At the recently concluded Tech Future Summit, organized by the Hong Kong Stock Exchange, Liu Ying, a key representative from the exchange, highlighted several prevalent issues in the draft prospectuses of certain companies. These issues encompass the use of exaggerated language, a lack of clarity in explaining business models, embellished industry rankings, and ambiguous revenue recognition methods. Such deficiencies have notably impeded the IPO review process. Following thorough reviews, a number of companies have undertaken substantial revisions to their resubmitted prospectuses, leading to a marked enhancement in their quality. Nevertheless, it remains evident that some companies persist in employing an abundance of 'advertising-style' language in their most recent prospectuses. Moreover, amid the burgeoning AI craze, numerous companies are eager to incorporate 'AI concepts' into their prospectuses. However, in practice, these companies have merely integrated certain AI technologies into their operations without fundamentally transforming their core business nature.