Listing strategies for new economy industries

With the enthusiasm for Hong Kong listings that began last year and that continues, and the establishment of the Science and Technology Innovation Board, Commerce & Finance Law Offices discussed the topic “IPO strategies and risk management for companies in the new economy industries” with the legal counsel of listed and unlisted enterprises, and with Commerce & Finance partner Andrew Zhang serving as chair for the topic during the first CBLJ Forum 2019.

Special corporate guests who attended this session included: Sun Bin, the chief legal officer of Xiaomi; Liu Jian, the senior legal director, and investment and financing legal affairs general manager of Meituan Dianping; Chen Yang, legal director at China Renaissance Group; Chen Yingying, the legal director and securities affairs representative of Meten International Education Group; and Liang Min, the general counsel of Keep.

In the keynote speech, Zhang Xiaoman, partner of Commerce & Finance, analyzed and compared the New Third Board, domestic shares, Hong Kong shares, US shares and CDRs (Chinese depository receipts), all listing channels open to new economy enterprises, and gave an explanation of the Science and Technology Innovation Board. He also advised: “If one believes that every internet enterprise can list on the Science and Technology Innovation Board, this is a grave misunderstanding, as this board requires that there be hard science or technology in the enterprise.”