Woofun AI reports that Liu Ying, an HKEX official, addressed the HKEX Future Technology Summit regarding prospectus disclosure standards. While re-submitted documents show clear quality improvements, initial drafts often feature exaggerated language, unclear business models, and ambiguous revenue recognition methods, which significantly delay IPO reviews. Despite these gains, some companies continue employing "advertising-style" rhetoric.

Additionally, many firms leverage the "AI concept" in filings despite merely applying AI technologies to unchanged core business models.