Author: admin

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Investment bankers in Hong Kong have been warned over the quality of their paperwork in filings for initial public offerings after a boom in listings in the Chinese territory.

Hong Kong financial regulators sent letters to banks in the territory highlighting concerns, including failures to address regulator questions and poor descriptions of the business models of companies seeking to list. The letters also drew attention to text that was copied and pasted from previous prospectuses, according to people familiar with the warning.

The letters, sent in recent days, come as investment banks are beefing up staffing in Hong Kong to handle a revival in listings, which are principally coming from mainland Chinese companies using the territory as a base to raise offshore funds for international expansion.

Hong Kong has more than 300 companies in its IPO pipeline, having submitted paperwork to list. Listings so far this year in the territory have raised about US$34bn for companies, according to data from KPMG, making it the top IPO venue globally ahead of the NYSE, Nasdaq and National Stock Exchange of India.

This marks a huge increase from previous years after Covid-19 when Hong Kong’s capital markets stagnated.

“It’s just [about] being sloppy,” said one person who has read the letter, who added that regulators were displeased with excessive use of marketing language in documents submitted by advisers on behalf of the companies.

Two sources who had seen the letter confirmed that Hong Kong’s Securities and Futures Commission and the Hong Kong Stock Exchange contacted banks that work on helping companies go public in the territory with concerns about the quality of application materials.

They said banks might have received different versions of the letter, with some highlighting specific incidents concerning work submitted by the bank.

Last year, the SFC and HKEX unveiled an accelerated IPO application process for certain types of companies, including those already listed in mainland China, in a move to encourage more listings.

HKEX said it was “committed to ensuring the timely and robust review of new listing applications, and continues to proactively engage with issuers, sponsors and professional advisers to ensure the submission of comprehensive and high-quality listing materials”.

The SFC confirmed to the Financial Times that the letters were sent. News of the letters was first reported by Reuters.

“Our first trial showed us just how well the Everpour system works in real bar environments: with the intuitive and bartender-friendly system. Everpour is an example of experimentation and insight in action. Working with the trade has enabled us to bring an innovation to market which we believe has commercial potential as well as the potential to deliver significant carbon savings.” Commented Miranda Essex, Head of Breakthrough Innovation for Sustainability at Diageo.

The second phase of the trial will test the impact of the smart system – initially 10 pubs will have Everpour units with a further 15 coming onboard in the New Year. In this trial, the keg units have greater technology benefits to further enhance the user experience:

• Drinks dispense tracking. We’ll have smart monitoring in place which will allow bartenders to see when the keg is running low.
• Safety features. The system now has enhanced brand protection and quality control features, along with leak and blockage detection and temperature alerts to make sure our products are served at the optimum temperature.
• Keg tracking and monitoring. Each keg has a RFID tag which allows us to track its exact location and status through an app.

Whilst Everpour has many benefits to help the running of the bar, it’s also a Diageo-designed solution to reduce the number of glass bottles needed and subsequent carbon emissions. The current projected carbon savings for a scaled post-trial launch of the Everpour unit in Ireland is very encouraging. The Lifecycle Analysis (LCA) estimated a reduction of at least 500 single-use 70cl glass bottles per Everpour unit over its life-time , and a projected packaging carbon footprint savings of up to 83% *.

Pub owner, Danny Kenny, said: “I’m delighted to take part in the second stage of the Everpour trial having used the system last year during its initial trial period. The Everpour solution reduces our labour costs with a neat keg system that is far easier to store and manage versus cases of traditional glass bottles. It also reduces glass waste and the system now has a clear stock control display which makes stocktaking much easier.”

The trial is expected to run until Summer 2026. Further trials and wider roll out will be subject to trial success.

_{*Projected savings based on an externally verified LCA, assumes scaled launch, post-trial, of 1000 outlet installations and 25 reuses of a 20 litre Everpour keg. Projected savings based on packaging only and packaging carbon footprint accounts for approx. 53% of overall product carbon footprint. Comparison based on Smirnoff 70cl glass bottle. Scaled launch and further Everpour roll-out subject to trial success, the prototype used during trial may be further refined and may not reflect the characteristics of the trial. Market conditions and projected savings may differ from market to market.}

Paris, 10 December 2025 – Mirakl, the leading provider of eCommerce software solutions, today announced it has received a B rating from CDP in its first-ever climate disclosure assessment. This demonstrates Mirakl’s commitment to building a comprehensive and impactful environmental strategy while positioning the company among the tech companies to be rated by CDP. With this B-grade for Climate, Mirakl received the highest possible rating for SMEs.

CDP is a global non-profit that runs the world’s leading environmental disclosure system for companies, cities, states, and regions. With over 24,800 companies representing more than two-thirds of global market capitalization disclosing environmental data through CDP, the organization has built the most comprehensive database of corporate climate information in the world. CDP’s scoring methodology is widely recognized by investors, customers, and procurement teams as the gold standard for environmental transparency and performance. Companies are rated on a scale from A (leadership) to D- (disclosure), based on their environmental governance, risk management, and concrete actions to reduce emissions.

“Receiving our first CDP rating marks an important step in our environmental journey,” said Hugo Weber, VP Corporate Affairs & Impact at Mirakl. “As one of the first scale-ups to be rated by CDP, we want to demonstrate our conviction that transparency and collaboration are fundamental to successful climate action. We’re dedicated to pursuing initiatives that create tangible impact, and this rating reflects the seriousness of our approach.“

Mirakl’s environmental strategy encompasses:

• Full carbon footprint transparency: we measure our complete scope 1, 2, and 3 emissions.

• Reduction commitments: we’re aiming to cut absolute scope 1 and 2 emissions by 30% by 2027 (2023 baseline).

• Value chain collaboration: we partner with suppliers to drive transparency and collective climate responsibility throughout our ecosystem.

• Clean energy operations: we source green and renewable energy to power our office locations where possible.

• Circular commerce innovation: we enable marketplace operators to build sustainable business models by facilitating refurbished and secondhand product offerings.

About Mirakl:

Mirakl is the leading provider of eCommerce software solutions. Mirakl’s suite of solutions provides enterprises with a transformative way to drive significant growth and efficiency in their online business.

Since 2012, Mirakl has been pioneering the platform economy, empowering retail and B2B enterprises with the most advanced, secure and scalable technology to digitize and expand product assortment through marketplace and dropship, improve efficiency in supplier catalog management and payments, personalize shopping experiences, and boost profits through retail media.

Mirakl is trusted by Airbus, Best Buy, Decathlon, Macy’s, Ulta and 450+ industry-leading businesses worldwide. For more information: www.mirakl.com.

Media Contact:

Louise Melis – Corporate communications & Impact

louise.melis@mirakl.com

+33772502950