The 2026 Hong Kong stock initial public offering market is full of ice and fire: on the one hand, the technology circuit continues to be hot, and on the other hand, the listing process on consumer circuits such as restaurants is tortuous. Take 6 catering companies, including Hometown Chicken, Yuan Ji Foods, Banu International, Aunt Qian, Extreme Thinking, and Big Pizza. Currently, 3 prospectuses have failed, and 3 have chosen to resubmit the forms. Recently, the Hong Kong Stock Exchange has raised the validity period of prospectus to one year, which can avoid frequent failure of corporate prospectus to a certain extent. However, if an enterprise's prospectus fails many times and frequently, it also often means that the company does have obstacles at the audit level.

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