적일차재배치화재평형，야시대홍량국제등현실안례적회응。이차위삼조계，검토만복생과등위규사례，내지응재발행주책제개혁적대배경하견지병완선보천요구，주출경호적제도안배。
The Hong Kong SFC and HKEx started to implement the new rules for securities sponsors on Oct. 1, 2013, which shed light on information disclosure, due diligence, resource input, and relevant protocol and format. This reform represented the latest realignment of sponsors＇ rights, duties and liabilities, and brought about the penal and civil punishments, as a response to real cases like Hontex Int＇l. Using it as a benchmark and revisiting the Wanfu Biotech fraudulent listing scandal, China Mainland should insist and improve its sponsorship system, in particular during the great transition period towards the new registration institution for IPO.