  The preliminary experimental data on $\phi$ production in the reaction
Ni(1.93 AGeV) + Ni point to a puzzling high $\phi$ yield which can not be
reproduced with present transport codes. We survey the experimental situation
and present prospects for dedicated measurements of the $\phi$ multiplicities
with the $K^+ K^-$ and $e^+ e^-$ channels at HADES and FOPI.
